Proposed Rule

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Explanation of Proposed Amendments

The proposed amendments to NFA Bylaw 1301 reduce NFA's assessment fees from $.20 to $.18 per round-turn futures contract and from $.10 to $.09 per options transaction. (Assessment fee levels for mini-contracts will remain at $.04 per round-turn futures contract and $.02 per options transaction.) The reduction in assessment fees was recommended by NFA's Finance Committee and subsequently by the Board in order to avoid a projected accumulation of excessive reserves which will occur if assessment fees and volume remain at their current levels. The goal of the Finance Committee and the Board was to stabilize the level of NFA's working capital while limiting the possibility of future fluctuations in the level of assessment fees. They concluded that the most appropriate means of managing the problem would be a conservative reduction in the assessment fee levels as proposed. The Finance Committee and Board also determined that the proposed reduction in assessment fees will not impair NFA's ability to perform its mandated functions.

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