CFTC Rule Submissions

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

Re: National Futures Association: Proposed Amendments to Sections 4, 5, 6, 7, 8, 9, 10, 11 and 16 of NFA's Code of Arbitration and Sections 3, 4, 5, 6, 7, 9, 10, 11 and 15 of NFA's Member Arbitration Rules

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 ("Commission" or "CFTC") proposed amendments to Sections 4, 5, 6, 7, 8, 9, 10, 11 and 16 of NFA's Code of Arbitration and Sections 3, 4, 5, 6, 7, 9, 10, 11 and 15 of NFA's Member Arbitration Rules ("Arbitration Rules"). The proposals contained herein were approved by NFA's Board of Directors ("Board") on February 20, 1997. NFA respectfully requests Commission review and approval of the proposals.

Proposed amendments to Sections 4, 5, 6, 7, 8, 9, 10, 11 and 16 of NFA's Code of Arbitration

Proposed amendments to Sections 3, 4, 5, 6, 7, 9, 10, 11 and 15 of NFA's Member Arbitration Rules

EXPLANATION OF PROPOSED AMENDMENTS

Sincerely,

Daniel J. Roth
General Counsel

cc: Chairman Brooksley Born
Commissioner Barbara Pedersen Holum
Commissioner Joseph P. Dial
Commissioner John E. Tull, Jr.
Andrea M. Corcoran, Esq.
Geoffrey Aronow, Esq.
Alan L. Seifert, Esq.
Susan E. Ervin, Esq.
Lawrence B. Patent, Esq.
David Van Wagner, Esq.