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April 20, 1998

Ms. Jean A. Webb
Secretary of the Commission
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, N.W.
Washington, D.C. 20581

RE: National Futures Association: Proposed Amendments to Articles V, VII, VIII and XVIII of NFA's Articles of Incorporation*

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") proposed amendments to Articles V, VII, VIII and XVIII of NFA's Articles of Incorporation ("Articles"). The Articles amendments were ratified by NFA's Board of Directors ("Board") on February 19, 1998, and have since been adopted by a two-thirds vote of those Members actually voting in the Contract Market category and a majority of those Members actually voting in the FCM, LTM and IB category and the Industry Participant (CPO and CTA) category.

NFA intends to make the amendments to Articles V, VII, VIII and XVIII effective 10 days after receipt of this submission by the Commission unless NFA receives notification that the Commission has determined to review the amendments for approval.

Proposed Amendments to Articles V, VII, VIII and XVIII of NFA's Articles of Incorporation

Explanation of Proposed Amendments

Sincerely,

Daniel J. Roth
General Counsel

cc: Chairperson Brooksley Born
Commissioner Barbara Pedersen Holum
Commissioner John E. Tull, Jr.
Commissioner David D. Spears
Geoffrey Aronow, Esq.
I. Michael Greenberger, Esq.
Alan L. Seifert, Esq.
Lawrence B. Patent, Esq.
David Van Wagner, Esq.


*By letter dated May 4, 1998, the Commission notified NFA that is has decided not to review the proposed amendments. Therefore, the amendments to NFA's Articles of Incorporation will become effective on May 1, 1998.

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