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May 22, 2006

Via Federal Express

Ms. Jean A. Webb
Secretariat
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, N.W.
Washington, DC 20581

Re: National Futures Association: Proposed Amendments to Section 1(m) of NFA's Code of Arbitration*

Dear Ms. Webb:

Pursuant to Section 17(j) of the Commodity Exchange Act, as amended, National Futures Association ("NFA") hereby submits to the Commodity Futures Trading Commission ("CFTC" or "Commission") the proposed amendments to Section 1(m) of NFA's Code of Arbitration. This proposal was approved by NFA's Board of Directors ("Board") on May 18, 2006. NFA respectfully requests Commission review and approval of the proposed amendments.

PROPOSED RULE AMENDMENTS

EXPLANATION OF PROPOSALS

NFA respectfully requests that the Commission review and approve the proposed amendments to Section 1(m) of NFA's Code of Arbitration.

Respectfully submitted,

Thomas W. Sexton
Vice President and General Counsel


* The proposed amendments to Section 1(m) of NFA's Code of Arbitration become effective on August 30, 2006.

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