What Is the Futures Industry Association (FIA)?
The Futures Industry Association (FIA) is an international association of futures commission merchants, brokers, banks and trading advisers operating in the United States, European and Asian futures markets. The FIA provides information and education on futures markets and trading. It also represents the interest of its members by lobbying regulatory bodies and exchanges.
History of the Futures Industry Association (FIA)
The FIA was established in 1955 in New York as the Association of Commodity Exchange Firms. It changed its name to the Futures Industry Association in 1978 and moved to Washington, D.C., which remains the site of its current headquarters. It began accepting overseas organizations in the mid-1980s.
A European outpost (FIA Europe) was founded in 1993 and an Asian office (FIA Asia) in 2012. The two merged with the original U.S. organization in 2016.
FIA currently represents futures clearing and trading firms, commodities specialists, vendors and other industry-related professionals in some 48 nations – approximately 15,000 members, including 180 corporate entities. It maintains offices in Brussels, London, Singapore and Washington, D.C.
The Mission of the Futures Industry Association (FIA)
The FIA was founded to serve as a forum for ideas and discussion surrounding the futures industry. Since inception, it has promoted fair trade, worked with exchanges, educated consumers and customers, studied ways to reduce costs, prevented abuse of current market rules and protected members against fraud.
The association states its mission as:
- Supporting open, transparent and competitive markets.
- Protecting and enhancing the integrity of the financial system.
- Promoting high standards of professional conduct.
In order to promote competition, the FIA has lobbied against taxation on futures contracts and the mergers of futures markets. It regularly publishes white papers and sends letters and position papers to government agencies, regulatory authorities and politicians on issues of interest to its industry.
Futures Industry Association (FIA) Staff and Events
Walt Lukken is the FIA’s current President and CEO (as of January 2019).
Like other trade groups, the Futures Industry Association offers online training and education for members. It hosts a variety of gatherings and events, including the Annual International Futures Industry Conference in Boca Raton, Fla., where it announces new inductees into its Futures Hall of Fame.