> -----Original Message-----
> From: Baird, Bob
> Sent: Wednesday, August 16, 2000 4:22 PM
> To: Stockbridge, Edward T
> Subject: MTEF Definition
>
> The CFTC's proposed definition of MTEF:
>
> Sec. 36.1 Definitions. As used in this part: . . .  Multilateral
> transaction execution facility means an electronic or non-electronic
> market or similar facility through which persons, for their own accounts
> or for the accounts of others, enter into, agree to enter into or execute
> binding transactions by accepting bids or offers made by one person that
> are open to multiple persons who conduct business through such market or
> similar facility, but does not include:
> (1) A facility whose participants individually negotiate (or have
> individually negotiated) with counterparties the material terms applicable
> to transactions between them, including transactions conducted on the
> facility, and which are subject to subsequent acceptance by the
> counterparties;
> (2) Any electronic communications system on which the execution of a
> transaction results from the content of bilateral communications exchanged
> between the parties and not by the interaction of multiple orders within a
> predetermined, non-discretionary automated trade matching algorithm; or
> (3) Any facility on which only a single firm may participate as market
> maker and participants other than the market maker may not accept bids or
> offers of other non-market maker participants.
>
> Robert S. Baird
> Vinson & Elkins L.L.P.
> One American Center
> 600 Congress Avenue
> Austin, Texas 78701-3200
> Office phone: 512/495-8451
> Fax: 512/236-3210
> Home phone: 512/347-8065
> Car phone: 512/627-8065
> Pager: 1-888-487-2651
> Voice mail: 512/495-8696, x8451
> Internet: rbaird@velaw.com
>