Member Newsletter

At its meeting on May 20, NFA's Board of Directors approved a 25 percent reduction in membership dues, effective July 1, 2004, and a 33 percent decrease in assessment fees, effective January 1, 2005. The assessment fee decrease is the seventh such reduction since July 1999.

"The Board took these actions because NFA's working capital has been running above budget due to unprecedented increases in public trading volume," says NFA President Dan Roth. "We estimate that the adjustments to the fee schedules will result in an operating deficit for our Fiscal Year 2005 (July 1, 2004 through June 30, 2005) and a corresponding decrease in NFA's reserves."

NFA announced the fee reductions in a Notice to Members in May. Understandably, Members' response to the fee reductions has been overwhelmingly positive.

"It's important, however, that our Members understand that the Board will continue to monitor our financial situation and may decide to increase both the membership dues and assessment fees in the future to ensure NFA's continued financial health," says Roth.

FCM for which NFA serves as the DSRO	$5,625
FCM for which NFA does not serve as the DSRO	$1,500
Commodity Pool Operator	$750
Commodity Trading Advisor	$750
Introducing Broker	$750

For additional information regarding these fee reductions, visit NFA's Web site at www.nfa.futures.org or contact NFA's Information Center at 800-621-3570.