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February 29, 2008

Via Federal Express

Mr. David A. Stawick
Office of the Secretariat
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, N.W.
Washington, DC 20581

Re: National Futures Association: Acceptable Collateral for Forex Security Deposits - Proposed Amendments to NFA Financial Requirements Section 12*

Dear Mr. Stawick:
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 NFA Financial Requirements Section 12. This proposal was approved by NFA's Board of Directors ("Board") on February 21, 2008. NFA respectfully requests Commission review and approval of the proposed amendments.

PROPOSED RULE AMENDMENTS

EXPLANATION OF PROPOSALS

NFA respectfully requests that the Commission review and approve the proposed amendments to NFA Financial Requirements Section 12.

Respectfully submitted,

Thomas W. Sexton
Vice President and General Counsel


* The proposed amendments to Financial Requirements Section 12 Security Deposits for Forex Transactions with Forex Dealer Members became effective May 14, 2008.

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