A number of factors are having a significant impact on NFA’s operating budget for Fiscal Year 2014. The substantial expansion of NFA’s regulatory duties has resulted in an 18 percent increase in NFA’s budget for Fiscal Year 2014, which begins July 1, 2013. NFA’s Board of Directors met on May 16 and approved a budget of $74 million for the coming fiscal year. One reason for the significant rise in spending is due to the registration and monitoring of new swap dealer (SD) and major swap participant (MSP) Members. NFA is currently hiring and training additional staff to manage these…