VIA E-MAIL (secretary(t.fcftc.•.,.ID:) 

\fr. D:n·id .\. St:HI'''cl, 

~ccrc · 

Cummt>dit y Futures Tr:-t linp. onun.i ~.-; ion 

I 15S ~1 • Srn:cr, \!.\\·. 

\'\'ru hington. l)(: ~ I 

tJ1. ~osJ O'B . 8J . flen C.F.T.C. 

. OFFICE OF THE SECRETARIAT 

Z009 JUL 6 Arlll LIS 

Received CFTC 

Records Sectlora 

O?lob/2LJOf 

COMMENT 

H.~:: RI\J :) (t3~-. \C:[,(,: RC\·iscd Adjusted 1'\,·t Capital KetjLiirl'lncn ~ t~ >r hil un·, Corn mi~ n \lt-rdLr llh omd 

Inrrnducinf!, Broker:>, 74 l· ed. Ref?;. 21~<)() ( f:w 7, 2009) 

R.J. O'l·hien &. .\ swriates, l .l .C \"RJCf') \vdcon cs rhc nppnrtunit) tu cutllffiL·nt on the C:nntllll""i"n\ 

proposed ch:1ngcs w tt> net capital rcc1uircmcnr~ for futur('~ cornmi,sion m crch:mrs (" 1-'C\f~ ') :111d indqwndenf 

introducin b roh ·rs (" ll[h'';. RJO i,; one o f the br~ sl imlepcndmt bCi\ls and also om· of rlw o!dt·~ t. dating 

h:1 ·k to I<) 1-l-. RJO i;,; a full ckaring nu·rnlxr of the Chica•m t-.fe rcantil,· '. ch nge c;roup (and ;r l'>l in~ 

member (If C:i\IF): Jnrercontine lllal Fxc :~nge; ~YSE Liffc: and the ( :hb 1go Climate xchan c and st·n ·ict·-; a 

?,lob;\ I nf'fwurk of :1ppro~imarely )()II I til ruducing wkt·r~ a~ wdl a~ ;;ome of tlw \UJrld \ lat !c;.t ftn;mci:11. 

indu, i:~l anJ agriculru n1l institution;;. 

rqo ~ a memlx-r ,,( tlH..: hnuro lnJthlry ::~o ci ti tl ( .. IT\' '). RJO arricipat d in rhe diSCII',l"llS re<ultll1g 

in tl1 I·T\'s corml•lt'lll lt'fll·r n'g:mling tht· ahon·-n .:ft'f('!KC prupo.-;al. Thus, l~.JO supptn-r::; rhe positions l't forth 

in rh:~r comnlt"JH ll·ttcr. ltJO would like m emph t~itc a mambcr of t.ho;;t' Jlf)illt:< in panin.thtr. 

RJO suppnrts the proposn l lllcrt·a,.cd minimum capiul n:LJuirt'Ulc!IIS f()r buth Ill~ " :md I·( · .\b .u 

ltndcrcapir:1li7. d tinm put um rrkt:i ~ a t risk. RJCl <tbo upp •rt~ rhe Commi un's propt>o:a!, !•, (i) include 

cu. wmer ::md tWn cu~tomcr pu,;irio.m \indw:ling dt·arl·d on·r-rhc-count cr ("OTC") imrruml·nf o.J in tlw 

calcuhuion .,( :t FCi\1 s risk· bast.·d ;Jdjust(:d IH: t l":api :~ l :md (·iij t<J apply tht· . ame pe rce nla?.l' kvds '" u>' tot n~·r 

an l non- ustomcr account;; in calcttlaling risk-b:JS\'d capital guir mettl~. RJO shart~ rht: C(>tntnis:;i,,n·, ,.[,ws 

thilt the risk ass riarcJ witb a -c u~ tomu account is nu l un·c::;~:1Tily :-rlwa\'S k :ss than the ri' k assn ci:11 cd \Vllh 

cu~tnrm r acc< •llttt.<. Huwl·n·r. Iikv the 1-'L\ :u1J the :-.lational f:uturt·s .\ :;sochtifltl "~F '' . \\'l' •>ppmr· ilw 

propo:-al t' increase rhe rei ·ani pern·nrag<' to j(IY_f,_ \Vc share the view~ <lfliculatcd in th(· l\:1; \'~ and !·!.\':-: 

cornmenl le tt(:rs thar, even iu the rw·buk nt ti.me,; we recently <· xp1.-ricno.:d. \\Tart.· nnr ••wart• o f an\' sinr:ui•>n i11 

which rlll' current risk-bas -d capital rt'ynin·ull'nt s lmvo.: bn·n in~u (ticient '" proa·cr 1-'C}.ls and 1 ltt·i r custf>ll1l'l>. 

In addition, we share thl' conce-rn :ur.•cul:Hl'cl !!I tlH: NE\ lctrcr tha r capital n·quirtmcnrs fo r cll':-rrnl < )J ( : 

po it s be co( rdinattd :lnHHl!!, rq>;ularor:< to p re\ t'lll rt·gubtory arhirr:tge. 

l.a.stl}. RJO n·tluc,;t,; tht: C<Hlltlli,;,ion !<> ron,;Jdcr pro\' iding C:1 f1lral rcl.icf tor nf'!'~l' ti iTlg fu ngible pre ,dttl't" 

rq;:mllc,;s of the n:k\·ant d earing h(,use (e.g .. .,ff~ctl tng lCL and Yi\!I S pmiti< liJ;. Ill fun lt- n~-; . ln 

nur v piniun. ntr ll ·- lt.: arcd fungihk- prod uct,; do n•">t pre"cnt additi"nal ,;\·:-: tt'lrli<' "r ;na rh·t i~ k 'imph 

bcnmH· tl!t· p• ~ :u·t· hdd in ~c ate t· arin~ ht>llst·s. 

HI< J 1hanh the mmJ,;~ n f'or rhc opportunit\· to L·c•mmcm. 

Yen· trul\' <J ur~. 

Ttm1 Anderson 

Chid Fin ncir~l Otfin:> r 

222 South R1verside Plaza . Suite 900, Chi cago . ill,nois 606 06 P:31 2.373 .5000 W:rjobrien com