NFA Membership & Associate Membership Requirements
Membership in NFA and CFTC registration are mandatory for futures commission merchants (FCMs), commodity trading advisors (CTAs), commodity pool operators (CPOs), floor brokers, and introducing brokers (IBs) working with customer accounts, as well as floor traders. The CFTC also requires associate membership in NFA and CFTC registration for most associated persons (APs). APs solicit orders, customers, or customer funds for FCMs, IBs, CTAs, or CPOs. Membership is voluntary for futures exchanges.