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A catalytic cracking process that processes a Fischer-Tropsch derived waxy feedstock and which is operated in a heat balanced mode without the use of additional heat sources or heavy feedstock. Heat is provided by the coke yielded from cracking of the Fischer-Tropsch derived waxy feedstock. A combination of the use of a high rare earth oxide large pore zeolite cracking catalyst with the operation of the riser reactor under suitable cracking conditions provide a spent cracking catalyst having a coke content sufficient to provide for the heat balance in the operation of the catalytic cracking system.