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Board Report

NFA's Directors took the following actions at their quarterly Board meeting in New York on May 20, 2004.

The Board appointed Paul Georgy and Joseph O'Neill to serve on NFA's Finance Committee. The Board also appointed Joseph W. Ott to serve on the Hearing Committee and Jeffrey Borchardt to serve on the Appeals Committee.

The Board approved the Association's proposed budget for Fiscal Year 2005.

The Board approved a 25 percent decrease in membership dues effective July 1, 2004 and a 33 percent reduction in the assessment fee rate effective January 1, 2005.

The Board approved amendments to the Financial Requirements Section of NFA's Forex rules and the Interpretive Notice titled "Forex Transactions with Forex Dealer Members." The amendments lower the security deposit for major currencies from 2% to 1% and allow Forex Dealer Members that consistently maintain adjusted net capital of at least twice the amount required by Section 11(i) or (ii) of the Financial Requirements to be exempt from collecting a security deposit from customers. The minimum financial requirements for a Forex Dealer Member are either $250,000 or 1% of the total net aggregate notional value of all open foreign currency futures and options transactions in customer and non-customer accounts, whichever is greater.

The Board approved an amendment to NFA Bylaw 1402 to allow NFA to recover reasonable defense costs from current or former Members or Associates who do not prevail in lawsuits that they institute against NFA.

The Board approved amendments to NFA's Financial Requirements Section 5 to implement the filing of IB unaudited financial statements through Easy File, an online system developed by NFA as an alternative to the current WinJammer system.

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