September 7, 2010
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: Forex Dealer Member Trade Reporting
System – Proposed Adoption of NFA Compliance Rule 2-48
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 adoption of NFA Compliance Rule
2-48 regarding a Forex Dealer Member ("FDM") Trade Reporting System. NFA’s Board
of Directors (“Board”) approved this proposal on August 19, 2010. NFA respectfully
requests Commission review and approval of the proposed amendments.
PROPOSED AMENDMENTS
(additions are underscored)
COMPLIANCE RULES
* * *
PART 2 – RULES GOVERNING THE BUSINESS CONDUCT OF MEMBERS
REGISTERED WITH THE COMMISSION
* * *
RULE 2-48. FOREX DEALER MEMBER DAILY TRADE DATA REPORTS
Mr. David A. Stawick
September 7, 2010
2
(a) Each Forex Dealer Member must file a daily electronic report of trade data
with NFA using the electronic filing method required by NFA. The report
must contain the data and be in the format prescribed by NFA. Each Forex
Dealer Member must prepare the report as of 5:00 P.M. Eastern time and file
it with NFA by 11:59 P.M. Eastern time the same day.
(b) By submitting the report, the FDM certifies that the report is true and
complete.
(c) Each daily report that is filed after it is due shall be accompanied by a late
fee of $200 for each business day that it is late. Payment and acceptance of
the fee does not preclude NFA from filing a disciplinary action for failure to
comply with the deadlines imposed in this rule.
EXPLANATION OF PROPOSED AMENDMENTS
Last year, NFA's Board of Directors ("Board") authorized staff to develop
an electronic tr