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Notice I-01-25

November 23, 2001

Reduction of Assessment Fees

At its meeting in May 2001, NFA’s Board of Directors approved a $.04 reduction in the assessment fee to its current level of $.14 per round-turn futures contract and $.07 per options transaction. The fee reduction became effective on July 1, 2001. By reducing the assessment fee, the Board intended to reduce NFA’s working capital, which has been running above budget.

Since May when the Board approved the fee reduction, public trading volume has grown at an unprecedented rate, which has continued to increase NFA’s reserves. Therefore,NFA’s Finance Committee met in late September to discuss NFA’s unanticipated current reserve level and recommended in light of this reserve level that NFA’s assessment fee be further reduced by $.02. NFA’s Executive Committee and Board agreed with the Finance Committee and have therefore approved a reduction in the assessment fee to an all-time low of $.12 per round-turn futures contract and $.06 per options transaction. The new fees will become effective on January 1, 2002, unless the CFTC notifies NFA that it intends to review the changes to the assessment fees. Members will receive further notification only if the changes do not become effective on January 1, 2002. Assessment fee levels for mini-contracts will remain at $.04 per round-turn futures contract and $.02 per option transaction.

If you have any questions, you may wish to refer to the Interpretive Notice on Page 9029 in your NFA Manual, which answers frequently asked questions about the assessment fees. Or you may visit NFA’s web site at www.nfa.futures.org or contact NFA’s Information Center at (312) 781-1410.

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