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October 01, 2001
National Futures Association introduces electronic filing option to dispute resolution process
October 1, 2001, Chicago - National Futures Association (NFA) recently announced an enhancement to its successful dispute resolution program that will allow parties to file claims electronically through NFA's web site (www.nfa.futures.org). This innovative new system makes NFA the first regulatory organization in the financial services industry to accept arbitration claims online.
Since 1983, NFA has provided a fast, efficient, fair and inexpensive method of resolving disputes in the futures industry. The popularity of the program is reflected in the fact that over the past 18 years, NFA has processed more than 4,000 cases.
"We are committed to providing the highest level of service to our customers," says Heather Cook, Manager of Arbitration and Mediation. "And we are always looking for ways to streamline the process. This new electronic filing option will allow our customers — the investing public and NFA Members — to achieve even greater efficiency and flexibility."
NFA's dispute resolution program consists of both arbitration and mediation alternatives. Customers will now be able to file their initial arbitration or mediation claims electronically. Within minutes, NFA will send a reply stating that the claim has been received. If the claim meets NFA's filing requirements, NFA will serve it on the opposing party.
"The claim submission and review process can now be completed in about the same amount of time it takes for a customer to send and NFA to receive an initial claim in the mail," says Cook.
NFA is also using the new online system to communicate more efficiently with its roster of approximately 2,000 arbitrators located around the country. For example, arbitrators can now update their business and personal information instantaneously, allowing NFA to manage its arbitrator database more effectively.
"We continue to look for ways to streamline the dispute resolution process for all the parties involved," says Cook. "We want our customers to feel confident that we are providing them with fast and efficient service as they strive to resolve their disputes."
NFA, a congressionally authorized self-regulatory organization for the U.S. futures industry, provides innovative regulatory programs and services that ensure futures industry integrity, protect market participants and help its Members meet their regulatory responsibilities. NFA also offers a variety of cost-effective regulatory services to electronic markets — services that sustain market integrity, increase user confidence and add to the value of the markets.