Rule2025-22807
Fees for Reviews of the Rule Enforcement Programs of Designated Contract Markets and Registered Futures Associations
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 15, 2025
Issuing agencies
Commodity Futures Trading Commission
Abstract
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.
Full Text
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<title>Federal Register, Volume 90 Issue 238 (Monday, December 15, 2025)</title>
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[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 [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-22807]
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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.
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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, <a href="/cdn-cgi/l/email-protection#781c1e0a1d1c1d0a111b130b1716381b1e0c1b561f170e"><span class="__cf_email__" data-cfemail="214547534445445348424a524e4f61424755420f464e57">[email protected]</span></a>. For information on electronic payments,
contact <a href="/cdn-cgi/l/email-protection#07666464687269736e6960476461736429606871"><span class="__cf_email__" data-cfemail="b6d7d5d5d9c3d8c2dfd8d1f6d5d0c2d598d1d9c0">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
I. Background 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\
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\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.
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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:
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Actual total costs 3-Year
------------------------------------ average 3-Year Adjusted 2023
actual total volume Assessed
FY 2020 FY 2021 FY 2022 costs volume % costs fee
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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
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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
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Total................... 1,225,720 1,647,109 1,370,428 1,414,418 100 808,359 1,295,894
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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:
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3-Year
average 3-Year Adjusted 2023
actual total volume Assessed
costs volume % costs fee
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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
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Subtotal................................................ 808,359 100 808,359 689,853
National Futures Association................................ 606,059 ........... ........... 606,059
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Total................................................... 1,414,419 100 808,359 1,295,894
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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 <a href="https://www.pay.gov/public/form/start/105542374/">https://www.pay.gov/public/form/start/105542374/</a>. 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
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