Rule Submissions to the CFTC

August 26, 2004

Via Federal Express

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

Re: National Futures Association: Proposed Amendments to Sections 1, 2 and 5 of NFA Financial Requirements*

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 Sections 1, 2 and 5 of NFA Financial Requirements. These proposals were approved by NFA's Board of Directors ("Board") on August 19, 2004.

PROPOSED RULE AMENDMENTS

EXPLANATION OF PROPOSALS

NFA is invoking the "ten-day" provision of Section 17(j) of the Commodity Exchange Act ("CEA"). NFA intends to make the amendments to NFA Financial Requirements effective on September 30, 2004, unless the Commission notifies NFA within the ten-day period that the Commission has determined to review the proposals for approval.

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