2025 Annual Review
TABLE OF CONTENTS
Chair Letter
2
A Successful Partnership—The CFTC at 50 Years
4
Member Engagement
10
Regulatory Cooperation
14
Investor Protection & Education
18
Employee Initiatives
22
Board of Directors
26
2025 Financials
30
About NFA
32
ACRONYM KEY AMCC: Affiliate Members Consultative Committee BASIC: Background Affiliation Status Information Center Board: NFA’s Board of Directors CEA: Commodity Exchange Act CFTC: Commodity Futures Trading Commission
IOSCO: International Organization of Securities Commissions ISDA: International Swaps and Derivatives Association HTC: Hot Topics Committee MAS: Monetary Authority of Singapore MFA: Managed Funds Association OPD: Office of Professional Development RFA: Registered Futures Association RFED: Retail Foreign Exchange Dealer SD: Swap Dealer SEC: Securities and Exchange Commission SIFMA: Securities Industry and Financial Markets Association SRO: Self-regulatory Organization
CPO: Commodity Pool Operator CTA: Commodity Trading Advisor
DAWG: Digital Assets Working Group FCM: Futures Commission Merchant FIA: Futures Industry Association FINRA: Financial Industry Regulatory Authority FY: Fiscal Year IB: Introducing Broker
NFA 2025 ANNUAL REVIEW 1
Member Engagement Ensuring Members understand and meet their regulatory requirements is a critical facet of NFA’s mission. Each year, NFA develops and delivers a variety of educational resources and programs across different media to support this important objective.
2 NFA 2025 ANNUAL REVIEW
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