NFA Membership and Dues

All registered FCMs, RFEDs, IBs, CPOs and those registered CTAs who manage or exercise discretion over customer accounts must be Members of NFA in order to conduct futures or retail off-exchange forex business with the public. Additionally, SDs and MSPs must be Members of NFA.

Persons acting as APs of NFA Members, unless acting as an AP of an SD or MSP, must become NFA Associates.

Mandatory membership is the cornerstone of NFA's regulatory structure, and effective industry wide self-regulation is not possible without it. NFA Bylaw 1101 very clearly prohibits the conduct of customer business with non-NFA Members. Members have to be especially diligent not to violate Bylaw 1101. They must examine the relationships they have with other registrants, with customers, with third-party account controllers, with branch offices and so on, to determine that they are in compliance.

Application forms for NFA membership and Associate membership are incorporated in Forms 7-R and 8-R. AP applicants automatically apply for Associate membership when the Form 8-R is filed if their sponsor is or becomes an NFA Member.

NFA Membership Totals by Highest Class*

	As of April 30, 2013
Total Membership	4,026
Swap Dealers	42
Major Swap Participants	2
Retail Foreign Exchange Dealers	11
Futures Commission Merchants	89
Introducing Brokers	1,249
Commodity Pool Operators	1,614
Commodity Trading Advisors	1,012
Exchanges	7
Associates	54,713

*NFA Members are listed by their highest class of membership. However, many NFA Members are registered in more than one membership category. For example, an FCM that manages or exercises discretion over customer accounts may also be registered as a CTA.

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.