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By Electronic Mail 

February 22, 2008 

Mr. David Stawick 

Secretary to the Commission 

Commodity Futures Trading Commission 

1155 21st Street NW 

Washington DC 20581 

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1. 

MACQUARIE 

Re: Exemption from Registration for Certain Firms with Regulation 30.10 

Relief, 73 FR 4499 (January 25, 2008) 

Dear Mr. Stawick: 

Macquarie Futures USA Inc. ("Macquarie USA"), a registered futures commission 

merchant ("FCM") and a member of the National Futures Association ("NFA"), is pleased to 

submit these comments in support of the proposed amendments to Commodity Futures 

Trading Commission ("Commission" or "CFTC") Rule 3.10(c). 1 Macquarie USA is an indirect 

subsidiary of Macquarie Group Limited. Macquarie USA and its affiliates, including 

Macquarie Bank Limited and Macquarie Futures & Options (Hong Kong) Limited ("Macquarie 

Hong Kong"), execute and clear futures and options on futures transactions on derivatives 

exchanges globally on behalf of its institutional clients, both US and non-US. 

Macquarie USA, Macquarie Bank Limited and Macquarie Hong Kong are among the 

firms that have benefited from the no-action positions that the Commission's Division of 

Clearing and Intermediary Oversight ("Division") has issued over the years, discussed in the 

above-referenced Federal Register release, i.e.,122504 CFTC Letter No. 07-08 (May 30, 

2007) and CFTC Letter No. 07-16 (August 21, 2007). In light of the staff's experience to date 

and the number of firms that have found the requested relief necessary to serve their 

customers efficiently, we believe it is appropriate now to codify this relief as proposed in Rule 

3.1 0( c)( 4). The terms and conditions set forth in the no-action letters and carried over to the 

proposed rule, in particular the requirement that the exempt firm be an affiliate of an FCM 

that has agreed to be jointly and severally liable with the affiliate for any violations of the Act 

and the Commission's rules with respect to such transactions, are sufficient to assure both 

the protection of customers and the Commission's jurisdiction over the exempt firm. 

With one critical exception, we agree with the Commission that, upon adoption of the 

proposed rule (and assuming the final rule is materially identical to the proposed rule), it will 

be appropriate to rescind the no-action letters identified in footnote 1 0 of the Federal Register 

release accompanying the proposed rule. The one exception is CFTC Letter No. 07-16 

(August 21, 2007}, which the Division issued to Macquarie USA and Macquarie Hong Kong. 

Macquarie USA also supports the Commission's proposal to revoke Commission Rule 30.8. We agree with the 

Commission that the reporting requirements set forth in this rule are no longer necessary. 
• Mr. David Stawick 

February 22, 2008 

Page2 

As the Commission is aware, neither the Hong Kong Securities and Futures 

Commission nor the Hong Kong Exchange has filed a petition for exemption with the 

Commission in accordance with the provisions of Commission Rule 30.10 on behalf 

of its registrants or members. Nonetheless, the Division issued a no-action based on 

the facts and circumstances set out in Macquarie USA's letter, including the facts that 

(1) Macquarie Hong Kong is registered with the Hong Kong Securities and Futures 

Commission, licensed to deal in futures contracts, and is a clearing member of the 

Hong Kong Exchange, and (2) Macquarie Hong Kong had applied for and received an 

exemption from registration with the Commission as an introducing broker in 

accordance with the provisions of Commission Rule 30.5. 2 Because Macquarie Hong 

Kong could not qualify for an exemption from registration under proposed rule 3.1 0( c) 

(4), we respectfully request that the Commission not rescind CFTC Letter No. 07-16.3 

Macquarie USA appreciates the opportunity to comment on the proposed 

amendments to Commission Rule 3.10(c). If any member of the Commission or its 

staff has any questions concerning the matters discussed in this letter, please contact 

Michelle Broom at (212) 231-1558) or myself 

Sincerely~ 

Joseph Mazurek 

President 

cc: Ananda K. Radhakrishnan, Director, Division of Clearing and Intermediary 

Oversight 

Andrew V. Chapin, Special Counsel, Division of Clearing and Intermediary 

Oversight 

MACQUARIE 

In connection with this relief, Macquarie Hong Kong has entered into a written. agency agreement with Macquarie 

USA, pursuant to which, Macquarie USA has been authorized to serve as Macquarie Hong Kong's agent "for purposes of 

accepting delivery and service of communications issued by or on behalf of the Commission, U.S. Department of Justice, any 

self-regulatory organization, or any foreign futures or foreign options customer." Commissi.on Rule 30.5(a). 

In its letter requesting relief, Macquarie USA also noted that, although the Commission staff may not have conducted 

an analysis of the regulatory structure in Hong Kong to the degree required under Commission Rule 30.10, the staff had 

reviewed this structure. in Hong Kong in connection with its adoption of a no-action position authorizing the Hong Kong 

Exchange to make its electronic trading and order matching system available in the US. The staff did not refer to this fact in 

issuing the no-action letter. Therefore, it is not clear whether it was a factor in the Division's decision. 

In the alternative, the Commission could revise proposed rule 3.1 O(c) (4) to include affiliates of FCMs that have filed 

for an exemption from registration as an introducing broker under Commission Rule 30.5.