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Introducing Broker (IB)

An IB is an individual or organization which solicits or accepts orders to buy or sell futures contracts, options on futures, retail off-exchange forex contracts or swaps but does not accept money or other assets from customers to support such orders.

Registration is required unless:

  • You are registered as and acting in the capacity of an AP or
  • You are registered as an FCM or
  • You are registered as a CPO and only operate pools or
  • You are registered as a CTA and either solely manage accounts under powers of attorney or don't receive per-trade compensation or
  • You are a non-U.S. resident or firm with only non-U.S. customers and you or your firm submits all trades for clearing to an FCM

All registered IBs must be Members of NFA in order to conduct futures business with the public.

An IB is required to file the following:

An IB is required to file the following for its Principals and Associated Persons

Additionally, all registered IBs engaged in retail off-exchange forex activities are required to:

  • Apply to become a forex firm by completing online Form 7-R
  • Have at least one principal that is also an approved Forex Associated Person
  • Submit payment of IB Forex Firm membership dues of $2,500 (or surcharge of $1,750 if applicant is already an NFA Member)

Additionally, all registered IBs engaged in swap transactions are required to:

  • Apply to become a swap firm by completing online Form 7-R
  • Have at least one principal that is also an approved Swap Associated Person

*An application fee is not required if the individual is currently registered with the CFTC in any capacity or is listed as a principal of a current CFTC registrant.  In addition, only one application fee is required if the individual is filing an application as both an Associated Person and Principal.    

Click here if you do not already have access to the Online Registration System.

Featured Information

NFA publishes several guides to help IBs meet their regulatory requirements. Visit NFA's publication library for a complete list.

Special Messages

IBs can order a free audio CD of NFA's Promotional Material and Compliance Issues for Small Firms workshops. The CD contains copies of all workshop materials in a PDF format. Email requests to information@nfa.futures.org.

 

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NFA Members can file many of their required documents electronically.

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