Membership Dues and Fees
NFA is completely self-financed with funds from membership dues and fees, and from assessments paid by Members and users of the derivatives market. The underlying philosophy for NFA's funding is that each of NFA's regulatory programs must pay its direct costs of regulation, a pro rata share of NFA's overhead expenses and pro rata contributions to NFA's reserves. NFA's Board of Directors reviews and approves its budget annually.
NFA Members are required to pay dues as outlined below.
Initial NFA Membership Dues
|
Swap Dealer - Tier 1 (Dues invoiced and payable quarterly) |
$1,300,000 |
|
Swap Dealer - Tier 2 (Dues invoiced and payable quarterly) |
$325,000 |
|
Swap Dealer - Affiliate of Tier 1 or Tier 2 Swap Dealer (Dues invoiced and payable quarterly) |
$200,000 |
|
Major Swap Participant (Dues invoiced and payable quarterly) |
$200,000 |
|
Major Swap Participant - Affiliate of a Major Swap Participant (Dues invoiced and payable quarterly) |
$200,000 |
|
Futures Commission Merchant - Exchange is Designated Self-Regulatory Organization |
$1,500 |
|
Futures Commission Merchant - NFA is Designated Self-Regulatory Organization |
$5,625 |
|
Swaps Futures Commission Merchant - NFA is Designated Self-Regulatory Organization |
$7,375 |
|
FCM Forex Dealer Member - Exchange is Designated Self-Regulatory Organization that has agreed to examine the Forex Dealer Member's forex activities |
$25,000 |
| FCM Forex Dealer Member - NFA is Designated Self-Regulatory Organization |
$125,000 |
| Retail Foreign Exchange Dealer | $125,000 |
|
Introducing Broker |
$750 |
|
Introducing Broker Forex Firm |
$2,500 |
|
Introducing Broker Swaps Firm |
$2,500 |
|
Commodity Pool Operator |
$750 |
|
Commodity Pool Operator Forex Firm |
$2,500 |
|
Commodity Pool Operator Swaps Firm |
$2,500 |
|
Commodity Trading Advisor |
$750 |
|
Commodity Trading Advisor Forex Firm |
$2,500 |
|
Commodity Trading Advisor Swaps Firm |
$2,500 |
Annual NFA Membership Dues
|
Swap Dealer - Tier 1 (Dues invoiced and payable quarterly) |
$1,300,000 |
|
Swap Dealer - Tier 2 (Dues invoiced and payable quarterly) |
$325,000 |
|
Swap Dealer - Affiliate of Tier 1 or Tier 2 Swap Dealer (Dues invoiced and payable quarterly) |
$200,000 |
|
Major Swap Participant (Dues invoiced and payable quarterly) |
$200,000 |
|
Major Swap Participant - Affiliate of a Major Swap Participant (Dues invoiced and payable quarterly) |
$200,000 |
|
Futures Commission Merchant - Exchange is Designated Self-Regulatory Organization |
$1,500 |
|
Futures Commission Merchant - NFA is Designated Self-Regulatory Organization |
$5,625 |
|
Swaps Futures Commission Merchant - NFA is Designated Self-Regulatory Organization |
$7,375 |
|
FCM Forex Dealer Member - Exchange is Designated Self-Regulatory Organization that has agreed to examine the Forex Dealer Member's forex activities |
$25,000 |
|
FCM Forex Dealer Member - NFA is Designated Self-Regulatory Organization with gross annual revenue of: |
|
(Dues invoiced and payable quarterly) |
$125,000 $250,000 $500,000 $750,000 $1,000,000 |
|
Retail Foreign Exchange Dealer with gross annual revenue of: |
|
(Dues invoiced and payable quarterly) |
$125,000 |
|
Introducing Broker |
$750 |
|
Introducing Broker Forex Firm |
$2,500 |
|
Introducing Broker Swaps Firm |
$2,500 |
|
Commodity Pool Operator |
$750 |
|
Commodity Pool Operator Forex Firm |
$2,500 |
|
Commodity Pool Operator Swaps Firm |
$2,500 |
|
Commodity Trading Advisor |
$750 |
|
Commodity Trading Advisor Forex Firm |
$2,500 |
|
Commodity Trading Advisor Swaps Firm |
$2,500 |
Members may access their daily invoices via the Online Registration System (ORS) Dashboard. NFA encourages Members to check the ORS Dashboard regularly.
Late Payment Fees
Members paying dues after the date they are payable shall be subject to a late payment fee of $25 per month.
Failure to Pay Annual Dues
Under Bylaw 1303, failure to pay annual dues within 30 days of the due date will be deemed by NFA as a request by the Member to withdraw from NFA membership.
Available Payment Options
To assist Members and registrants with paying invoices (CFTC registration fees, NFA dues and assessments, etc.) and depositing funds into the firm's prepaid account, NFA has three different payment options:
- Online Payment: This option is currently only available to U.S. firms and foreign firms using banks in the U.S. To remit funds electronically, security managers should Login to ORS and click "Make a Payment" under the Accounting section of the NFA Dashboard.
- Wire Transfer: To direct your bank to wire funds to NFA, please call Lizette Rivera at 312-781-7832.
- Instruct your bank to include the firm's name and NFA ID number as part of the wire transfer detail.
- If payment is for NFA assessment fees, please email a copy of the monthly Assessment Fee Summary Report to lrivera2@nfa.futures.org. NFA cannot apply payment until this report is received.
- If payment is not assessment related, please provide the NFA invoice number as part of the wire detail.
- Please be aware that banks may charge service fees in addition to the wire amount.
- The cut-off times for processing received funds are:
| Wires Received (U.S. Bank Business Days)* | Processed |
|
By 1:30 p.m. CT |
Same Business Day |
|
After 1:30 p.m. CT |
Next Business Day |
*U.S. Bank Business Days exclude federal holidays and weekends.
- Check: Please make check payable to National Futures Association and send to:
National Futures Association
Box 98383 Chicago, IL
60693-0001
Note: Only checks should be mailed to NFA's P.O. Box address. Mail all other documents/correspondence, including fingerprint cards, to:
National Futures Association
320 South Canal, Suite 2400
Chicago, IL 60606