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NFA Membership and Dues

All registered FCMs, RFEDs, IBs, SDs, MSPs, CPOs and those registered CTAs who direct client accounts or provide tailored investment advice must be NFA Members. CFTC registered APs of NFA Members, unless acting as an AP of an SD or MSP, must be NFA Associate Members.

Mandatory membership is the cornerstone of NFA's regulatory structure, and effective industrywide self-regulation is not possible without it. NFA Bylaw 1101 prohibits NFA Members from doing business with most non-Members that are required to be registered with the CFTC as FCMs, IBs, CPOs or CTAs. Members must examine their relationships with other registrants, customers, third-party account controllers, exempt firms and branch offices to ensure compliance with NFA Bylaw 1101.

NFA Membership Totals

As of January 31, 2017


Total Membership* 3,900

Membership by Category
Commodity Trading Advisors 1,710
Commodity Pool Operators 1,603
Futures Commission Merchants 65
Introducing Brokers 1,242
Major Swap Participants 0
Retail Foreign Exchange Dealers 3
Swap Dealers 103
Exchanges 6
Associates 52,606

*Total membership counts each NFA Member entity once. However, many NFA Members are registered multiple categories. For example, a CPO may also be registered as a CTA and would be counted in each category. Therefore, totaling all categories will not equal the total membership count.

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** $150,000
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**** $150,000
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 gross annual 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 gross annual 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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