Proposed Rule

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Explanation of Proposed Amendments

NFA's Board approved another reduction in the assessment fees to an all time low of $.06 per round-turn futures contract and $.03 per options transaction. The Board noted that the reduction was possible due to a combination of increased trading volume and NFA's continuing cost containment efforts and had made the determination to lower the fees in order to keep NFA's reserves at an appropriate level. The Board intends to have the new fees become effective on January 1, 2003.

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