Dan Roth, President, NFA

NFA begins accepting registration applications from swap dealers and major swap participants

The National Futures Association (NFA) has begun accepting applications from swap dealers (SDs) and major swap participants (MSPs) pursuant to the recent final registration rules and delegation of authority order that were approved by the Commodity Futures Trading Commission (CFTC) on 11 January.

The CFTC's final rules require all SDs and MSPs to be registered with the Commission and become members of a registered futures association. NFA is currently the only such organisation. Applying for registration will not be mandatory until the CFTC finalises its rules defining SDs, MSPs and swaps and they become effective. However, persons who believe that they are SDs or MSPs may apply for registration before then.

The SDs and MSPs applying for registration will be granted provisional registration while the CFTC continues the process of finalising rules defining compliance requirements under section 4s of the Commodity Exchange Act.

The CFTC has previously authorised NFA to conduct a full range of registration functions with regard to futures commission merchants, commodity pool operators, commodity trading advisors, introducing brokers, leverage transaction merchants, floor brokers, floor traders and retail foreign exchange dealers.

"Over the years, NFA has developed a comprehensive electronic online registration system," says NFA President Dan Roth. “And during the past few months we have enhanced the system to accommodate these two new registration categories."
 

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