Re: Commodity Futures Trading Commission: Final Rulemaking for a New
Regulatory Framework for Multilaeral Transaction Execution Facilities,
Intermediaries and Clearing Organizations


                     Attached is a memorandum from Sullivan & Cromwell
concerning the above subject. A summary is also included at the end of
the text of this e-mail message.

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Hard copies can be obtained from Ivy Moreno at S&C in New York,
telephone 212-558-3448, e-mail: Morenoi@sullcrom.com.


SUMMARY

                      On November 22, 2000, the Commodity Futures Trading
Commission ("CTFC")approved four releases setting out final rules for
regulatory reform (the "Final Rules").  The Final Rules largely follow
the proposed rules issued by the Commission on June 8, 2000.*
The Final Rules are to be effective 60 days after their publication in
the Federal Register.






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 - CMS10713.pdf