Notices to Members

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Notice I-21-16

May 24, 2021

Effective date for NFA Member swap dealer and major swap participant dues increases

NFA Bylaw 1301 imposes annual dues on NFA Member swap dealers (SD) and major swap participants (MSP). The current annual dues amounts have remained unchanged, except for a reduction in MSP annual dues, since NFA established its swap regulatory program in 2013. Given the expansion of NFA's swaps regulatory program over the past eight years, NFA's Board of Directors, on May 20, 2021, unanimously approved the following increases to these annual dues amounts:

  • Annual dues for large financial institution (LFI) SD Members will increase from $1,000,000 to $1,300,000;
  • Annual dues for non-LFI SD Members will increase from $250,000 to $325,000;
  • Annual dues for SD Members that are affiliates of SD Members paying dues in one of the above categories will increase from $150,000 to $200,000; and
  • Annual dues for MSP Members will increase from $150,000 to $200,000.

In order for NFA to continue to fund its operations without compromising the quality of its swaps regulatory oversight program, and maintain adequate reserves, an increase in SD and MSP membership dues is necessary. NFA's Board, Executive Committee and Finance Committee approved the increases detailed above after a thorough review of all relevant issues.

More information on the annual dues increases is available in the May 24, 2021 submission letter to the CFTC. Pending CFTC review, the increases will become effective on January 1, 2022 for dues payable after that date. If you have any questions regarding the dues increase, please contact NFA's Information Center (800-621-3570 or

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