Comment Text:
Sir/Madam Commission Secretary
MF Global showed that even the best intentions, and the finest reputed and most revered leaders in the financial service industry all combined together are not enough for guaranteeing the safety of customers’ funds.
Nadex’s parent company IG Group is a world-wide gambling house. IG Group did appoint a former executive and current COO and member of its board of directors to Nadex’s board of directors.
The public interest would be served greatly by denying the registration from the outset or, at a minimum by ordering that the National Futures Association (NFA) be a critical component of the clearing process, and to examine the directorship qualifications and suitability. CFTC has a duty to be sure that any organization’s officers and directors that hold a Registration as a Derivatives Clearing Organization are appropriate and fit for such organization.
Best regards,
John Nafeh, Ph.D.
Founder HedgeStreet (Nadex Predecessor)
