FINRA is a central regulatory body, similar to China Securities Regulatory Commission, which authorizes CFTC Futures Trading Commission to conduct self-discipline management of the futures industry in the United States, similar to China Futures Association, and is responsible for supervising all institutions and individual practitioners in this industry! NFA National Futures Association is also an industry association of American futures industry. Similar to trade unions, NFA has certain regulatory functions, but it is not recognized by American financial regulatory authorities, and is also regulated by CFTC American Futures Trading Commission! From common sense, FINRA is the parent company. CFTC is a specific subsidiary. NFA is a division of this subsidiary. Is that clear? Although the introduction is a bit reluctant, the relationship is basically like this!