Arbitration Statistics

As of March 31, 2025

Cases Filed

Calendar Year Customer* Member** Total
2025 1 0 1
2024 14 2 16
2023 7 0 7
2022 20 1 21
2021 19 3 22

* These are cases where at least one party is a public customer.

** These are primarily cases between and among NFA Members and Associates. None of them involve public customers.

Cases Closed

Calendar Year Customer Member Total
2025 3 2 5
2024 96 0 96
2023 85 4 89
2022 77 2 79
2021 31 4 35

Turnaround Time (in months)

Calendar Year Oral Hearings Summary Proceedings* Overall**
2025 N/A 12 18
2024 49 N/A 43
2023 43 0 43
2022 37 0 27
2021 23 9 9

* Summary proceedings are decided without an oral hearing and are based on the pleadings and exhibits submitted by the parties.

** This is all closed cases, including cases that settle and those that are rejected, withdrawn, or terminated for other reasons.

Number of Closed Cases by Reason*

Calendar Year Oral Hearings Summaries All Settlements Other**
2025 0 1 1 3 1
2024 20 0 20 68 8
2023 23 0 23 61 5
2022 24 0 24 41 14
2021 4 2 6 12 17

* All cases - Customer and Member.

** These are cases that are rejected, withdrawn, or terminated for other reasons (e.g., bankruptcy).

Percentage of Closed Cases by Reason

Calendar Year Hearings Settlements Other
2025 20% 60% 20%
2024 21% 71% 8%
2023 26% 68% 6%
2022 30% 52% 18%
2021 17% 34% 49%

Awards in Customer Cases

Calendar Year Total Awards* Awards to Customers** Average % of Compensatory Claim***
2025 0 N/A N/A
2024 20 0 N/A
2023 17 0 N/A
2022 24 8 30%
2021 5 1 84%

* All customer cases with a decision, including cases where the customer lost.

** Does not include awards where customers were given costs and fees only.

*** Only in cases where customers received an award.