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Tag Archives: futures brokers

Extreme Makeover: Gary DeWaal Says FCM Landscape has to Change Interview,Regulation,Video

Gary DeWaal

The futures commission merchant (FCM) space is likely to change dramatically in the coming years. How is the question. John Lothian News sat down with Gary DeWaal, of Gary Dewaal Associates, for his views on the shape of the brokerage industry in the coming years. “For years FCMs have tried to be everything to everybody,” DeWaal says. “Frankly, except for two or three of the big FCMs, that is not a reasonable prospect going forward. I think that FCMs are going to really have to figure out what its niche is.” DeWaal, the longtime general counsel for Newedge, said the…

NFA Chairman Chris Hehmeyer Talks Bankruptcy Reform Interview,Regulation,Video

Chris Hehmeyer

One of the issues that emerged from the MF Global collapse was the complex and often frustrating US bankruptcy process. In the case of MF Global, futures customers’ claims were lumped in with other creditors. As such, it took more than a year for customers with segregated accounts to get their money back through the bankruptcy trustee. Chris Hehmeyer, CEO of HTG Capital Partners and chairman of the National Futures Association (NFA), spoke with JLN editor-in-chief Jim Kharouf about the need for bankruptcy reform for the futures industry. It’s a tall order, he says, but Hehmeyer believes it is critical…

Brian Fox of Confirmation.com Talks About Exposing & Preventing Brokerage Fraud Interview,Regulation,Video

Brian Fox

Brian Fox, founder and chief marketing officer of Confirmation.com, found his firm in the midst of one of the largest frauds in futures history several months ago. Hired by the National Futures Association to electronically confirm customer account balances that futures brokers report with the actual balances held at their banks, Confirmation.com helped expose the PFGBest fraud. Brian Fox spoke with John Lothian News editor-in-chief Jim Kharouf about the case, how the confirmation system works and just how far electronic confirmations in the futures brokerage space can go to prevent fraud.