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On November 25, National Futures Association (NFA) submitted to the Commodity Futures Trading Commission a proposed amendment to NFA Compliance Rule 2-36. The amended rule would require a forex dealer member (FDM), upon customer request, to disclose the following information for each of the 15 forex transactions in the same currency pair occurring immediately before and after the customer’s transaction:
- Execution date and time;
- Customer side (i.e., buy or sell);
- Quantity;
- Currency pair;
- Execution price (including any mark-up);
- Commission and other charges assessed by the FDM (if applicable); and
- Currency denomination of commission or other charges.
The FDM must supply the data to the customer within 30 minutes of the customer’s request, and send a copy to the NFA. Additionally, the FDM must prominently display a notice on its website informing customers of their ability to request this information.
The proposed amendment is available here.
