Ken - what is the significance of "physical" below?  Hopefully as distinct 
from financial and not as distinct from derivatives.



	RAISLERK@sullcrom.com
	09/08/2000 02:25 PM
		 
		 To: goetscrj@bp.com, kneenjm@bp.com, mcadammj@bp.com, 
elaine@citizenspower.com, clong@enron.com, csandhe@enron.com, 
Mark.E.Haedicke@enron.com, mark.taylor@enron.com, laurie.ferber@gs.com, 
hall2r@kochind.com, lanced@kochind.com, william.mccoy@msdw.com, 
steven.kline@pge-corp.com, schindlg@phibro.com, mgoldstein@sempratrading.com
		 cc: 
		 Subject: Quick Update


The legislation continues to move ahead.  The current schedule seeks to have 
the bill completed in the House next week and voted on the floor the week of 
the 18th.  That leaves two weeks for the Senate to act before a recess around 
October 6.  We have been working hard to push the House Commerce Committee 
version of the bill which exempts all physical commodities (other than ags) 
traded bilaterally or through an electronic trading facility from most CFTC 
jurisdiction.

Negotiations between the SEC and CFTC on single stock futures are ongoing.  
That issue represents the largest open area for resolution but both the 
participants and Congress are optimistic that it can be worked out.  We need 
to continue to work hard to persuade the members to follow the Commerce 
Committee approach.  We will keep you apprised.


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