Analytical Services  



Our goal is to provide our customers with the highest level of market analysis and insight at all times. We strive to provide our customers with individualized market analysis whenever possible and, as a result, foster a relationship with our customers where they view us as an extension of their own research departments. We try to provide a balanced approach in examinin the markets through fundamental and technical analysis.

Our market opinion is formulated by attempting to expand the parameters of market analysis beyond mainstream or conventional practices. We seek to understand the evolving "micro" influences in the market today, which can unlock a better understanding of the shifting "macro" patterns of the energy markets. These efforts include analysis of such diverse areas as:


-- Tanker rates and inventory changes, regional as well as global
-- Currency fluctuations within the Eurpean and Asian marketplaces and its impact on demand
-- Regional tracking of US nuclear plant operations and the impact on US generation demand for natural gas on a daily basis
-- Market participation of “non- traditional” players such as commodity funds and banking institutions
-- Detailed analysis of option pricing and trading
-- Industrial and commercial fuel switch capabilities and tendencies
-- Snowpack and water flows and their projected impact on hydro generation



  Brokerage Services  



We provide our customers with premier brokerage and execution services for all major exchange traded futures and optioins markets worldwide. Since our company's inception, we have offered our customers the ability to clear their trading activity through three of the leading Futures Commodity Merchants (FCMs) in the business today: ABN AMRO and R.J. O'Brien. The Windham Group, Inc is registered with the National Futures Association (NFA) as an independent Introducing Broker. We always have significantly exceeded capital requirements mandated by the NFA and the Commodity Futures Trading Commission (CFTC).

Rather than limit our customers' capability to hedge and trade solely with the exchange traded products, we expanded our brokerage services to include the insitutional derivatives market or the over the counter market (OTC). We feel that this unique blend of brokerage and execution services offers our customers the ability to explore the full spectrum of available hedging vehicles and find the instrument which best matches their price and risk profile.

Our participation in the OTC market is strictly as an introducing broker. We do not make principle transactions, so you are always seeking the best market pricing available.


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  Consulting Services            
We typically work with individual small and medium-sized companies to review and evaluate their hisotrical and future price exposures, and we develop specific hedging strategies for their market exposure. These strategies seek to prioritize quantifiable risks by detailing the following:

-- Price volatility of each individual exposure
-- Correlation and basis risk of potential and probable hedge instruments
-- Facilitation of the entry and exit of hedges
-- Modification of existing pricing indexes

Our recent consulting efforts include:

-- Development and implementation of education programs on risk management and trading opportunities for individual companies
-- Assistance in the development of risk and hedging policy procedures manuals
-- Coordinating and directing the actual execution of dynamic hedging programs on an ongoing basis.


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  Regulatory Requirements          

The United States government regulates the futures and options industry through its agency the Commodity Futures Trading Commission (CFTC). Since 1982, the CFTC has "delegated" much of the regulatory/registration activities to the National Futures Association (NFA). Membership in the NFA is mandatory for any individual or organization wishing to do business with the "public." The main objective is to assure, through self-regulation, that NFA members maintain high standards of professional conduct and financial responsibility.

An IB is an individual or organization that can provide to the customer daily value added services such as market analysis, help on tactics/strategy, of order execution or sell futures contracts or commodity options, review the accuracy of daily customer statements as well as oversight of transfer of margin moneys or excess funds. The IB cannot carry customer accounts on its books, but rather introduces customer accounts to a Futures Commodity Merchant (FCM). The FCM is the only entity allowed by law to accept money and other assets from customers to support a futures and options position.

There are two types of IBs: Independent and Guaranteed. The Independent IB is required to maintain certain specified standards of financial responsibility. Semi-annual operating statements must be filed with the CFTC and the NFA. Fiscal year, P & L statements, balance sheets, balance sheets and minimum capital must be audited and certified by an independent CPA. Guaranteed IBs have no specific financial reporting requirements. Their performance is guaranteed by a FCM. However, Guaranteed IBs must refer all of their customer busines to the guaranteeing FCM. Independent IBs have the flexibility to place business with any NFA member, FCM clearing firm. This important "freedom of choice" assures that the customer and broker can work out mutually satisfactory clearing solutions. The Windham Group, Inc has been registered with the NFA as an Independent IB since 1997.

For further information, you can visit the NFA or CFTC at their websites.


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Last Updated: November 2011


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