The National Futures Association (NFA) has issued a Notice to Members providing guidance regarding the calculation of retail forex customer accounts maintained by retail foreign exchange dealers (RFEDs) and futures commission merchants (FCMs).
Pursuant to Commodity Futures Trading Commission Regulation 5.5, RFEDs, FCMs and introducing brokers (IBs) that participate in over-the-counter retail forex transactions must, upon opening an account for a customer, provide the customer with (a) certain written disclosures, and (b) with respect to the four most recent calendar quarters during which the RFED or FCM maintained retail forex accounts, the total number of non discretionary "open" retail forex customer accounts maintained by the RFED or FCM, the percentage of such accounts that were profitable during the quarter and the percentage of such accounts that were not profitable during the quarter.
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