National Futures Association

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The National Futures Association (NFA) is an independent self-regulatory organization and watchdog of the commodities and futures industry in the United States. The National Futures Association, known in short as 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.

[edit] History

In 1974, the United States Congress established a federal regulatory agency called the Commodity Futures Trading Commission (CFTC). Under the Commodity Exchange Act, this legislation by 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).

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.