Futures frauds include off-exchange fraud, on-exchange fraud, and manipulation ('corners and squeeze,' misinformation, market rigging). A largely unregulated environment and lack of consumer knowledge have been key factors in a number of spectacular broking house failures and the creation of an environment conducive to fraud in Australia. The corporate collapse of nonmembers of the Sydney Futures Exchange and subsequent loss of client funds have been the major impetus for national legislation. The FIA, which the States have adopted, focuses on consumer protection. Five of the nine parts of the FIA address the licensing of futures brokers, the conduct of futures business, accounts and auditing of futures brokers, the establishment of fidelity funds, and offenses. The FIA should reduce instances of corporate collapse, since the absence of any regulation for nonmembers of the Sydney Futures Exchange has been a major factor in past failures. Off-exchange, on-exchange, and floor offenses should be reduced, although it remains to be seen how effectively relevant FIA provisions will operate. 31 footnotes.