SPEAKER INDEX CONTENTS INSERTS BALDACCI 36 37 BRODSKY 86 89 90 91 CLAYTON 47 48 CONDIT 32 33 70 71 72 92 93 94 98 ETHERIDGE 41 42 43 EVERETT 28 29 30 31 32 EWING 9 14 18 20 21 23 24 25 28 32 33 36 38 41 47 49 53 56 60 63 64 67 68 69 70 72 73 76 77 80 83 86 88 89 90 91 92 94 98 GORDON 61 67 71 72 75 76 GROVE 78 94 95 97 GUTKNECHT 43 44 45 46 76 KEITH WILLIAMS 4 LACKRITZ 83 91 96 LANCE KOTSCHWAR 4 MILLER 89 92 93 97 MORAN 33 34 35 36 94 95 96 97 98 NAZARETH 21 53 57 58 59 60 PARKINSON 21 26 29 35 36 43 45 48 55 56 PAUL 18 31 32 37 40 41 42 44 50 51 53 54 59 60 POMEROY 25 26 27 28 73 75 76 R 4 RAPPAPORT 63 68 70 72 73 77 RILEY 49 50 51 52 53 ROSEN 80 90 92 93 95 96 98 SACHS 15 23 25 27 28 29 30 33 34 35 38 39 42 44 46 49 50 52 53 55 57 58 59 60 SMITH 23 38 39 40 41 43 STENHOLM 22 53 54 55 56 57 STEPHEN HATERIUS 4 THUNE 43 56 57 58 59 60 WILLIAM E. O'CONNER, J 4 YOUNG 65 69 71 72 CONTENTS SPEAKERS INSERTS OPENING STATEMENT OF HON. THOMAS W. EWING, A REPRESENTATIVE IN CONGRESS FROM THE STATE OF ILLINOIS PAGE 8 STATEMENT OF LEE SACHS, ASSISTANT SECRETARY FOR FINANCIAL MARKETS, U.S. DEPARTMENT OF THE TREASURY PAGE 15 STATEMENT OF C. ROBERT PAUL, GENERAL COUNSEL, COMMODITY FUTURES TRADING COMMISSION PAGE 18 STATEMENT OF PATRICK M. PARKINSON, ASSOCIATE DIRECTOR, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM PAGE 20 STATEMENT OF ANNETTE L. NAZARETH, DIRECTOR, DIVISION OF MARKET REGULATION, SECURITIES AND EXCHANGE COMMISSION PAGE 21 OPENING STATEMENT OF HON. CHARLES W. STENHOLM, A REPRESENTATIVE IN CONGRESS FROM THE STATE OF TEXAS PAGE 22 STATEMENT OF M. SCOTT GORDON, CHAIRMAN, CHICAGO MERCANTILE EXCHANGE PAGE 61 STATEMENT OF DANIEL RAPPAPORT, CHAIRMAN, NEW YORK MERCANTILE EXCHANGE PAGE 63 STATEMENT OF MARK D. YOUNG, PARTNER, DERIVATIVES AND FINANCIAL SERVICES, KIRKLAND & ELLIS, ON BEHALF OF THE CHICAGO BOARD OF TRADE PAGE 64 STATEMENT OF RICHARD E. GROVE, JR., EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER, INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION PAGE 77 STATEMENT OF EDWARD J. ROSEN, CLEARY, GOTTLIEB, STEEN & HAMILTON, ON BEHALF OF THE AD HOC COALITION OF COMMERCIAL AND INVESTMENT BANKS PAGE 80 STATEMENT OF MARC LACKRITZ, PRESIDENT, SECURITIES INDUSTRY ASSOCIATION PAGE 83 STATEMENT OF WILLIAM J. BRODSKY, CHAIRMAN AND CHIEF EXECUTIVE OFFICER, CHICAGO BOARD OPTIONS EXCHANGE, ON BEHALF OF THE U.S. SECURITIES MARKETS COALITION PAGE 86 STATEMENT OF WILLIAM P. MILLER, II, SENIOR VICE-PRESIDENT AND INDEPENDENT RISK OFFICER, COMMONFUND; CHAIRMAN, END USERS OF DERIVATIVES COUNCIL, ASSOCIATION FOR FINANCIAL PROFESSIONALS PAGE 88 INSERTS SPEAKERS CONTENTS NO INSERTS IN THIS HEARING