National Futures Association (NFA) Compliance Rule 2-4 requires members and associates to observe high standards of commercial honor and just and equitable principles of trade in the conduct of their commodity futures business. NFA’s Board of Directors has issued an Interpretive Notice to Compliance Rule 2-4, which became effective on September 5. The Notice reiterates that Compliance Rule 2-4 prohibits members and associates from knowingly obtaining or seeking to obtain another member’s or associate’s confidential information or trade secrets without that person’s permission. It also prohibits members and associates from knowingly or recklessly misusing confidential information or trade secrets in their possession, and provides the following three examples of behavior that violates the rule: (i) misusing customer information; (ii) disclosing customer orders prior to execution, except as permitted by exchange rules; and (iii) obtaining or attempting to obtain information that discloses a trading advisor’s historical trading positions.

 http://www.nfa.futures.org/nfaManual/manualInterp.asp#61

 http://www.nfa.futures.org/news/newsProposedRule.asp?ArticleID=1926