An arbitration award cannot be appealed either to NFA or the panel. In a word, it is final! Under certain circumstances, however, an award can be modified to correct a technical or clerical error (e.g. the wrong case number was included on the award, or a party's name was misspelled).
In addition, it is a well-established principle that courts will not review an arbitration award on its merits. However, the law does provide for a court to review an arbitration award on limited grounds having to do with the fairness of the arbitration process. For further discussion on this topic, please refer to page 21 and 22 of NFA's Customer Arbitration Guide.