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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|
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.