NFA Membership FAQs

1. Does NFA have a listing of its Members on its website?
2. Who must be a Member of NFA?
3. How do I apply for NFA membership?
4. Is approval of the application for NFA membership automatic?
5. How much are NFA's Annual Dues?

1. Does NFA have a listing of its Members on its website?

No. However, NFA publishes several directories of CFTC Registrants and NFA Members that are available either electronically (via email or on CD) or in printed format (8 1/2" X 11" paper). The NFA Directory Order Form explains how to order a directory.

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Does NFA have a listing of its Members on its website?

2. Who must be a Member of NFA?

Most FCMs, RFEDs, IBs, CPOs and CTAs that are required to be registered with the CFTC must be Members of NFA. Additionally, SDs and MSPs are required to be Members of NFA. Notice Registered FCMs and IBs, CTAs that do not manage or exercise discretion over customer accounts, floor brokers and floor traders, and principals do not need to be NFA Members. Individuals who act as APs of NFA Members, unless acting as an AP of an SD or MSP, must be NFA Associates.

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Who must be a Member of NFA?

3. How do I apply for NFA membership?

Firms must file an electronic application for NFA membership in ORS. This can be done at the same time that the firm applies for registration, or it can be done separately. AP applicants automatically apply to be Associates as part of the AP registration application process.

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How do I apply for NFA membership?

4. Is approval of the application for NFA membership automatic?

No. Applicants for NFA membership or associate status must meet fitness standards similar to those that apply to applicants for registration. Usually though, if the applicant is granted registration, the membership or associate status is also approved.

Applicants that are denied membership have the right to appeal the denial and, in some cases, to have a hearing before the Membership Committee in order to demonstrate that they meet requirements for membership. 

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Is approval of the application for NFA membership automatic?

5. How much are NFA's Annual Dues?

Firms applying as NFA Members are required to pay initial dues and Approved Member firms are required to pay annual membership dues as part of a firm's annual filings and are subject to a late payment charge of $25.00 per month if paid after the date that they are payable. Dues should be paid in only one category-the category to which the highest dues apply. For example, an NFA Member that is an FCM and also a CTA and has an exchange as its Designated Self-Regulatory Organization would pay dues of $ 1,500.00 (the FCM category is the higher dues-paying category). Listed below is NFA Membership Initial and Annual Dues Schedule: 

Initial Membership Dues:

Swap Dealer - Tier 1**	$1,000,000
Swap Dealer - Tier 2**	$250,000
Swap Dealer - Affiliate of Tier 1 or Tier 2 Swap Dealer**	$150,000
Major Swap Participant**	$250,000
Major Swap Participant - Affiliate of a Major Swap Participant**	$150,000
Futures Commission Merchant - Exchange is Designated Self-Regulatory Organization	$1,500
Futures Commission Merchant - NFA is Designated Self-Regulatory Organization	$5,625
FCM Forex Dealer Member - Exchange is Designated Self-Regulatory Organization that has agreed to examine the Forex Dealer Member's forex activities	$25,000
FCM Forex Dealer Member - NFA is Designated Self-Regulatory Organization	$125,000
Retail Foreign Exchange Dealer	$125,000
Introducing Broker	$750
Introducing Broker Forex Firm	$2,500
Commodity Pool Operator	$750
Commodity Pool Operator Forex Firm	$2,500
Commodity Trading Advisor	$750
Commodity Trading Advisor Forex Firm	$2,500

**Dues will be invoiced and payable quarterly.

Annual Membership Dues:***

Swap Dealer - Tier 1****	$1,000,000
Swap Dealer - Tier 2****	$250,000
Swap Dealer - Affiliate of Tier 1 or Tier 2 Swap Dealer****	$150,000
Major Swap Participant****	$250,000
Major Swap Participant - Affiliate of a Major Swap Participant****	$150,000
Futures Commission Merchant - Exchange is Designated Self-Regulatory Organization	$1,500
Futures Commission Merchant - NFA is Designated Self-Regulatory Organization	$5,625
FCM Forex Dealer Member - Exchange is Designated Self-Regulatory Organization that has agreed to examine the Forex Dealer Member's forex activities	$25,000
FCM Forex Dealer Member - NFA is Designated Self-Regulatory Organization with annual forex revenue of:****
$5 million or less more than $5 million but not more than $10 million more than $10 million but not more than $25 million more than $25 million but not more than $50 million more than $50 million	$125,000 $250,000 $500,000 $750,000 $1,000,000
Retail Foreign Exchange Dealer with annual forex revenue of:****
$5 million or less more than $5 million but not more than $10 million more than $10 million but not more than $25 million more than $25 million but not more than $50 million more than $50 million	$125,000 $250,000 $500,000 $750,000 $1,000,000
Introducing Broker	$750
Introducing Broker Forex Firm	$2,500
Commodity Pool Operator	$750
Commodity Pool Operator Forex Firm	$2,500
Commodity Trading Advisor	$750
Commodity Trading Advisor Forex Firm	$2,500

***Members paying dues after the date they are payable shall be subject to a late payment charge of $25 per month.

****Dues will be invoiced and payable quarterly.

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How much are NFA's Annual Dues?