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What is meant by “per trade” for the options assessment fee?

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What is meant by “per trade” for the options assessment fee?

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The term “per trade” as used in NFA Bylaw 1301(b) means a purchase or sale of an option but does not include the exercise or expiration of an option. However, if an option is exercised, NFA’s assessment fee will be assessed on the underlying futures transaction on a round-turn basis.

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