Forex & Swap Activity (FCM, CPO, CTA, IB) FAQs

Every firm that is registered as an FCM, RFED, IB, CPO or CTA and engages in forex activities must be approved by NFA as a forex firm.  NFA Members are prohibited from engaging in retail forex transactions with these firms unless the firm is designated as a forex firm.

In addition, forex firms must have at least one principal who is registered as an associated person (AP) and is approved as a forex AP.

Every firm that is registered as an FCM, IB, CPO or CTA and engages in activities involving swaps subject to the jurisdiction of the CFTC must be approved by NFA as a swap firm.  NFA Members are prohibited from engaging in activities involving swaps subject to the jurisdiction of the CFTC with these firms unless the firm is designated as a swap firm.

In addition, swap firms must have at least one principal who is registered as an associated person (AP) and is approved as a swap AP.