Today we’d like to introduce you to Cheryl Fitzpatrick-Smith.
Thanks for sharing your story with us Cheryl. So, let’s start at the beginning and we can move on from there.
During the interview process for jobs after I graduated from college, it became clear to me that I would have to be able to own and operate my own business in the future (#metoo). I decided that the way to become an entrepreneur in the future based upon my skills and talents, would be to have a law degree which would enable me to be my own business. In law school I decided that I did not want to be involved in long-term litigation or other legal matters which would take years to complete. When I stepped into the Chicago Mercantile Exchange and saw the action on the trading floor which involved transactions which took minutes not years to complete, I knew that the futures industry was the business for me. I have since been in the futures industry as a legal and compliance professional for over 20 years. In the futures industry, I started as a staff attorney with Lind-Waldock & Company and learned the legal and regulatory side of the futures business. Over the years I have continued to perform legal work for a number of futures brokerage firms. The financial debacle of 2008 ended with me losing my position as General Counsel for a brokerage firm which closed its doors because it was invested in firms which went bankrupt. As a result, in 2009, I leveraged my relationships and started a new venture, Futures Compliance Inc., a derivatives compliance consulting firm, where I assist futures brokerage firms, traders and money managers as well as international trading firms with their legal and compliance responsibilities, including the formation of trading firms with U.S. regulatory bodies.
Overall, has it been relatively smooth? If not, what were some of the struggles along the way?
The road for me has been fairly smooth. My struggles involve not having a real mentor. I believe that with a mentor I would have been more involved in organizations that promote me and expose me to better opportunities. The reason that I have been lucky is that I am a relationship builder and that has been positive for me in generating business. My advice for other women is to find a mentor with experience in the area you are seeking to develop in your career, and even to assist you with a career and personal life balance. It has been my experience that most people love to help other people when they are able.
Alright – so let’s talk business. Tell us about Futures Compliance, Inc. – what should we know?
I provide legal and compliance services to futures industry participants and investors requiring assistance, counseling or representation with general or industry legal matters, including employment and regulatory matters or representation in exchange or regulatory proceedings. As an attorney and independent compliance consultant in the futures industry, I have created many new brokerage firms, and have developed a specialty in assisting foreign firms with registration as Futures Commission Merchants – many also seeking assistance with clearing memberships on U.S. exchanges. A Futures Commission Merchant is industry jargon for a futures brokerage firm.
What sets me apart from others is that I not only set up new brokerage firms, I train the personnel on the rules and teach them the best ways for their firms to remain compliant while operating in a highly regulated environment.
Do you recommend any apps, books or podcasts that have been helpful to you?
I love to read Emmett Fox, a great spiritual teacher because as a sole practitioner it is important to try to remain calm. Entrepreneurship comes with a lot of uncertainty and having a solid spiritual base is important.
Contact Info:
- Address: 141 West Jackson Street, Suite 3840, Chicago, Illinois 60604
- Website: www.futurescomplianceinc.com
- Phone: 312-330-8700
- Email: cheryl@futurescomplianceinc.com
Image Credit:
Morgan Jackson
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