Does NFA carry out CFTC registration for swap dealers?
Does NFA carry out CFTC registration for swap dealers?
What are the steps in the registration process for a Swap Dealer (SD) or a Major Swap Participant (MSP)? SDs and MSPs are required to be registered with the CFTC. Firms register with the CFTC through NFA’s Online Registration System (ORS) (see Begin Enrollment on how to obtain access to ORS).
Who are members of the NFA?
NFA Members
- Commodity Pool Operator (CPO)
- Commodity Trading Advisor (CTA)
- Futures Commission Merchant (FCM)
- Forex Dealer Member (FDM)
- Introducing Broker (IB)
- Swap Dealer (SD)
Who carries out the CFTC registration for swap dealers?
The Commodity Exchange Act (CEA) requires certain firms and individuals that conduct business in the derivatives industry to register with the CFTC. CFTC regulations also require, with few exceptions, CFTC registered firms to be NFA Members. The CFTC has delegated registration responsibility to NFA.
Who are registered swap dealers?
A swap dealer (SD) is an entity that holds itself out as a dealer in swaps; makes a market in swaps; regularly enters into swaps with counterparties as an ordinary course of business for its own account; or engages in any activity causing the entity to be commonly known in the trade as a dealer or market maker in swaps …
Does NFA Compliance Rule 2/4 apply only to swap dealers?
Previously, NFA Compliance Rule 2-4 only applied with respect to futures business. The amended rule now incorporates swaps, and applies to swap dealers and major swap participants and the swaps activities of futures commission merchants, introducing brokers, commodity pool operators and commodity trading advisors.
Does the NFA have regulatory authority over security based swap dealers?
NFA provides regulatory services to designated contract markets (DCM) and swap execution facilities (SEF)—each of which has self-regulatory responsibilities to monitor trading on its platform.
Who can NFA members do business with?
NFA Member Firms Commodity pool operators (CPO): People or organizations that operate and solicit funds for a commodity pool. Commodity trading advisors (CTA): People or organizations that advise clients on derivatives trades. Futures commission merchants (FCM): An entity that accepts or solicits trades.
Whats NFA stand for?
National Firearms Act
»National Firearms Act (NFA)
Is RBC a swap dealer?
provisionally registered with the CFTC as a Swap Dealer since December 31, 2012. its other capital markets business. At all times relevant, RBCCM has been registered with the Commission as a FCM. RBC takes an enterprise-wide approach to managing its subsidiaries.
How do you become a member of the NFA?
How do I apply for NFA membership? Firms must file an electronic application for NFA membership in ORS. This can be done at the same time that the firm applies for registration, or it can be done separately. AP applicants automatically apply to be Associates as part of the AP registration application process.
Is Citadel a swap dealer?
Citadel Securities Swap Dealer LLC (“CSSD”) is a provisionally registered swap dealer with the U.S. Commodity Futures Trading Commission (“CFTC”). The material risks of the particular swap, which may include market, credit, liquidity, foreign currency, legal, operational, and any other applicable risks.
Is Morgan Stanley a swap dealer?
Morgan Stanley Capital Services LLC is a Delaware limited liability company with its principal place of business in New York, New York, and has been provisionally registered as a swap dealer with the Commission since December 31, 2012.
What is a swap dealer and how to become one?
A swap dealer (SD) is an entity that holds itself out as a dealer in swaps; makes a market in swaps; regularly enters into swaps with counterparties as an ordinary course of business for its own account; or engages in any activity causing the entity to be commonly known in the trade as a dealer or market maker in swaps.
Do I need to complete NFA’s swaps proficiency requirements?
However, individuals who seek to act as AP of an SD are required to complete NFA’s Swaps Proficiency Requirements prior to acting in the capacity of an AP at an SD. In addition, it is the SD’s obligation to determine whether a statutory disqualification exists for any of its APs.
What information do the directories and registries provide about NFA members?
NFA’s directories and registries provide information about NFA Members and CFTC registrants, including, among other details, registration and membership status, NFA ID, and city, state, province (if applicable) and country. As a security precaution, these directories and registries are password protected.
What is the National Futures Association (NFA)?
All registered SDs are required to be members of the National Futures Association (NFA). The NFA is a self-regulatory organization that is required to enforce CFTC-approved requirements for their members.
