National Futures Association

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National Futures Association (NFA)
Founded 1982
Headquarters Chicago
Key people
Daniel J. Roth, President, CEO
W. Robert Felker, Chairman
Products Registration, Compliance, Enforcement, Trade Practice and Market Surveillance, Dispute Resolution, Education

The National Futures Association (NFA) is an independent self-regulatory organization and watchdog of the commodities and futures industry in the United States. The NFA oversees and protects investors from fraudulent commodities and futures activities. The NFA also provides mediation and arbitration for resolving consumer complaints. NFA is headquartered in Chicago, IL and also maintains an office in New York City.


In 1974, the United States Congress established a federal regulatory agency called the Commodity Futures Trading Commission (CFTC). Under the Commodity Exchange Act, Congress gave jurisdiction over commodity and futures trading, and allowed the futures industry to create a national self-regulatory organization, which in 1982 would create the National Futures Association (NFA).National Futures Association was formed as a non-profit Delaware corporation that is not registered to do business in the state of Iowa. This organization a membership of commodity brokers has realized a profit of nearly $13 million last year, and built their holdings to almost $68 million while being exempt from taxes. They paid out salaries of approximately $35 million to 320 employees. This information is from their website on the NFA’s published financials. The CEO Dan Roth is reported to have received over $700,000 in salary and compensation while many farmers suffered huge losses from the Peregrine Financial collapse and the MF Global event.

In 1998 the NFA created online access to the Background Affiliation Status Information Center (BASIC). BASIC, provides current and historical registration information, disciplinary actions of all current and former CFTC registrants.

Regulatory Services to Swap Execution Facilities[edit]

NFA has announced it will provide regulatory services to entities classified as a Swap Execution Facility. These entities are subject to substantial new regulations. Firms engaged with NFA to provide such oversight include:

  • FX Alliance Inc. (FXall)
  • GFI Group Inc. (GFI)
  • MarketAxess Holdings Inc. (Nasdaq: MKTX)

See also[edit]

External links[edit]