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January 26, 2006

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 Amendments to Financial Requirements Section 1 (to Impose a Capital Requirement on Forex Options Dealers)*

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") the proposed amendments to Financial Requirements Section 1 regarding capital requirements for forex options dealers. This proposal was approved by NFA's Board of Directors ("Board") on November 17, 2005. 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 the Financial Requirements Section 1 regarding capital requirements for options counterparties.

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


* The proposed amendments to Financial Requirements Section 1 become effective on July 31, 2006.

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