During that term he served on the Boards Audit Committee, Nominating and Governess Committee, Emerging Issues Committee and the prestigious Regulatory Policy Committee which he chaired in 2014-2015 term. The Regulatory Policy Committee in addition to being the gatekeeper of all rule development initiatives sits as the Board of Governors for the Dispute Resolution Corporation of FINRA which administers all dispute resolution forums for the securities industry including mediation and arbitration forums.


Ferguson served a four year elected term on the FINRA National Adjudicatory Council (“NAC”) which he chaired for two years ending 2008. The NAC is the appellate forum for all enforcement actions.

Additionally, Ferguson was appointed to the FINRA Board subcommittee investigating the role regulators played in uncovering the Madoff and Stanford Ponzi Scams. The year-long review, performed utilizing assistance of a prominent law firm, made recommendations as to how regulators could enhance their audit routine to identify early warning signals of future similar potential criminal activity. The final report was widely published and cited during Congressional hearings.

EARLY BROKERAGE ACTIVITY

Ferguson entered the securities industry in the early 1970 as a broker trainee with Reynolds & Company, Pompano Beach, Florida, where he excelled in the retail sales area leading to his selection to attend the Management Training Program and being assigned Branch Manager of the Reynolds Boca Raton retail office. The next several years including a merger of Reynolds and Dean Witter saw a continuum of retail experience with sales management, product suitability determinations, regulatory liaison, compliance, managing client relationships including dispute resolution.

The 1980’s brought the experience of managing a retail broker dealer from an ownership perspective at Allen & Company of Florida. This engagement introduced Ferguson to the “world” of introducing broker dealer clearing when Allen & Company sought a clearing relationship.  Ferguson shepherded the project of determining a suitable clearing firm. After a subsequent sale of Allen & Company, Ferguson started a clearing firm operation at Alan Bush Brokerage Company in Boca Raton. Starting with a staff of 10 dedicated to structuring a clearing enterprise, Ferguson lead the effort resulting in a successful launch in 1983 growing to 70 introducing firms utilizing the Alan Bush Clearing service. Ferguson’s role as President evolved through two subsequent mergers to FISERV Brokerage Services where Ferguson remained as EVP and member of the Board of Directors until 2001.


RECENT INDUSTRY EXPERIENCE


Since 2001 through September 2015 upon his retirement, Ferguson was President/Vice Chairman Clearing for Sterne Agee & Leach. Sterne is a Birmingham, Alabama based full service broker dealer with an extensive operations and clearing enterprise. Sterne Agee cleared for 110 introducing broker dealers.In that capacity, Ferguson was involved with all facets of the executing and clearing process.Daily experiences included maintaining the Introducing Broker Dealer (“IBD”) relationship with Sterne Agee’s clearing channel (“CF”) as well as dealing with all operation components from opening of new customer accounts, asset transfer between dealers, trade entering and execution (both via CF proprietary order entry system as well as disparate order management systems) through the post execution settlement and clearing process. The CF maintained an important relationship with third party service providers covering back office software system maintenance up to the crafting of and generating regulatory reporting.​


In addition to managing the clearing broker dealer product, Ferguson continued his 30 year involvement with securities industry service organizations including the Securities Industry Financial Markets Association (SIFMA) formerly Securities Industry Association (SIA). Involvement included the Membership Committee (chairman) as well as Clearing Firms Committee (chairman). Ferguson has served and continues to serve the Financial Industry Regulatory Association (FINRA), formerly NASD. Activities include Uniform Practice Code Committee, Financial Responsibility Committee and the FINRA Board of Governors where since 2006 Ferguson was elected by the membership to successive terms through his term limit ending July 30, 2015.

Professional Experience