The National Futures Association (NFA)’s B.A.S.I.C is the most complete database for background checks of futures brokers, firms, salespeople, etc. in the futures industry. Find current and historical registration information, background, and regulatory cases filed.
The information you can find on B.A.S.I.C. includes not only the NFA’s own records but also data from the CFTC (U.S. Commodity Futures Trading Commission) and all U.S. futures exchanges. NFA records go back to 1982 when the NFA began. CFTC records go back to 1975, and information from futures exchanges start from at least January 1990.
Information on the NFA’s B.A.S.I.C.
- NFA registrant’s name, whether individual persons or firms
- NFA registrant’s NFA ID
- Current and past NFA member status.
- Current and past CFTC registration status.
- Aliases and DBA (Doing Business As) where firms may operate under different identifies that you should be aware of.
- Regulatory actions and information about any such actions
- Any dispute cases and contains all information for all respondents in a particular case
- NFA Arbitration awards
- CFTC Reparation Cases
Who is it for?
If you’re an investor or looking to be an investor in futures, commodities, forex, and bonds, the NFA’s BASIC is where you want to start researching. Also, if you’re in the futures business, either as a financial advisor, managed futures manager, or futures broker, B.A.S.I.C. contains historical records of registrations and backgrounds of just about every entity involved in the futures industry. It’s free for the public to use through NFA.futures.org. If you’re only investing in stocks, that falls under the SEC’s regulation and you should research the SEC’s website instead.
If you’re serious about your investments, you probably spend a lot of time researching what to buy and sell or which funds/money managers can help you make the most money. It is extremely important to be careful of where you put your money, but isn’t it just as important to know the broker or manager who handles your money?
With the introduction of new products and easier access via electronic trading platforms, the U.S. futures markets are attracting an increasing number of individuals looking for ways to manage their financial risk. But investing in the futures market is a high-risk and volatile venture. Don’t add to your risk by giving your money to a firm, broker, or individual that you know little or nothing about. It’s important to shop around for the lowest commissions, but be careful of ending up like a Bernie madoff victim.
About: Virtually every firm or individual who conducts futures or options on futures business with the public must be registered with the CFTC and a Member of the NFA. NFA Membership categories include futures commission merchants (FCMs), commodity trading advisors (CTAs), commodity pool operators (CPO) and introducing brokers (IBs). There are approximately 4,200 NFA Member firms and about 55,000 NFA Associate Members, individuals associated with NFA Member firms.