National Futures Association

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NFA
LOGOnfa.jpg
Founded 1982
Headquarters Chicago
Key people
Thomas W. Sexton III, President and CEO
Michael Dawley, Chairman
Products Registration, Compliance, Enforcement, Member and Investor Education,
Market Surveillance
Website www.nfa.futures.org
NFA is the self-regulatory organization for the U.S. derivatives industry,
including on-exchange traded futures, retail off-exchange foreign currency (forex)
and OTC derivatives (swaps).[copyright violation?] NFA is headquartered in Chicago
and maintains an office in New York City. NFA is a non-profit, independent
regulatory organization. NFA does not operate any markets and is not a trade
association. NFA operates at no cost to the taxpayerit is financed exclusively
from membership dues and assessment fees.[copyright violation?]

Contents [hide]
1 History
2 Services and Corporate structure
3 See also
4 References
5 External links
History[edit]
In 1974 Congress established the Commodity Futures Trading Commission (CFTC), a
federal regulatory agency with jurisdiction over futures trading. The same
legislation authorized the creation of "registered futures associations," giving
the futures industry the opportunity to create a nationwide, self-regulatory
organization. NFA began operations in 1982. Congress passed legislation in 2000 and
2008 requiring firms acting as counterparties to retail forex transactions, as well
as forex pool operators, trading advisors and introducing brokers to register with
the CFTC and become Members of NFA.

Similarly, in 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer
Protection Act, which gave the CFTC rulemaking authority and oversight over swaps,
swap dealers and major swap participants. Subsequently, the CFTC passed regulations
requiring swap dealers and major swap participants to register with the CFTC and
become Members of NFA.

Services and Corporate structure[edit]

Membership in NFA is mandatory, assuring that everyone conducting business with the
public on U.S. futures exchanges and in the retail forex marketplace must adhere to
the same standards. NFA membership also is mandatory for swap dealers and major
swap participants. NFA's membership currently numbers approximately 4,000 firms and
55,000 associates.[copyright violation?]

Market Regulation: NFA has provided regulatory services to designated contract

markets ("DCMs") on a contractual basis for more than ten years. Since 2013, NFA
has offered similar services to SEFs.[1]

See also[edit]
Foreign exchange company
Securities market participants (United States)