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Notice I-10-11

March 31, 2010

Effective Date of CFTC Financial Requirements for FCMs and IBs and Amendments to NFA Financial Requirements Section 1 Regarding Minimum Capital Requirements for FCMs

The CFTC's revised financial requirements for FCMs and IBs and NFA's amendments to NFA Financial Requirements Section 1 are effective as of March 31, 2010. The revised requirements impact FCM financial requirements as follows:

  • Increase the minimum dollar capital requirement from $500,000 to $1,000,000;
  • Increase the risk-based capital requirement for non-customer accounts from 4% to 8% of the total risk margin requirement for positions carried in non-customer accounts; and
  • Include cleared over-the-counter derivative positions in an FCM's risk based capital calculation for customer and non-customer accounts.

The CFTC also revised the financial requirements for IBs by increasing the net capital requirement from $30,000 to $45,000. The CFTC's increase to the IB minimum capital requirement brings it to the same level currently required under NFA Financial Requirements Section 5.

More information about the amendments to NFA Financial Requirements Section 1 can be found in NFA's February 22, 2010 Submission Letter to the CFTC. Questions concerning the new requirements should be directed to Valerie Kretschmer, Manager, Compliance (vkretschmer@nfa.futures.org or 312-781-1290) or Laurie Gavin, Senior Manager, Compliance (lgavin@nfa.futures.org or 212-513-6017).

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