NFA to Develop Required Testing for Swaps Traders

[kreslik.news]

The National Futures Association (NFA), a US regulator, announced on Tuesday that it is creating a swaps proficiency requirements program. This program is derived from the Commodity Exchange Act’s regulatory requirements.

This piece of regulation has been in existence since 1936 but has been subject to multiple amendments since then. The proficiency requirements program was formed in 1988 but yesterday’s announcement pertains to an amendment made in September of last year.

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Prior to the amendment, individuals working in a number of different futures trading job functions were required to take ... (read more)