The National Futures Association (NFA) has announced that recent amendments to NFA Bylaw 1301(b), which sets forth the schedule of dues and assessments for futures commission merchants (FCMs), will take effect on November 1. The amendments, which were submitted to the Commodity Futures Trading Commission on August 30, create an exemption from the NFA assessments charged to FCMs with respect to trades entered on or subject to the rules of a foreign board of trade by their customers. Specifically, the new exemption exempts from the NFA assessment fee the proprietary trading activity of any person who has membership privileges on an NFA member contract market which had an annual transaction volume during the prior calendar year of more than 1 million. The parents, affiliates and subsidiaries of a such a person are counted separately for this purpose.
The NFA Notice to Members announcing the effective date of the amendments, which includes a link to the amendments, is available here.