CHAIR LETTER
DEAR NFA MEMBER, NFA strives always to maintain a forward-looking posture as it effectively regulates our dynamic, evolving industry. Looking ahead is now more important than ever. Developments in new asset classes, technological advancements, a shift toward disintermediation and more fundamental changes are facing our industry. While NFA’s FY 2025 Annual Review reflects on the significant initiatives and accomplishments of the past year, amidst such change, it seems appropriate that one of the year’s highlights focused entirely on the future. Periodically, NFA’s Board and senior staff hold a long- range planning meeting, where they discuss potential issues that may shape NFA and impact its Members in the next three to five years and beyond. In February 2025, NFA’s Board and senior staff held an in-person long-range planning meeting to strategize the organization’s approach to these issues. I found the meeting extremely fruitful, and there was no shortage of topics to discuss. The meeting agenda covered a variety of areas, including technology and cybersecurity, staff training and development, potential digital commodity regulation and Member engagement, among others. You’ll read more about some of these topics in the pages ahead, but in this letter, I’ll draw attention to two: cybersecurity and staff development. Cybersecurity is one of NFA’s utmost priorities and a top risk to navigate. To safeguard Member data, NFA continues to enhance its overall security posture and functionality by strengthening its multi-layered defense security program. I am heartened to report that this significant effort is robust and ongoing.
Additionally, NFA’s staff is one of its most valuable resources. Considering the many changes our industry faces, it is critical that NFA recruit, develop and retain talented individuals to complete its important work and educate staff on the newest trends, technologies and market developments. NFA has always emphasized ongoing learning as a means of ensuring its staff’s ability to complete high-quality work. More than ever, the organization is investing in its people and equipping them to continue overseeing the industry through its inevitable evolution. I am proud to report that the governance changes that became effective in February 2024 have been fully implemented with great success. As consequence of the term limits imposed as part of those changes, my time as an NFA Board member is running short. As I approach the end of my term as Chair—and the end of my two decades of service as an NFA Board member—I am struck by how remarkably different our industry looks from 20 years ago. That said, NFA’s pursuit of effective self-regulation has withstood the test of time. I am proud of the contributions that I have made toward NFA’s fulfillment of its mission and have no doubt that staff and leadership, in collaboration with the Board, will continue to safeguard market integrity, protect investors and ensure Members meet their regulatory responsibilities in the years to come.
Sincerely, Gerald F. Corcoran NFA Chair
2 NFA 2025 ANNUAL REVIEW
Made with FlippingBook - PDF hosting