Notices to Members
2024 | 2023 | 2022 | 2021 | 2020 | Show more yearsNotice I-14-16
June 25, 2014
Diminutive notional value contracts
In August 2012, NFA's Board of Directors adopted an Interpretive Notice entitled NFA Bylaw 1301(b): NFA Assessment Fee - Diminutive Notional Value Contracts and Security Futures Products that imposed a reduced NFA assessment fee for certain diminutive notional value (DNV) contracts and security futures products. DNV contracts typically have a notional value of $200 or less. The NFA assessment fee for qualified DNV contracts is $0.00008 per round-turn, with a minimum fee of $.01 per round-turn.
The 2012 Interpretive Notice also authorized the Executive Committee to designate certain contracts as DNV contracts upon application by a contract market or exempt commercial market. In 2012, the Executive Committee determined that over 50 contracts qualified for DNV status and the corresponding reduced assessment fee. All DNV contracts, with the exception of a NYMEX micro crude oil futures contract, are traded on ICE Futures U.S. and most are North American Monthly Mini-Sized Power futures and options contracts (ICE Power Contracts).
Effective April 28, 2014, ICE increased the size of many ICE Power Contracts that NFA had previously designated as qualified DNV contracts. These ICE Power Contracts now have notional values of several thousand dollars, which substantially exceed the typical DNV qualifying contract's notional value. As a result, effective July 31, 2014 NFA's Executive Committee has removed the DNV designation from the vast majority of ICE Power Contracts that were previously designated as DNVs. Therefore, as of August 1, 2014, these ICE Power Contracts will no longer be considered qualified DNV contracts subject to the reduced assessment fee rate, and Member FCMs should charge the full assessment fee rate of $.04 a round-turn to these contracts. A list of ICE Power Contracts that lose the DNV designation as of July 31, 2014 is attached as Exhibit A and a list of futures contracts for which the DNV designation will remain in place as of August 1, 2014 is attached as Exhibit B.
NFA lists all qualifying DNV contracts on its website in the attachment to the Interpretive Notice 9016 entitled NFA Bylaw 1301: NFA Assessment Fee Questions and Answers for FCMs.
Finally, it has come to NFA's attention that some FCMs may not have charged their customers the reduced assessment fee rate for qualified DNV contracts from October 2012 through the present. If this is the case for your firm, please contact Stephanie Zwolan at 312-781-1331 or szwolan@nfa.futures.org no later than July 31, 2014 if you would like to apply for a refund on behalf of your customers.
Questions concerning this notice should be directed to Stephanie Zwolan, Revenue Analyst, Treasurer's Office at szwolan@nfa.futures.org.
Symbol |
Contract Name |
Exchange |
ADD |
PJM AEP Dayton Hub Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
BGZ |
PJM BGE Zone Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
CEO |
PJM ComEd Zone Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
HEB |
ERCOT Houston 345KV Real-Time Off-Peak Fixed Price Future |
ICE Futures U.S. |
HZD |
ERCOT Houston Load Zone Day-Ahead Off-Peak Daily Fixed Price Future |
ICE Futures U.S. |
ICO |
ISO New England Connecticut Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
IED |
ISO New England Maine Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
IHD |
ISO New England New Hampshire Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
IMD |
ISO New England SE Massachusetts Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
IND |
ISO New England NE Massachusetts Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
JCD |
PJM JCPL Zone Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
MCD |
MISO Indiana Hub Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
MLD |
MISO Illinois Hub Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
NEB |
ERCOT North 345KV Real-Time Off-Peak Fixed Price Future |
ICE Futures U.S. |
NEV |
ERCOT Houston 345KV Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
NID |
PJM NI Hub Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
NOM |
ISO New England Massachusetts Hub Day-Ahead Off-Peak Mini Fixed Price Future |
ICE Futures U.S. |
NZD |
ERCOT North Load Zone Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
OEH |
ERCOT Houston Load Zone Real-Time Off-Peak Fixed Price Future |
ICE Futures U.S. |
OEN |
ERCOT North Load Zone Real-Time Off-Peak Fixed Price Future |
ICE Futures U.S. |
OES |
ERCOT South Load Zone Real-Time Off-Peak Fixed Price Future |
ICE Futures U.S. |
OEW |
ERCOT West Load Zone Real-Time Off-Peak Fixed Price Future |
ICE Futures U.S. |
OMI |
PJM Western Hub Real-Time Off-Peak Mini Fixed Price Future |
ICE Futures U.S. |
PCO |
PJM PECO Zone Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
PED |
PJM Eastern Hub Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
PJD |
PJM Western Hub Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
PMD |
PJM METED Zone Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
PPH |
PJM PEPCO Zone Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
PPO |
PJM PPL Zone Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
PSB |
PJM PSEG Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
PTD |
PJM AECO Zone Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
PUD |
PJM APS Zone Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
PXD |
PJM DPL Zone Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
PZD |
PJM PENELEC Zone Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
SEB |
ERCOT South 345KV Real-Time Off-Peak Fixed Price Future |
ICE Futures U.S. |
SZD |
ERCOT South Load Zone Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
WEB |
ERCOT West 345KV Real-Time Off-Peak Fixed Price Future |
ICE Futures U.S. |
ZCD |
NYISO Zone C Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
ZFD |
NYISO Zone F Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
Symbol |
Contract Name |
Exchange |
MCL |
Micro Crude Oil Futures |
NYMEX |
CFD |
Weekly - Brent CFD vs Second Month Swap Future |
ICE Futures U.S. |
CFN |
Daily - Dated Brent Swap Future |
ICE Futures U.S. |
CFO |
Weekly - Brent CFD vs First Month Swap Future |
ICE Futures U.S. |
CFT |
Weekly - Brent CFD vs Third Month Swap Future |
ICE Futures U.S. |
HEC |
ERCOT Houston 345KV Hub Day-Ahead Off-Peak Daily Fixed Price Future |
ICE Futures U.S. |
HZC |
ERCOT Houston Load Zone Day-Ahead Off-Peak Daily Fixed Price Future |
ICE Futures U.S. |
IWD |
ISO New England West Central Massachusetts Day-Ahead Off-Peak Fixed Price |
ICE Futures U.S. |
JCC |
PJM JCPL Zone Day-Ahead Off-Peak Daily Fixed Price Future |
ICE Futures U.S. |
NDC |
ERCOT North 345KV Hub Day-Ahead Off-Peak Daily Fixed Price Future |
ICE Futures U.S. |
NIC |
PJM NI Hub Day-Ahead Off-Peak Daily Fixed Price Future |
ICE Futures U.S. |
NZC |
ERCOT North Load Zone Day-Ahead Off-Peak Daily Fixed Price Future |
ICE Futures U.S. |
PEC |
PJM Eastern Hub Day-Ahead Off-Peak Daily Fixed Price Future |
ICE Futures U.S. |
PPG |
PJM PEPCO Zone Day-Ahead Off-Peak Daily Fixed Price Future |
ICE Futures U.S. |
PQD |
PJM Duquesne Zone Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |
PSD |
PJM PSEG Day-Ahead Off-Peak Daily Fixed Price Future |
ICE Futures U.S. |
SEC |
ERCOT South 345KV Hub Day-Ahead Off-Peak Daily Fixed Price Future |
ICE Futures U.S. |
SZC |
ERCOT South Load Zone Day-Ahead Off-Peak Daily Fixed Price Future |
ICE Futures U.S. |
WEC |
ERCOT West 345KV Hub Day-Ahead Off-Peak Daily Fixed Price Future |
ICE Futures U.S. |
WZC |
ERCOT West Load Zone Day-Ahead Off-Peak Daily Fixed Price Future |
ICE Futures U.S. |
WZD |
ERCOT West Load Zone Day-Ahead Off-Peak Fixed Price Future |
ICE Futures U.S. |