Attached is the latest draft of the Lugar bill with changes incorporated
from staff
discussions with the Banking Committee and other interested parties.  The
following list of changes is not reflected in the attached draft - and thus
you
will need to mark up the attached copy as follows to reflect changes made to
reflect your agreement in principle (or to correct mistakes/oversights from
the last iteration). Also included is the agreed upon report language.

Note: language regarding market makers willbe included at the bottom of the
first page of the agreement in principle in report language as a clarifier
to the Treasury Amendment unless we hear otherwise.

CHANGES:
throughout the bill, disregard bracketed editorial comments unless otherwise
noted here
page 2 table of contents insert "sec. 22 Rule of Construction" and renumber
the
following sections

page 2 line 13 change "equity futures" to "futures on securities"

page 16, lines 9 -10 and 19-10 should read "The agreement, contract or
transaction....

page 20 line 10 after "parties" insert "and not from interaction of multiple
orders within a predetermined, non-discretionary automated trade matching
algorithm;"  and delete "or"

page 20 line 24 change the period ot a semi-colon and add "or (iii)
facilities
on which bids and offers, and acceptances of bids and offers effected on the
facility, are not binding."

page 24 line 12 add "bona fide" before "principal"

page 24 line 17 after "participants" add "as defined in sections 1a(10)(A)
and
(C)"

page 25 line 11 change add an "s" at the end of "paragraph" and after "(1)"
insert "and (2)"

page 37 line 18 after "security" delete bracketed material and insert "on a
national securities exchange."

page 37 line 22 delete "only"

page 40 line 10 delete "(2)(B) or"

page 65 line 19 insert bracketed material

pafe 78 line 6-9 strike bracketed material and "it" and insert "such
account,
agreement, or transaction"







 - TRU00_199.pdf