According to the Association's by-laws, every investment, merchant or commercial bank or other corporation, partnership or other business organization that, directly or through an affiliate, as part of its business (whether for its own account or as agent), deals in derivatives shall be eligible for election to membership in the Association as a Primary Member, provided that no person or entity participates in derivatives transactions solely for the purpose of risk hedging or asset or liability management.
For the purpose of assessing dues, Primary Members fall into three sub-categories. Please note that the distinction is made solely for dues assessment and does not affect a Primary member’s privileges.
The first sub-category is Primary Global. This sub-category is for institutions with substantial swaps and derivatives businesses conducted across most or all financial centers around the world.
The second is Primary International. This sub-category is for institutions whose swaps and derivatives business is conducted across at least two regions.
The third is Primary Regional. This sub-category is for institutions that conduct business primarily within their own country and/or region.
First-year dues for Primary Members are prorated to reflect the timing of their entry into the Association. The membership runs on the calendar year.