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Notice I-17-01

January 05, 2017

Effective date of amendment to NFA Compliance Rule 2-36: requirements for forex transactions

The Commodity Futures Trading Commission (CFTC) recently approved NFA's amendment to NFA Compliance Rule 2-36, which requires forex dealer members (FDM) to provide customers, upon request, with certain transaction execution data. The amendment will be effective on March 31, 2017.

Required transaction data

The amendment provides retail forex customers with a framework for obtaining execution information to review the quality of the execution a customer received compared to that of other customers of the FDM. Under the amendment, an FDM will be required, upon a customer request regarding an executed forex transaction of that customer, to provide the customer with the following transaction data for the 15 transactions in the same currency pair that occurred immediately before and after the customer's transaction (limited to those transactions that occur 15 minutes before and after the transaction).

  • Execution date and time (to the nearest millisecond in Eastern time);
  • Customer side (i.e., buy or sell);
  • Quantity;
  • Currency Pair;
  • Execution price (including any mark-up);
  • Commission and other charges assessed by the FDM (if applicable); and
  • Currency denomination of commission or other charges.

FDMs must provide a customer with this data within 30 minutes of a customer's request.

Notice to customers

Each FDM must inform customers of their ability to request this transaction information by prominently displaying a notice of this option in three separate places—the FDM's website, the customer's trading portal, and each customer transaction statement.

Reports to NFA

In addition, each FDM must provide NFA with a copy of any customer requests and the FDM's response in the form and manner required by NFA. NFA staff will contact each FDM to provide further information about the required content and method of submission.

More information on this amendment is available in the November 25, 2016 submission letter to the CFTC. If you have questions concerning this new requirement, please contact Sarah Walsh, Associate Director, Compliance (sawalsh@nfa.futures.org or 312-781-1202) or Matt Childers, Associate Director, Market Regulation (mchilders@nfa.futures.org or 312-781-1552).

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