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May 24, 2004

Via Federal Express

Ms. Jean A. Webb
Secretariat
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, N.W.
Washington, DC 20581

Re: National Futures Association: Proposed Amendments of NFA Financial Requirements Sections 11 and 12 and the Interpretive Notice Concerning Forex Transactions With Forex Dealer Members*

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") the proposed amendments of NFA Financial Requirements Sections 11 and 12 and the Interpretive Notice Concerning Forex Transactions With Forex Dealer Members. These proposals were approved by NFA's Board of Directors ("Board") on May 20, 2004.

PROPOSED RULE AMENDMENTS

EXPLANATION OF PROPOSALS

NFA is invoking the "ten-day" provision of Section 17(j) of the Commodity Exchange Act ("CEA") and will make these proposals effective ten days after receipt of this submission by the Commission unless the Commission notifies NFA that the Commission has determined to review the proposals for approval.

Respectfully submitted,

Thomas W. Sexton
Vice President and General Counsel


* The proposed amendments to NFA Financial Requirements Sections 11 and 12 and the Interpretive Notice Concerning Forex Transactions With Forex Dealer Members became effective on June 6, 2004. The section regarding calculating dues in the above referenced Interpretive Notice will become effective on July 1, 2004.

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