By Electronic Mail 

June 29, 2009 

MT. David A. Stawick 

Secretary 

Commodity Futures Trading Commission 

115 5 21st Street NW 

Washington DC 205 81 

SHcuriiies inclustrv and 

Financial Markets-Association 

Received CFTC 

Records Section 

6/r;}7/tJ7 

Re: Revised Adjusted Net Capital Requirements for Futures Commission 

Merchants and Introducing Brokers, 74 Fed.Reg. 21290 (May 7, 2009) 

Dear Mr. Stawick: 

The Futures Industry Association ("PIA") 1 and the Securities Industry and Financial 

Markets Association ("SIFMA")2

respectfully requests the Commodity Futures Trading 

Commission ("Commission") to extend the cornment period for the above referenced 

notice of proposed rulemaking for an additional three weeks to July 27, 2009. 

PIA and SIFMA appreciate and suppmt the Commission's interest in assuring that futures 

commission merchants ("FCMs"), in particular FCM members of derivatives clearing 

organizations, maintain sufficient capital to support their futures-related and other 

business activities. Nonetheless, the Commission's proposal, if adopted, would appear to 

have a dramatic impact on the capital requirements of our members. Since the majority 

of our members are also registered with the Securities and Exchange Commission 

("SEC") as broker-dealers, and our larger members are part of holding companies with 

affiliates world-wide, the firms are still assessing the potential impact of this proposal, as 

well as the separate request for comment on potentially requiring combined FCM/brokerdealers to maintain adjusted net capital equal to the sum of its requirements under 

Commission and SEC capital rules. 

As the Commission is aware, the Administration's comprehensive financial regulatory 

refonn proposal anticipates that the capital requirements of all financial firms will be 

strengthened. Ideally, therefore, the Commission would coordinate its consideration of 

increased capital requirements of FCMs with the other financial regulatory authorities to 

which FCMs and their aft1liates may be subject. If such a postponement is not possible, 

we request this additional time to allow our members to analyze the potential impact to 

the extent practicable. 
Than1< you for your consideration. 

Sincerely, 

~-~74-ut- hJ-'£~-tyr._; 

Barbara Wierzynski 

Executive Vice President and General Counsel 

Futures Industry Association 

cc: Honorable Gary Gensler, Chairman 

Honorable Michael Dunn, Commissioner 

Honorable Walter Lukken, Commissioner 

Honorable Jill E. Sommers, Commissioner 

Honorable Bart Chilton, Commissioner 

~·-tf~ d 7 J-.J tJ .il/J 

Gerard J. Quinn 

Managing Director and 

Associate General Counsel 

Securities Industry and 

Financial Markets Association 

Division of Clearing and Intermediary Oversight 

Ananda Radhakrishnan, Director 

Thelma Diaz, Associate Director 

Mark Bretscher, Special Counsel 

1

FIA is a principal spokesman for the commodity futures and options indusn·y. Our regular membership is 

comprised of30 of the iargest fi.ttures commission merchants in the United States. Among our associate 

members are representatives from virtually all other segments of the futures industry, both national and 

international. Ret1ecting the scope and diversity of its membership, FIA estimates that its members serve 

as brokers for more than ninety percent of all customer transactions executed on United States contract 

markel<;. 

2

The Securities Industry and Financial Markel<; Association brings together the shared interests of more 

than 600 securities firms, banks and asset managers. SIFMA's mission is to promote policies and practices 

that work to expand and perfect markets, foster the development of new products and services and create 

efficiencies for member firms, while preserving and enhancing the public's trust and confidence in the 

markets and the industry. SIFMA works to represent its members' interests locally and globally. It has 

offices in New York, Washington D.C., and London and its associated firm, the Asia Securities Industry 

and Financial Markets Association, is based in Hong Kong.