Senator Gramm has begun meeting with the futures exchanges and the 
Administration in yet another effort to move this legislation.  None of the 
changes that Senator Gramm is requesting affect the energy or physical 
commodity language.  We understand that new language is circulating.  In 
theory, it is still possible to get this legislation done during the 
lame-duck session.  Our changes are obviously remote but if Senator Gramm 
were to get behind this legislation it certainly would have a chance.  We 
will keep you apprised.


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