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May 22, 2007

Via Federal Express

Ms. Eileen A. Donovan
Office of the Secretariat
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, N.W.
Washington, DC 20581

Re: National Futures Association: NFA Arbitration Proceedings -- Proposed Amendments to Section 6 of NFA's Code of Arbitration and Sections 1 and 5 of NFA's Member Arbitration Rules*

Dear Ms. Donovan:

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 Section 6 of NFA's Code of Arbitration and Sections 1 and 5 of NFA's Member Arbitration Rules. This proposal was approved by NFA's Board of Directors ("Board") on May 17, 2007.

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 proposed amendments to Section 6 of NFA's Code of Arbitration and Sections 1 and 5 of NFA's Member Arbitration Rules 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 Section 6 of NFA's Code of Arbitration and Sections 1 and 5 of NFA's Member Arbitration Rules became effective on June 5, 2007.

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