Member Newsletter

The following actions were taken by NFA's Board of Directors at their meeting on February 19, 2004, in Chicago.

The Board elected W. Robert Felker to serve Charles Nastro's unexpired term as an FCM representative. Mr. Felker is president of Bank One Capital Markets, Inc.

The Board re-elected Alan J. Dixon, Todd E. Petzel and Susan M. Phillips to serve two-year terms as Public Directors.

The Board re-elected Michael R. Schaefer to serve another one-year term as chairman and Douglas O. Kitchen to serve as vice-chairman.

The Board elected the following individuals to serve one-year terms on NFA's Executive Committee: Bonnie Litt, managing director and associate general counsel, Goldman Sachs & Co.; W. Robert Felker; president, Bank One Capital Markets, Inc.; Douglas O. Kitchen, managing director, Rosenthal Collins Group LLC; James R. Klingler, senior vice president, Eclipse Capital Management, Inc.; George E. Crapple, co-chairman and co-chief executive officer, The Millburn Corporation; Todd E. Petzel, managing director, Azimuth Trust; Jack Sandner, special policy advisor, Chicago Mercantile Exchange; and Kent R. Horsager, president and chief executive officer, Minneapolis Grain Exchange. Mr. Schaefer and NFA President Dan Roth also serve on the Executive Committee.

The Board approved the following NFA committee appointments:

Appeals Committee: Paul J. Georgy

Membership Committee: Scott A. Cordes, W. Robert Felker, James A. Gary, James R. Klingler and Frederick G. Uhlmann

Business Conduct Committee: Clarence Delbridge III and Franklin A. Gelber

Hearing Committee: L. Carlton Anderson, Robert L. Isaacson, Charles LeBeau, Mark J. Powers and John D. Streich

Advisory Committee: Maureen C. Downs, Dennis A. Klejna and Russell R. Wasendorf

CPO/CTA Advisory Committee: Robert J. Amedeo, Douglas L. Bry, Anthony V. Czapla and Barbara A. Pfendler

IB Advisory Committee: Scott W. Stewart

Educational/Testing Advisory Committee: Dr. Lloyd A. Besant, Michel H. Rittenberg and Lawrence J. Schneider

The Board affirmed the Executive Committee's decision to authorize NFA to execute a Regulatory Services Agreement between NFA and HedgeStreet, Inc., a new electronic market. The CFTC approved HedgeStreet's application for designation as a contract market and registration as a derivatives clearing organization in February 2004.

The Board approved amendments to the NFA Interpretive Notice titled "Compliance Rule 2-34: Performance Reporting and Disclosures" that will allow CTAs to use the "only accounts traded" (OAT) method to account for additions and withdrawals.