These changes would maintain the total of 14 seats on the Board for FCM representatives and would provide the Nominating Committee with more flexibility in selecting FCM director candidates. The Nominating Committee also recommended eliminating the requirement in the Articles that no more than half of the FCM directors may come from the same region. The Nominating Committee felt that the interests of the FCMs do not vary along geographical lines and although the geographical restriction may have been politically expedient when NFA was being formed, the restriction has outlived any usefulness and should be eliminated. The Board thought that this reasoning should be applied equally to all categories of membership and, therefore, determined to eliminate the geographical restrictions related to Board and Executive Committee representatives in all categories of membership. The Board feels that the proposed amendments to the Articles will provide the Nominating Committee with greater flexibility in selecting candidates.
Additions are underscored and deletions are placed within brackets.
Please use the enclosed ballot to vote and submit it to NFA by April 13, 1998. A specific contract market's transaction volume shall be the number of commodity futures contracts entered into on the contract market. The aggregate contract market transaction volume shall be the number of such contracts entered into on all U.S. contract markets. Provided, however, that not more than 11 contract market Members shall have representatives on the Board at any one time. Two representatives of FCMs and LTMs having 16-50 offices.