CFTC and NFA (US futures regulators)
The Commodity Futures Trading Commission (CFTC) is the US federal regulator of futures, options on futures and swaps markets; it designates exchanges, oversees clearing houses and publishes the weekly Commitments of Traders report. The National Futures Association (NFA) is the industry's self-regulatory organization, through which futures firms and professionals register and are supervised.
Senzoukria · Glossary · Updated September 2026
The CFTC
The CFTC is an independent federal agency. It designates contract markets, defined in its own glossary as boards of trade or exchanges designated to trade futures, swaps and/or options under the Commodity Exchange Act, supervises clearing organizations, sets or approves rules such as speculative position limits, and enforces against fraud and manipulation. It also publishes market data of public interest, the best known being the Commitments of Traders report every Friday.
The NFA
The NFA is the self-regulatory organization of the US derivatives industry. Firms such as futures commission merchants and introducing brokers, and the individuals who deal with the public on their behalf, register and become members; the NFA audits them, writes conduct rules and runs arbitration for customer disputes. Its public lookup lets anyone check a firm's registration status and disciplinary history.
Division of labour
| Area | CFTC | NFA |
|---|---|---|
| Legal status | Federal agency | Industry self-regulatory organization |
| Exchanges and clearing houses | Designates and supervises | Not its role |
| Brokers and their staff | Registration framework, enforcement | Processes registration, audits, conduct rules |
| Public data | Commitments of Traders, market reports | Registration and disciplinary lookup |
Why it matters to a trader
- Before sending money to a futures firm, check its registration.
- Per-contract regulatory fees on statements are part of the cost of each trade, alongside exchange, clearing and broker charges.
- Exchange rules on conduct, such as those against wash trading and spoofing, sit inside this regulatory framework.
In Senzoukria
The application has no regulatory function and does not import CFTC reports. Its trading safeguards, such as the order-size cap, the confirmation step and trading disabled by default on funded connections, are software guards chosen by the user, not regulatory limits.
Common mistakes
- Assuming a prop firm is regulated like a futures broker; many are not, while their clearing partners are.
- Treating exchange rules and CFTC rules as the same layer.
Related
In the same section
- Clearing house
- CME Group exchanges
- Introducing broker
- Charm
- Central limit order book
- Chart template
- SKEW Index
- Circuit breakers
Sources
- CFTC glossary (2026-09-25)
This page in other languages
Frequently asked questions
- Is the NFA a government agency?
- No. It is the industry's self-regulatory organization, operating under CFTC oversight. The CFTC is the federal agency.
- Where does the NFA fee on my statement come from?
- Futures statements often show a small per-contract regulatory fee alongside exchange and clearing fees and the broker's commission. The amount and its label are set by the fee schedule of your broker.