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National Futures Association (NFA)

National Futures Association (NFA)

What is 'National Futures Association - NFA'

The independent self-regulatory organization for the U.S. futures market. NFA membership is mandatory for all participants in the futures market, providing assurance to the investing public that all firms, intermediaries and associates who conduct business with them on the U.S. futures exchanges must adhere to the same high standards of professional conduct. The NFA operates at no cost to the taxpayer, as it is financed exclusively by membership dues paid by members and assessment fees paid by users of futures markets. The national headquarters is in Chicago and there is an office in New York.

Explaining 'National Futures Association - NFA'

The NFA began operating in 1982, subsequent to the establishment of the Commodity Futures Trading Commission in 1974; this legislation also authorized the creation of registered futures exchanges, thereby facilitating the creation of a national self-regulatory organization.


In addition to regulation of the U.S. futures market, the NFA's duties and functions include registration, compliance and arbitration. It combats fraud and abuse in the futures markets through a combination of rigorous registration requirements, stringent compliance rules, strong enforcement authority and real-time market surveillance.


National Futures Association (nfa) FAQ

What does the National Futures Association do?

NFA is the industrywide, self-regulatory organization for the U.S. derivatives industry. Designated by the CFTC as a registered futures association, NFA strives daily to safeguard the integrity of the derivatives markets, protect investors and ensure Members meet their regulatory responsibilities.

What is NFA registration?

Registration's primary purposes are to screen an applicant's fitness to engage in business as a futures professional and to identify those individuals and organizations whose activities are subject to federal regulation. Some registrants may also have to be Members or Associates of NFA.

Does NFA has regulatory authority?

NFA is a non-profit, independent regulatory organization. NFA does not operate any markets and is not a trade association. Membership dues and assessment fees finances NFA, and membership is mandatory for many market participants.

Does NFA has regulatory authority over security based swap dealers?

NFA began operations in 1982, and the CFTC passed regulations requiring swap dealers and major swap participants to register with the CFTC and become Members of NFA.

Who are required to be NFA members?

The Commodity Exchange Act (CEA) requires certain firms and individuals conducting business in the derivatives industry to register with the CFTC. CFTC regulations also require, with few exceptions, CFTC registered firms to be NFA Members. The CFTC has delegated registration responsibility to NFA.

What is an NFA Associate Member?

An associated person (AP) solicits orders, customers or customer funds (or who supervises persons so engaged) on behalf of a futures commission merchant (FCM), retail foreign exchange dealer (RFED), introducing broker (IB), commodity trading advisor (CTA) or commodity pool operator (CPO).

Further Reading

US Futures Three-Level of Supervision Making a Mature MarketUS Futures Three-Level of Supervision Making a Mature Market
en.cnki.com.cn [PDF]
… National Futures Association (NFA) is the industry-wide, self-regulatory organization for the US futures industry … The Futures Exchange is the venue where futures exchanges are made … 4, ZHANG Chao-ying(School of Economics, Fudan University, Shanghai 200433, China …

Futurisation forces traders to sit examsFuturisation forces traders to sit exams
search.proquest.com [PDF]
… National Futures Association (NFA) is the industry-wide, self-regulatory organization for the US futures industry … The Futures Exchange is the venue where futures exchanges are made … 4, ZHANG Chao-ying(School of Economics, Fudan University, Shanghai 200433, China …

Agricultural Commodity Futures Contract SpecificationsAgricultural Commodity Futures Contract Specifications
mospace.umsystem.edu [PDF]
… National Futures Association (NFA) is the industry-wide, self-regulatory organization for the US futures industry … The Futures Exchange is the venue where futures exchanges are made … 4, ZHANG Chao-ying(School of Economics, Fudan University, Shanghai 200433, China …

US Financial Regulation of Sovereign Wealth FundsUS Financial Regulation of Sovereign Wealth Funds
heinonline.org [PDF]
… National Futures Association (NFA) is the industry-wide, self-regulatory organization for the US futures industry … The Futures Exchange is the venue where futures exchanges are made … 4, ZHANG Chao-ying(School of Economics, Fudan University, Shanghai 200433, China …

Economic analysis by federal financial regulatorsEconomic analysis by federal financial regulators
heinonline.org [PDF]
… National Futures Association (NFA) is the industry-wide, self-regulatory organization for the US futures industry … The Futures Exchange is the venue where futures exchanges are made … 4, ZHANG Chao-ying(School of Economics, Fudan University, Shanghai 200433, China …

Trading volume and transaction costs in futures marketsTrading volume and transaction costs in futures markets
search.proquest.com [PDF]
… National Futures Association (NFA) is the industry-wide, self-regulatory organization for the US futures industry … The Futures Exchange is the venue where futures exchanges are made … 4, ZHANG Chao-ying(School of Economics, Fudan University, Shanghai 200433, China …


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