NFA Organizing Committee

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The move to create National Futures Association was spearheaded in the mid-1970s by Leo Melamed, then chairman of the Chicago Mercantile Exchange. Melamed understood that for NFA to succeed, it would need the cooperation of the entire futures industry, so he solicited leaders from exchange operations, brokerage house management, commodity merchandizing and trade associations to champion NFA's creation.

Members

The members of the Organizing Committee were: John J. Conheeney, David T. Johnston, George D. F. Lamborn, Warren W. Lebeck, Leslie Rosenthal and Howard A. Stotler.

History

The organizing group for what would become National Futures Association began its work in earnest in 1976, an organizational effort that would span more than six years. Milestones include:

• 1977 -- Committee members appeared before the CFTC to propose that membership in NFA be open to all categories of industry participant and be mandatory for anyone handling transactions directly with the trading public.

• 1978 -- Committee amendments streamlining costly programs were proposed and incorporated into the Futures Trading Act of 1978 that reauthorized the CFTC.

• March 1981 -- NFA's formal application for registration was crafted and filed with the CFTC.

• October 1, 1982 -- NFA officially began operation.

• February 1983 -- NFA's first Member-elected board assumed office.