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Board Report

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 approved amendments to NFA Registration Rule 504(d) governing the procedures used in registration cases. One of the amendments gives additional procedural options to panels hearing cases against registrants based on a statutory disqualification found in Section 8A(2) of the Commodity Exchange Act. Another amendment will preclude firms whose principals are subject to a pending adjudicatory proceeding brought by or before NFA alleging fraud or failure to supervise from sponsoring a conditional registrant.

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.

NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the derivatives markets.
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