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Notice I-04-13

May 21, 2004

Reduction of Membership Dues and Assessment Fees

At its meeting on May 20, NFA's Board of Directors approved a 25% reduction in membership dues, effective July 1, 2004, and a 33% decrease in assessment fees, effective January 1, 2005. The assessment fees will be reduced from $.03 to $.02 per side for futures contracts and from $.03 to $.02 for each options contract traded. The assessment fee decrease is the seventh such decrease 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. NFA estimates that the adjustments to its fee schedules will result in an operating deficit for the Association's Fiscal Year 2005 (July 1, 2004 through June 30, 2005) and a corresponding decrease in NFA's reserves.

In approving these fee reductions, however, the Board cautioned that they will continue to monitor the Association's finances and may decide to increase both the membership dues and assessment fees in the future to ensure NFA's continued financial health.

Membership Dues (effective July 1, 2004):
FCM for which NFA serves as the DSRO $5,625
FCM for which NFA does not serve as the DSRO 1,500
Commodity Trading Advisor 750
Commodity Pool Operator 750
Introducing Broker 750

Assessment Fee Schedule (effective January 1, 2005):
$.02 per side for futures contracts
$.02 for each options contract

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

NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the futures markets.
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