Rule Submissions to the CFTC

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September 27, 2007

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: Contract Market Representation on NFA's Board of Directors - Proposed Amendments to NFA's Articles of Incorporation and Bylaws*

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's Articles of Incorporation and Bylaws regarding contract market representation on NFA's Board of Directors. The Articles' amendments were unanimously ratified by NFA's Board of Directors ("Board") on August 16, 2007, and have since been adopted by a majority of those Members actually voting in each of the Contract Market; FCM, LTM, and IB; and CPO and CTA categories. The related Bylaw amendments were approved by NFA's Board on August 16, 2007.

NFA is invoking the "ten-day" provision of Section 17(j) of the Commodity Exchange Act ("CEA") and will make this proposal effective ten days after receipt of this submission by the Commission unless the Commission notifies NFA that the Commission has determined to review the proposal for approval.

PROPOSED RULE AMENDMENTS

EXPLANATION OF PROPOSALS

As mentioned earlier, NFA is invoking the "ten-day" provision of Section 17(j) of the Commodity Exchange Act. NFA intends to make the proposed amendments to NFA's Articles of Incorporation and Bylaws effective ten days after receipt of this submission by the Commission, unless the Commission notifies NFA that the Commission has determined to review the proposal for approval.

Respectfully submitted,

Thomas W. Sexton
Vice President and General Counsel


* The proposed amendments to NFA Articles of Incorporation and Bylaws regarding contract market representation on NFA's Board of Directors became effective October 9, 2007.

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