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February 14, 2006
NFA launches forex online learning program
February 14, Chicago - National Futures Association (NFA) announced today that it has developed an online learning program for individuals who want to learn about the retail off-exchange foreign currency (forex) markets. Individuals can access the program through the Investor Learning Center section of NFA's Web site (www.nfa.futures.org).
"Retail forex trading has increased dramatically over the past few years," says NFA's Senior Vice President of Strategic Planning and Communication Karen Wuertz. "Unfortunately, the amount of forex fraud has also increased dramatically, and the need for investor awareness and education is critical."
The interactive, self-directed program consists of six modules explaining how retail forex contracts are traded, the risks inherent in forex trading and steps individuals should take before opening a forex account. The program also contains a series of quizzes to help reinforce basic concepts.
NFA and the Commodity Futures Trading Commission have been very active in enforcement and regulatory efforts involving forex fraud. Since 2001, the CFTC has filed over 80 civil actions in federal court against hundreds of firms, owners and employees for defrauding customers in forex schemes. NFA has also taken several enforcement actions against a number of its Forex Dealer Members.
"Although the CFTC and NFA have achieved substantial results through our regulatory and enforcement efforts, we realize that these efforts need to be supplemented by outreach initiatives designed to educate members of the public and minimize their risk of becoming victims of forex fraud," says CFTC Commissioner Michael Dunn. "NFA's online learning program is an important addition to these initiatives."
In addition to the online learning program, NFA and the CFTC have published brochures to educate the public about forex fraud. Individuals can view and download "Trading in the Retail Off-Exchange Foreign Currency Market: What Investors Need to Know" at NFA's Web site (www.nfa.futures.org) and "Foreign Currency Fraud" at the CFTC's Web site (www.cftc.gov).
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.
NFA and the CFTC encourage members of the public to bring to our attention any suspicious activities involving futures or commodity options, including matters involving foreign currency (forex) investments or suspicious Internet Web sites.
You may contact NFA at 1-800-621-3570 or file a complaint through NFA's Web site (www.nfa.futures.org/basicnet/Complaint.aspx). You may contact the CFTC at 1-866-FON-CFTC (1-866-366-2382), visit the CFTC's Customer Protection Web page: (www.cftc.gov/cftc/cftccustomer.htm) or fill out the CFTC's Internet Report Form (www.cftc.gov/enf/enfform.htm).