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Notice I-06-08

February 21, 2006

Change in Forex Member Dues

NFA has received notice that the Commodity Futures Trading Commission has approved changes to Bylaw 1301(e) to increase the dues for Forex Dealer Members. The increase will be effective for all membership renewal dates after April 30, 2006.

NFA charges Forex Dealer Members higher dues instead of collecting an assessment fee on off-exchange retail forex transactions. The dues structure is intended to cover NFA's regulatory costs so that fees from on-exchange transactions do not subsidize NFA's regulatory costs for off-exchange transactions.

Regular FCM dues are $5,625 if NFA is the firm's designated self-regulatory organization (DSRO) and $1,500 if an exchange is the firm's DSRO. Forex Dealer Member dues will continue to be calculated by adding a revenue-based charge to this amount.

The following table shows the total dues due from Forex Dealer Members after April 30, 2006. NFA will not charge these dues until the firm's next registration renewal date after the effective date, so a firm with an August 1 renewal date will not be required to pay the increased dues until then.

Amount of Annual Gross Revenue From Off-Exchange Retail Forex Transactions Dues if NFA is the DSRO Dues if NFA is not the DSRO
$500,000 or less $20,000 $15,875
More than $500,000, but not more than $2 million $30,000 $25,875
More than $2 million, but not more than $5 million $50,000 $45,875
More than $5 million $100,000 $95,875

Questions concerning the dues increase should be directed to Michael Saturley, Senior Manager, (msaturley@nfa.futures.org or 312-781-1386) or Matt Saxinger, Senior Financial Analyst (msaxinger@nfa.futures.org or 312-781-1417).

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