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CFTC Assesses $1.78M in Fees to Oversee SRO Program

The Commodity Futures Trading Commission (CFTC) published a schedule of annual fees that it will charge designated contract markets (DCM) and registered futures associations for the operation of its self-regulatory organization (SRO) program.

The rule, which was published in the Federal Register, calls on DCMs, or trading exchanges, and registered futures associations, such as the National Futures Association (NFA), to pay a total of $1.78 million in assessed fees for fiscal year (FY) 2011 based on a three-year average of $2.05 million in actual costs for FY 2008, 2009 and 2010.

"The Commission calculates the fee to recover the costs of its...enforcement reviews and examinations, based on the three-year average of the actual cost of performing such reviews and examinations at each SRO. The cost of operation of the Commission's SRO oversight program varies from SRO to SRO, according to the size and complexity of each SRO's program," the rule noted.

For FY 2011, DCMs will be assessed a total of $991,247 in user fees, with the Chicago Mercantile Exchange to pay nearly half ($412,413) of that. The New York Mercantile Exchange will follow at $274,838.

The NFA, which does not engage in the trading of futures, will be assessed a fee of $790,141, according to the CFTC.

The rule requires every SRO to forward its fee to the CFTC on or before July 6.

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