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As an original advisor to the CFTC when it was formed in 1975, I can state that
the NFA was conceived in the 70's and not as a result of the 1987 crash.
Just as the SEC enabled the establishment of the SRO (NASD), so did the CFTC
enable the NFA. It was always an objective from the very early days to have a
SRO. (self regulating organization).
Just wanted to set the record straight.
Regards,
Manning Stoller
Robert W Cummings wrote:
> At 02:22 PM 8/1/98 -0400, Trader J wrote:
> >
> >Pete,
> >
> >I appreciate your desire for knowledge about what is valuable and what is
> >not. But, surely, you understand that the fact that you lack knowledge does
> >not give anyone the right to regulate me. Alas, it is just that simple.
> >
> >
> >All the best,
> >
> >Trader J
> >
>
> Pete
>
> By being a member of the N.F.A. only says one thing about an individual you
> or not a felon yet.
> The N.F.A. will not approve or disapprove any members product. The N.F.A.
> was a child born of the 87 crash by the fact many blamed the S&P Futures.
> It was self imposed by force if you will to quite an angry public by
> legislators. To be a commodity broker you must be a member of the N.F.A.
> like it are not to have your trades cleared through an FCM and to do
> business with the public. Theres no honor here its a have to situation.
> Before then the C.F.T.C did and still does regulate broker's and FCM's,
> etc. Fact is the C.F.T.C. regulates all commodities and can and does
> prosecute fraud in these markets to people licensed or not, fraud is fraud
> and illegal. Any citizen of the US that commits fraud using false
> information with systems or what ever using the futures markets commits a
> crime and can be prosecuted by the C.F.T.C. If found guilty will be
> punished with fines, prison or both. But having said all this your right
> Trader J, long as your not misrepresenting yourself are your product
> because in the eyes of the law ignorance has no cause and can't be
> regulated. I also agree with this because you can't legislate honesty only
> free enterprise and competition can and will.
>
> Thanks feel better saying the NFA is a pain in the butt.
>
> Robert
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