Who must be a Member of NFA?

Most FCMs, RFEDs, IBs, CPOs and CTAs that are required to be registered with the CFTC must be Members of NFA. Additionally, SDs and MSPs are required to be Members of NFA. Notice Registered FCMs and IBs, CTAs that do not manage or exercise discretion over customer accounts, floor brokers and floor traders, and principals do not need to be NFA Members. Individuals who act as APs of NFA Members, unless acting as an AP of an SD or MSP, must be NFA Associates.