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Notice I-04-20

November 11, 2004

NFA Announces 2004 Nominating Committee Recommendations

In accordance with NFA Bylaw 406, the Office of the Secretary has received from the 2004 Nominating Committee a list of its nominees for positions on NFA's Board of Directors and 2005 Nominating Committee. The list of nominees included with this notice shall serve as notification to NFA Members of the candidates proposed by the 2004 Nominating Committee.

Other nominations may be made by petition. Article VII, Section 3(b) of NFA's Articles of Incorporation provides that:

    "Nominations may be made for elected FCM and LTM, IB, and CPO and CTA Director positions by:

      (i) Petition signed by 50 or more NFA Members* in the category for which the nomination is made (i.e., FCM and LTM, IB, and CPO and CTA); or

      (ii) Petition submitted by any organization or association recognized by NFA as fairly representing the category ... for which the nomination is made.

    Petitions shall be submitted in the manner specified by the Bylaws. No petition may nominate more than one candidate for the same position."

Article X, Section 3 of NFA's Articles of Incorporation similarly permits nominations for the Nominating Committee by petition.

NFA Bylaw 406 requires that each petition identify the position to which the nomination pertains, and that all petitions must be received by the Secretary within 21 days of the date of this Notice. If you wish to submit additional nominations by petition, please make sure that petition candidates meet the category requirements of Articles VI, VII and X, and that such petitions are received by the Secretary of NFA on or before December 3, 2004. Petitions received after that date will not be considered.

Petitions should be forwarded to:
National Futures Association
Attn: Thomas W. Sexton
200 West Madison Street, Suite 1600
Chicago, Illinois 60606-3447

If you have any questions, please contact Thomas Sexton at (312) 781-1413.

2004 NOMINEES FOR
NFA BOARD OF DIRECTORS

FCM
This year there are four open positions in the FCM category on the Board. Two of the positions must be filled by FCMs that rank in the top ten FCMs based on the total amount of segregated funds and secured amounts as of June 30th preceding the election, and the other two must be filled by FCMs that do not rank in the top ten. The nominees are:

Nominees - Top Ten FCM Category:
W. Robert Felker
President
Banc One Capital Markets, Inc.

Bonnie Litt
Managing Director and
Associate General Counsel
Goldman Sachs & Co.

Nominees - Other FCM Category:
Christopher K. Hehmeyer
Co-Chairman
Goldenberg Hehmeyer & Co.

Douglas O. Kitchen
Managing Director
Rosenthal Collins Group LLC

IB
This year there is one open position in the IB category on the Board which must be filled by an Independent IB. The nominee is:

Nominee - Independent IB:
John A. Vassallo
President
Coquest Incorporated

CPO/CTA
This year there are two open positions in the CPO/CTA category on the Board. As the two CPO/CTA Board members whose terms do not expire next year rank in the top 20% of CPOs or CTAs with funds under management allocated to futures, it is not mandatory that the two open positions be filled by CPO/CTAs that rank in the top 20%. The nominees are:

Nominees - CPO and CTAs
Bruce L. Cleland
President and CEO
Campbell & Company, Inc.

George E. Crapple
Co-Chairman and Co-CEO
The Millburn Corporation

NOMINEES FOR
2005 NOMINATING COMMITTEE

FCM
There is one open position on the 2005 FCM Nominating Subcommittee. The position must be filled by a representative of a top ten FCM based on the total amount of segregated funds and secured amounts as of June 30, 2004. The nominee is:

Thomas A. Kloet
Senior Executive Vice President
and Chief Operating Officer
Fimat USA Inc.

IB
There is one open position on the 2005 IB Nominating Subcommittee. The position must be filled by a representative of an Independent IB. The nominee is:

Chris L. Haverkamp
President
Paragon Investments Inc.

CPO/CTA
There is one open position on the 2005 CPO/CTA Nominating Subcommittee. The position must be filled by a representative that primarily acts as a CTA. The nominee is:

Bruce N. Terry
Managing Director
Marathon Capital Growth Partners LLC


* Section 2 of Article VI of the Articles of Incorporation provides that for purposes of signing nomination petitions, a Member will be deemed to be a Member "only in that single category to which its business activities primarily relate."

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