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November 22, 2004
NFA appoints Special Committee to Study Customer Protection Issues
November 22, Chicago - Citing its continuing commitment to customer protection, National Futures Association (NFA) President and CEO Daniel J. Roth recently announced the appointment of a Special Committee to Study Customer Protection Issues. The Special Committee will address a variety of issues, beginning with off-exchange forex transactions offered to retail investors.
"NFA has adopted a number of rules to protect retail forex customers," said Roth. "However, forex continues to be a very significant issue for NFA, and we believe that additional action is needed to stop fraudulent practices and unethical behavior."
W. Robert Felker, Managing Director, JPMorgan Futures Inc., will chair the Special Committee. Other Committee members include industry and public representatives from NFA's Board of Directors as well as other industry experts.
"Customer protection is critical to the success of any marketplace," said Felker. "The Special Committee plans to propose additional rulemaking to NFA's Board of Directors and will explore legislative alternatives."
Earlier this year, NFA published an educational brochure, entitled Trading in the Retail Off-Exchange Foreign Currency Market: What Investors Need to Know. Individuals can download the brochure, as well as NFA's Forex Investor Alert, from NFA's Web site at www.nfa.futures.org. Copies of the brochure are also available free of charge by calling NFA's Information Center at 800-621-3570.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.