NFA introduction:

American National Futures Association (National Futures Association), referred to as NFA. In the 1974 Congress, the Commodity Futures Trading Commission (CFTC), a federal regulator of futures trading, was established. The same legislation authorizes the establishment of a "registered futures association", a futures industry that creates a National Association of self regulatory organizations. NFA 1982 began operations, Congress passed legislation in 2000 and 2008, as the counterparty to retail foreign exchange trading company, with foreign exchange pool operators, trading advisors and introducing broker with CFTC and NFA membership registration. Similarly, in 2010, the U.S. Congress passed the Dodd Frank Wall Street reform and Consumer Protection Act, which gives CFTC the rulemaking authority and supervision of swap, swap dealers and major swap participants, provide effective constraints and regulations. Subsequently, CFTC passed the requirements of swap dealers and major swap dealers to register with CFTC and NFA rules to become members, regulate the effective order of the trading market and protect the legitimate rights and interests of investors.

NFA responsibilities: 

• Audits and supervision of members must meet the financial requirements of NFA;

Develop and enforce rules and standards for the protection of customer interests;

Arbitration for futures related disputes;

• Approve NFA membership, futures agents (FCMs), and introduce brokers (IBs),

Commodity trading Consultant (CTAs) and commodity joint venture fund manager (CPOs) can be members of NFA.

In addition, pursuant to section seventeenth, NFA implements some of the registration functions previously performed by CFTC in the commodity exchange act. Any institution or individual registered with CFTC may become a member of NFA, including all futures exchanges and any other futures business engaged as long as the applicant meets the membership requirements of NFA. In addition, since August 31, 1985, in accordance with the commodity exchange act, employees of NFA members have been asked to register as "NFA" as associate members". CFTC also authorizes NFA to process registration of floor brokers and floor traders. In accordance with the rules of NFA 1101 and CFTC rule 17015, all FCM, IB, CTA and CPO must take advantage of NFA membership