NFA amends Code of Arbitration and Member Arbitration Rules
Felix Shipkevich - September 17, 2009The amendments modify the monetary thresholds for determining whether a case is processed as a summary proceeding or an oral hearing and the number of arbitrators NFA appoints to a case. The rule changes will apply to all cases filed on or after October 1. The NFA has increased the standard threshold for three arbitrator pannals to over $100,000. Claim amounts that are less than or equal to $50,000 will now generally be processed as summary proceedings.
The NFA's arbitration claims are up 40% this year, hence the need to reduce costs.