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All registered FCMs, IBs, CPOs and those registered CTAs who manage or exercise discretion over customer accounts must be Members of NFA in order to conduct futures business with the public.
Persons acting as APs of NFA Members must become NFA Associates.
Mandatory membership is the cornerstone of NFA's regulatory structure, and effective industrywide self-regulation is not possible without it. NFA Bylaw 1101 very clearly prohibits the conduct of customer business with non-NFA Members.
Members have to be especially diligent not to violate Bylaw 1101. They must examine the relationships they have with other registrants, with customers, with third-party account controllers, with branch offices and so on, to determine that they are in compliance.
Application forms for NFA membership and Associate membership are incorporated in Forms 7-R and 8-R. AP applicants automatically apply for Associate membership when the Form 8-R is filed if their sponsor is or becomes an NFA Member.
NFA Membership Totals
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As of July 31, 2008
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| Total Membership |
3746 |
| Futures Commission Merchants |
129 |
| Futures Commission Merchants/Commodity Pool Operators |
7 |
| Futures Commission Merchants/Commodity Trading Advisors |
7 |
| Futures Commission Merchants/Commodity Trading Advisors/Commodity Pool Operators |
10 |
| Introducing Brokers |
1,415 |
| Introducing Brokers/Commodity Pool Operators |
19 |
| Introducing Brokers/Commodity Trading Advisors |
112 |
| Introducing Brokers/Commodity Trading Advisors/Commodity Pool Operators |
28 |
| Commodity Pool Operators |
382 |
| Commodity Trading Advisors |
859 |
| Commodity Trading Advisors/Commodity Pool Operators |
768 |
| Exchanges |
10 |
| Associates |
54,600 |
To order a directory of NFA Members, click NFA Directories for an explanation of what is available and how to obtain the information.
NFA Membership Annual Dues Schedule*
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Futures Commission Merchant
(exchange member): |
$1,500 |
Futures Commission Merchant
(non-exchange member): |
$5,625 |
| FCM Forex Dealer Member - Exchange Member with annual forex revenue of $500,000 or less: ** |
$45,875 |
| FCM Forex Dealer Member - Exchange Member with annual forex revenue of more than $500,000 but not more than $2 million: ** |
$70,875 |
| FCM Forex Dealer Member - Exchange Member with annual forex revenue of more than $2 million, but not more than $5 million: ** |
$95,875 |
| FCM Forex Dealer Member - Exchange Member with annual forex revenue of more than $5 million: ** |
$120,875 |
| FCM Forex Dealer Member - Non-Exchange Member with annual forex revenue of $500,000 or less: ** |
$50,000 |
| FCM Forex Dealer Member - Non-Exchange Member with annual forex revenue of more than $500,000 but not more than $2 million: ** |
$75,000 |
| FCM Forex Dealer Member - Non-Exchange Member with annual forex revenue of more than $2 million, but not more than $5 million: ** |
$100,000 |
| FCM Forex Dealer Member - Non-Exchange Member with annual forex revenue of more than $5 million: ** |
$125,000 |
| Commodity Pool Operator: |
$750 |
| Commodity Trading Advisor: |
$750 |
| Introducing Broker: |
$750 |
*Dues should be paid in only one category-the category to which the highest dues apply. For example, an NFA Member that is an Exchange Member FCM and CTA would pay dues of $1,500 (the FCM category is the higher dues-paying category).
**FCM Forex Dealer Member dues will be assessed on membership renewal date; regular FCM dues apply to initial application.
Note: All NFA Member dues are non-refundable.
FCM Forex Dealer Member Annual Fee:
Bylaw 1301 also requires FDMs to pay an annual fee based on the highest number of unregulated solicitors and account managers that they were responsible for at any given time for the 12 month period preceding the Members' annual dues notice. The following table lists the fee levels.
| Number of Unregulated Entities |
Annual Fee |
| 0 | $ 0 |
| 1-4 | $ 5,000 |
| 5-19 | $10,000 |
| 20-99 | $25,000 |
| 100 or more | $50,000 |
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