The US National Futures Association (NFA) has sent out a proposal to its 43 Forex Dealer Members (FDMs) which if passed will almost inevitably lead to a huge consolidation in the US retail market. The ...

UPDATE: On 1 May 2025, NFA withdrew Interpretive Notice 9083. The guidance remains available on NFA’s website for industry participants’ review. In this client alert, we describe the Notice and also ...