Arbitration and Mediation FAQs
NFA maintains a roster of more than 2,000 arbitrators throughout the country. The arbitrator pool is comprised of futures industry professionals, lawyers, accountants, and other business professionals located in 47 different states.
At NFA, the customer has the choice of having the case decided by a Member panel or a non-Member panel. A Member panel consists of persons who are NFA Members or associated with NFA Members and are generally knowledgeable about futures industry practices and procedures. A non-Member panel consists of a majority of persons who do not have a significant connection with NFA or an NFA Member.
No, arbitration awards are final and cannot be appealed either to NFA or the panel. However, under certain circumstances, 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).
Additionally, it is a well-established principle that courts will not review the merit of an arbitration award. The law provides for court review of an arbitration award only on limited grounds having to do with the fairness of the arbitration process.