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May 25, 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 NFA Bylaw 1402*

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 NFA Bylaw 1402. This proposal was approved by NFA's Board of Directors ("Board") on May 20, 2004. NFA respectfully requests Commission review and approval of the proposed bylaw.

PROPOSED RULE AMENDMENTS

EXPLANATION OF PROPOSALS

Adopting this type of provision to protect NFA is entirely consistent with the rationale behind the CBOT and NYMEX provisions. NFA respectfully requests that the Commission review and approve proposed NFA Bylaw 1402. If you have any questions or if we can provide any additional information, please communicate with Michael J. Crowley, Associate General Counsel. His email is mcrowley@nfa.futures.org and his telephone number is (312) 781-1388.

Respectfully submitted,

Thomas W. Sexton
Vice President and General Counsel


* The proposed NFA Bylaw 1402 became effective on November 12, 2004.

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