Notices to Members

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Notice I-15-01

January 05, 2015

Effective date of amendment to NFA Compliance Rule 2-4 to cover Member swap activities

The Commodity Futures Trading Commission (CFTC) recently approved NFA's amendment to NFA Compliance Rule 2-4, which requires Members to observe high standards of commercial honor and just and equitable principles of trade in the conduct of their commodity futures business. The amendment, which is effective immediately, extends this requirement to a Member's swaps business, thereby formally imposing an NFA ethical standards requirement upon NFA Member Swap Dealers and Major Swap Participants, as well as the swap activities of FCMs, IBs, CPOs and CTAs.

More information on this amendment can be found in NFA's December 1, 2014 Rule Submission Letter to the CFTC. Questions concerning this amendment should be directed to Carol Wooding, Associate General Counsel, at 312-781-1409 or

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