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February 27, 2006

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 to the Interpretive Notice Regarding 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") proposed amendments to the Interpretive Notice regarding forex transactions with Forex Dealer Members. This proposal was approved by NFA's Board of Directors ("Board") on February 16, 2006.

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.

PROPOSED RULE AMENDMENTS

EXPLANATION OF PROPOSALS

As mentioned earlier, NFA is invoking the "ten-day" provision of Section 17(j) of the Commodity Exchange Act. NFA intends to make the amendments to the Interpretive Notice regarding forex transactions with Forex Dealer Members effective ten days after receipt of this submission by the Commission, unless the Commission notifies NFA that the Commission has determined to review the proposal for approval.

Respectfully submitted,
Thomas W. Sexton
Vice President and General Counsel


* The proposed amendments to the Interpretive Notice Regarding Forex Transactions With Forex Dealer Members become effective on April 30, 2006.

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