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May 4, 2001
Notice to FCM Members
Reduction of Assessment Fees
On April 26, 2001, NFA's Executive Committee, upon the recommendation of NFA's Finance Committee, agreed to recommend that the Board of Directors approve a reduction in NFA's assessment fees. It is anticipated that the Board of Directors at its meeting on May 17, 2001, will approve the reduction. The assessment fee will be reduced from $.18 to $.14 per round-turn futures contract and from $.09 to $.07 per options transaction. The new fees will become effective on July 1, 2001, unless the CFTC notifies NFA that it intends to review the changes to the assessment fees. Members will receive further notification only if the changes do not become effective on July 1, 2001. Assessment fee levels for mini-contracts will remain at $.04 per round-turn futures contract and $.02 per option transaction.
This reduction in assessment fees was recommended to the Executive Committee by the Finance Committee because over the last several years NFA's revenue has been running above budget due to unanticipated increases in the volume of public contracts, and the Finance Committee wanted to reduce the level of NFA's reserves. Furthermore, both the Finance and Executive Committees feel that NFA needs to reduce its reliance on the assessment fee as its primary source of revenue. Therefore, in conjunction with the reduction of assessment fees, the Committees are considering changes to NFA's registration fees and membership dues. An announcement of those changes will be made in the near future.
If you have any questions, you may wish to refer to the Interpretive Notice on Page 9029 in your NFA Manual which answers frequently asked questions about the assessment fees. Or you may visit NFA's web site at www.nfa.futures.org or contact NFA's Information Center at (312) 781-1410.