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July 06, 2004
NFA brochure shows investors how to conduct online background checks of futures firms and brokers
July 6, Chicago - National Futures Association (NFA) announced today that it has published a new brochure to help investors conduct online background checks of futures firms and brokers using its Background Affiliation Status Information Center (BASIC), located on NFA's Web site.
"BASIC contains current and historical registration information as well as disciplinary actions taken by NFA, the Commodity Futures Trading Commission and all of the U.S. futures exchanges," says NFA's Senior Vice President of Strategic Planning and Communications Karen Wuertz. "Conducting a background check on BASIC should be part of the due diligence every investor should undertake before trading futures."
NFA offers BASIC searches at no cost to the user. The system can be accessed 24 hours a day through NFA's Web site at www.nfa.futures.org. Individuals can also request background information by calling NFA's Information Center toll-free at 800-621-3570 between the hours of 8:00 a.m. and 5:00 p.m. Central Time.
The BASIC brochure lists the types of information available in the system, describes how to conduct a BASIC search and provides additional educational resources for the investing public. Individuals can download the brochure from NFA's Web site (www.nfa.futures.org) or request a hard copy of the brochure by calling NFA's Information Center.
"Investors and other industry participants conducted more than 600,000 BASIC searches last year," says Wuertz. "However, we know there are still investors who do not know about BASIC and who would benefit from using it. That's why we developed this brochure."
The new brochure complements NFA's existing family of publications designed to educate investors about the U.S. futures markets. Other NFA brochures include Understanding Opportunities and Risks in Futures Trading, Glossary of Futures Terms and Buying Options on Futures Contracts: A Guide to Uses and Risks.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.