Arbitration Statistics

As of March 31, 2013

---

Cases Filed

Calendar Year	Customer1	Member2	Total
2013	8	0	8
2012	71	10	81
2011	79	9	88
2010	126	12	138
2009	201	24	225
2008	193	20	213

Cases Closed

Calendar Year	Customer	Member	Total
2013	15	5	20
2012	97	8	105
2011	124	13	137
2010	149	14	163
2009	197	17	214
2008	166	22	188

Turnaround Time (in months)

Calendar Year	Oral Hearings	Summary Proceedings3	Overall4
2013	9.5	7.4	7.3
2012	16.8	7.1	6.7
2011	15.4	7.07	12.1
2010	14.6	7.7	6.0
2009	11.9	7.7	9.8
2008	8.6	3.9	6.2

Number of Closed Cases by Reason⁵

Calendar Year	Hearings			Settlements	Other6
	Oral	Summaries	All
2013	4	1	5	9	6
2012	14	8	22	35	48
2011	27	31	58	38	41
2010	19	26	45	60	58
2009	28	28	56	72	86
2008	23	20	43	70	75

Percentage of Closed Cases by Reason

Calendar Year	Hearings	Settlements	Other7
2013	25%	45%	30%
2012	21%	33%	46%
2011	42%	28%	30%
2010	28%	37%	35%
2009	26%	34%	40%
2008	23%	37%	40%

Awards in Customer Cases

Calendar Year	Total Awards8	Awards to Customers9	Average % of Compensatory Claim10
2013	2	0	N/A
2012	17	6	65%
2011	58	31	79%
2010	41	18	72%
2009	50	30	63%
2008	43	26	72%

---

¹ These are cases where at least one party is a public customer.

² These are primarily cases between and among NFA Members and Associates. None of them involve public customers.

³ Summary proceedings are decided without an oral hearing and are based on the pleadings and exhibits submitted by the parties.

⁴ This is all closed cases, including cases that settle and those that are rejected, withdrawn, or terminated for other reasons.

⁵ All cases - Customer and Member.

⁶ These are cases that are rejected, withdrawn, or terminated for other reasons (e.g., bankruptcy).

⁷ These are cases that are rejected, withdrawn, or terminated for other reasons (e.g., bankruptcy).

⁸ All customer cases with a decision, including cases where the customer lost.

⁹ Does not include awards where customers were given costs and fees only.

¹⁰ Only in cases where customers received an award.