How many bodies should a broker be registered with besides NFA and CFTC
Brokers handling only forex (FXCM, for example), or forex and commodity futures, are regulated only by the NFA and the CFTC.
The NFA (National Futures Association) is an industry self-regulatory body, and membership is optional (sort of).
The CFTC (Commodity Futures Trading Commission) is a government agency, and they have authority (from Congress) over all FCM’s (Futures Commission Merchants), including all forex brokers. Brokers aren’t “members” of the CFTC — they are regulated by the CFTC, and compliance with the CFTC is not optional.
If a broker handles equities, in addition to commodity futures and forex (for instance, MB Trading), then they are also regulated by FINRA (Financial Industry Regulatory Authority), and by the SEC (Securities and Exchange Commission).
FINRA is an industry self-regulatory organization, similar to the NFA. And the SEC is a government regulator, similar to the CFTC.
Most brokers who handle all types of securities, separate their operations into different corporate entities, in order to avoid regulatory conflicts between FINRA and NFA, or between the CFTC and the SEC. This is the case with MB Trading, for instance.
I hope that answers your question.
Clint