2025-22807: Fees for Reviews of the Rule Enforcement Programs of Designated Contract Markets and Registered Futures Associations
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The Commodity Futures Trading Commission ("CFTC" or "Commission") charges fees to designated contract markets and registered futures associations to recover the costs incurred by the Commission in the operation of its program of oversight of self- regulatory organization rule enforcement programs, specifically the National Futures Association ("NFA"), a registered futures association, and the designated contract markets. Fees collected from each self-regulatory organization are deposited in the Treasury of the United States as miscellaneous receipts. The calculation of the fee amounts charged for 2023 by this notice is based upon an average of actual program costs incurred during fiscal years ("FY") 2020, FY 2021, and FY 2022.
The agency’s own summary, as published.
The rule, in full
1,584 words as published, December 15, 2025. View the original →
Federal Register, Volume 90 Issue 238 (Monday, December 15, 2025) [Federal Register Volume 90, Number 238 (Monday, December 15, 2025)] [Rules and Regulations] [Pages 57899-57901] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 2025-22807] ======================================================================= ----------------------------------------------------------------------- COMMODITY FUTURES TRADING COMMISSION 17 CFR Part 1 Fees for Reviews of the Rule Enforcement Programs of Designated Contract Markets and Registered Futures Associations
Agency
Commodity Futures Trading Commission.
Action
Notice of 2023 schedule of fees. -----------------------------------------------------------------------
Summary
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') charges fees to designated contract markets and registered futures associations to recover the costs incurred by the Commission in the operation of its program of oversight of self- regulatory organization rule enforcement programs, specifically the National Futures Association (``NFA''), a registered futures association, and the designated contract markets. Fees collected from each self-regulatory organization are deposited in the Treasury of the United States as miscellaneous receipts. The calculation of the fee amounts charged for 2023 by this notice is based upon an average of actual program costs incurred during fiscal years (``FY'') 2020, FY 2021, and FY 2022.
Dates
Each self-regulatory organization is required to electronically remit the applicable fee on or before February 13, 2026.
For Further Information Contact
David Frederickson, Acting Chief Financial Officer, Commodity Futures Trading Commission; (202) 418- 5218, [email protected]. For information on electronic payments, contact [email protected].
Supplementary Information
A. General
This notice relates to fees for the Commission's review of the rule enforcement programs at the registered futures associations \1\ and designated contract markets (``DCM''), each of which is a self- regulatory organization (``SRO'') regulated by the Commission. The Commission recalculates the fees charged each year to cover the costs of operating this Commission program.\2\ The fees are set annually based on direct program costs, plus an overhead factor. The Commission calculates actual costs, then calculates an alternate fee taking volume into account, and then charges the lower of the two.\3\ --------------------------------------------------------------------------- \1\ The National Futures Association is the only registered futures association. \2\ See Section 237 of the Futures Trading Act of 1982, 7 U.S.C. 16a, and 31 U.S.C. 9701. For a broader discussion of the history of Commission fees, see 52 FR 46070, Dec. 4, 1987. Publication of this notice was delayed due to circumstances arising under prior agency leadership. \3\ 58 FR 42643, Aug. 11, 1993, and 17 CFR part 1, app. B. ---------------------------------------------------------------------------
B. Overhead Rate
The fees charged by the Commission to the SROs are designed to recover program costs, including direct labor costs and overhead. The overhead rate is calculated by dividing total Commission-wide overhead direct program labor costs into the total amount of the Commission-wide overhead pool. For this purpose, direct program labor costs are the salary costs of personnel working in all Commission programs. Overhead costs generally consist of the following Commission-wide costs: Indirect personnel costs (leave and benefits), rent, communications, contract services, utilities, equipment, and supplies. This formula has resulted in the following overhead rates for the most recent three years (rounded to the nearest whole percent): 158 percent for FY 2020, 173 percent for FY 2021, and 172 percent for FY 2022.
C. Conduct of SRO Rule Enforcement Reviews
Under the formula adopted by the Commission in 1993, the Commission calculates the fee to recover the costs of its rule 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 three-year averaging computation method is intended to smooth out year- to-year variations in cost. Timing of the Commission's reviews and examinations may affect costs--a review or examination may span two fiscal years and reviews and examinations are not conducted at each SRO each year. As noted above, adjustments to actual costs may be made to relieve the burden on an SRO with a disproportionately large share of program costs. The Commission's formula provides for a reduction in the assessed fee if an SRO has a smaller percentage of United States industry contract volume than its percentage of overall Commission oversight program costs. This adjustment reduces the costs so that, as a percentage of total Commission SRO oversight program costs, they are in line with the pro rata percentage for that SRO of United States industry-wide contract volume. The calculation is made as follows: The fee required to be paid to the Commission by each DCM is equal to the lesser of actual costs based on the three-year historical average of costs for that DCM or one-half of average costs incurred by the Commission for each DCM for the most recent three years, plus a pro rata share (based on average trading volume for the most recent three years) of the aggregate of average annual [[Page 57900]] costs of all DCMs for the most recent three years. The formula for calculating the second factor is: 0.5a + 0.5 vt = current fee. In this formula, ``a'' equals the average annual costs, ``v'' equals the percentage of total volume across DCMs over the last three years, and ``t'' equals the average annual costs for all DCMs. Since NFA has no contracts traded, its fee is based simply on costs for the most recent three fiscal years. This table summarizes the data used in the calculations of the resulting fee for each entity: ---------------------------------------------------------------------------------------------------------------- Actual total costs 3-Year ------------------------------------ average 3-Year Adjusted 2023 actual total volume Assessed FY 2020 FY 2021 FY 2022 costs volume % costs fee ---------------------------------------------------------------------------------------------------------------- CBOE Futures Exchange, LLC.. $23,325 $13,418 $37,267 $24,670 0.992 $16,346 $16,346 Chicago Board of Trade...... 56,041 47,253 62,427 55,240 32.126 157,468 55,240 Chicago Mercantile Exchange, 260,723 433,468 362,188 352,126 46.604 364,425 352,126 Inc........................ Coinbase.................... 0 0 0 0 0.050 201 0 FMX Futures Exchange, L.P... 22,702 0 0 7,567 0.019 3,859 3,859 ICE Futures U.S., Inc....... 193,300 166,180 70,380 143,287 6.497 97,902 97,902 Kalshi...................... 0 0 0 0 0.394 1,592 0 LedgerX \1\................. 0 130,428 0 43,476 0.066 22,006 22,006 Minneapolis Grain Exchange, 0 28,780 91,721 40,167 0.059 20,323 20,323 Inc........................ Nasdaq OMX Futures Exchange, 0 0 0 0 0.025 100 0 Inc........................ New York Mercantile Exchange/ 99,311 88,701 114,235 100,749 12.838 102,261 100,749 Commodity Exchange, Inc.... Nodal Exchange, LLC......... 0 0 0 0 0.110 445 0 North American Derivatives 2,598 15,849 104,783 41,077 0.184 21,284 21,284 Exchange, Inc.............. OneChicago, LLC Futures 0 0 0 0 0.034 137 0 Exchange................... Small Exchange, Inc......... 0 0 0 0 0.003 11 0 ----------------------------------------------------------------------------------- Subtotal................ 658,001 924,078 843,000 808,359 100 808,359 689,835 National Futures Association 567,719 723,031 527,428 606,059 .......... .......... 606,059 ----------------------------------------------------------------------------------- Total................... 1,225,720 1,647,109 1,370,428 1,414,418 100 808,359 1,295,894 ---------------------------------------------------------------------------------------------------------------- Columns may not add due to rounding. \1\ LedgerX formerly known as FTX US Derivatives, d/b/a MIAX Derivatives Exchange. An example of how the fee is calculated for one exchange, the Chicago Board of Trade, is set forth here: a. Actual three-year average costs = $55,240 b. The alternative computation is: [(.5) ($55,240)] + (.5) [(.32126141) ($808,359)] = $157,468 c. The fee is the lesser of a or b; in this case $55,240 As noted above, the alternative calculation based on contracts traded is not applicable to NFA because it is not a DCM and has no contracts traded. The Commission's average annual cost for conducting oversight reviews of the NFA rule enforcement program during fiscal years 2020 through 2022 was $606,059. The fee to be paid by the NFA for the current fiscal year is $606,059.
II. Schedule of Fees
Fees for the Commission's review of the rule enforcement programs at the registered futures associations and DCMs regulated by the Commission are as follows: ---------------------------------------------------------------------------------------------------------------- 3-Year average 3-Year Adjusted 2023 actual total volume Assessed costs volume % costs fee ---------------------------------------------------------------------------------------------------------------- CBOE Futures Exchange, LLC.................................. $24,670 0.992 $16,346 $16,346 Chicago Board of Trade...................................... 55,240 32.126 157,468 55,240 Chicago Mercantile Exchange, Inc............................ 352,126 46.604 364,425 352,126 Coinbase.................................................... 0 0.050 201 0 FMX Futures Exchange, L.P................................... 7,567 0.019 3,859 3,859 ICE Futures U.S., Inc....................................... 143,287 6.497 97,902 97,902 Kalshi...................................................... 0 0.394 1,592 0 LedgerX \1\................................................. 43,476 0.066 22,006 22,006 Minneapolis Grain Exchange, Inc............................. 40,167 0.059 20,323 20,323 Nasdaq OMX Futures Exchange, Inc............................ 0 0.025 100 0 New York Mercantile Exchange/Commodity Exchange, Inc........ 100,749 12.838 102,261 100,749 Nodal Exchange, LLC......................................... 0 0.110 445 0 North American Derivatives Exchange, Inc.................... 41,077 0.184 21,284 21,284 OneChicago, LLC Futures Exchange............................ 0 0.034 137 0 Small Exchange, Inc......................................... 0 0.003 11 0 --------------------------------------------------- Subtotal................................................ 808,359 100 808,359 689,853 National Futures Association................................ 606,059 ........... ........... 606,059 --------------------------------------------------- Total................................................... 1,414,419 100 808,359 1,295,894 ---------------------------------------------------------------------------------------------------------------- Columns may not add due to rounding. \1\ Ledger X formerly known as FTX US Derivatives, d/b/a MIAX Derivatives Exchange. [[Page 57901]]
III. Payment Method
The Debt Collection Improvement Act (DCIA) requires deposits of fees owed to the government by electronic transfer of funds. See 31 U.S.C. 3720. All payments should be made via the government payment website https://www.pay.gov/public/form/start/105542374/. Credit card payments are only acceptable for amounts less than or equal to $24,999. All payments equal to or above $25,000 must be made by electronic funds transfer. Fees collected from each SRO shall be deposited in the Treasury of the United States as miscellaneous receipts. See 7 U.S.C 16a. Issued in Washington, DC, on this 11 day of December, 2025, by the Commission. Robert Sidman, Deputy Secretary of the Commission. [FR Doc. 2025-22807 Filed 12-12-25; 8:45 am] BILLING CODE 6351-01-P
What this changes
Amends 1 part of the Code of Federal Regulations — the standing rules this notice rewrites.
Documents
- Full text (Federal Register) · December 15, 2025
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