Arbitration Statistics
As of September 30, 2025
Cases Filed
| Calendar Year | Customer* | Member** | Total |
|---|---|---|---|
| 2025 | 7 | 0 | 7 |
| 2024 | 14 | 2 | 16 |
| 2023 | 7 | 0 | 7 |
| 2022 | 20 | 1 | 21 |
| 2021 | 19 | 3 | 22 |
* These are cases where at least one party is a public customer.
** These are primarily cases between and among NFA Members and Associates. None of them involve public customers.
Cases Closed
| Calendar Year | Customer | Member | Total |
|---|---|---|---|
| 2025 | 11 | 1 | 12 |
| 2024 | 96 | 0 | 96 |
| 2023 | 85 | 4 | 89 |
| 2022 | 77 | 2 | 79 |
| 2021 | 31 | 4 | 35 |
Turnaround Time (in months)
| Calendar Year | Oral Hearings | Summary Proceedings* | Overall** |
|---|---|---|---|
| 2025 | 29 | 12 | 7.3 |
| 2024 | 49 | N/A | 43 |
| 2023 | 43 | 0 | 43 |
| 2022 | 37 | 0 | 27 |
| 2021 | 23 | 9 | 9 |
* Summary proceedings are decided without an oral hearing and are based on the pleadings and exhibits submitted by the parties.
** This is all closed cases, including cases that settle and those that are rejected, withdrawn, or terminated for other reasons.
Number of Closed Cases by Reason*
| Calendar Year | Oral Hearings | Summaries | All | Settlements | Other** |
|---|---|---|---|---|---|
| 2025 | 1 | 1 | 2 | 7 | 3 |
| 2024 | 20 | 0 | 20 | 68 | 8 |
| 2023 | 23 | 0 | 23 | 61 | 5 |
| 2022 | 24 | 0 | 24 | 41 | 14 |
| 2021 | 4 | 2 | 6 | 12 | 17 |
* All cases - Customer and Member.
** These are cases that are rejected, withdrawn, or terminated for other reasons (e.g., bankruptcy).
Percentage of Closed Cases by Reason
| Calendar Year | Hearings | Settlements | Other |
|---|---|---|---|
| 2025 | 17% | 58% | 25% |
| 2024 | 21% | 71% | 8% |
| 2023 | 26% | 68% | 6% |
| 2022 | 30% | 52% | 18% |
| 2021 | 17% | 34% | 49% |
Awards in Customer Cases
| Calendar Year | Total Awards* | Awards to Customers** | Average % of Compensatory Claim*** |
|---|---|---|---|
| 2025 | 2 | 0 | N/A |
| 2024 | 20 | 0 | N/A |
| 2023 | 17 | 0 | N/A |
| 2022 | 24 | 8 | 30% |
| 2021 | 5 | 1 | 84% |
* All customer cases with a decision, including cases where the customer lost.
** Does not include awards where customers were given costs and fees only.
*** Only in cases where customers received an award.