SPEAKER INDEX CONTENTS INSERTS BACHUS 14 54 55 56 57 BAKER 11 13 37 38 39 40 41 58 61 63 64 65 66 BENTSEN 50 51 52 54 102 103 104 105 113 114 115 BIGGERT 61 62 63 BORN 20 31 35 48 49 50 51 52 55 56 59 62 63 COFFEE 87 99 100 103 104 109 CRAPPLE 74 81 82 102 108 112 GENSLER 16 32 33 34 41 42 43 47 54 55 59 63 69 72 HARRIS 82 104 106 108 111 115 INSLEE 58 59 60 LAFALCE 3 33 34 35 36 37 LANG 93 101 102 103 106 109 114 LEACH 1 3 6 9 11 13 14 16 20 22 25 29 30 31 32 33 37 41 46 50 54 67 68 69 70 71 72 73 81 82 107 108 109 110 112 113 MALONEY 13 NAZARETH 22 36 37 38 39 40 47 48 57 58 PARKINSON 26 30 31 32 33 34 38 43 44 45 46 52 57 60 61 62 65 66 67 68 70 71 ROUKEMA 6 46 47 48 49 50 67 73 87 93 98 100 101 102 106 113 115 VENTO 10 41 42 43 44 45 46 63 CONTENTS SPEAKERS INSERTS STATEMENT OF HON. GARY GENSLER, UNDER SECRETARY FOR DOMESTIC FINANCE, DEPARTMENT OF THE TREASURY PAGE 16 STATEMENT OF HON. BROOKSLEY BORN, CHAIRPERSON, COMMODITY FUTURES TRADING COMMISSION PAGE 20 STATEMENT OF ANNETTE L. NAZARETH, DIRECTOR, DIVISION OF MARKET REGULATION, SECURITIES AND EXCHANGE COMMISSION PAGE 22 STATEMENT OF PATRICK M. PARKINSON, ASSOCIATE DIRECTOR, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS, FEDERAL RESERVE SYSTEM PAGE 26 STATEMENT OF GEORGE E. CRAPPLE, VICE CHAIRMAN, MILLBURN RIDGEFIELD CORPORATION, CHAIRMAN, MANAGED FUNDS ASSOCIATION PAGE 74 STATEMENT OF DOUGLAS E. HARRIS, ESQ, PARTNER, ARTHUR ANDERSEN LLP PAGE 82 STATEMENT OF JOHN C. COFFEE, JR., PROFESSOR, ADOLF A. BERLE PROFESSOR OF LAW, COLUMBIA UNIVERSITY LAW SCHOOL PAGE 87 STATEMENT OF ROBERT TODD LANG, ESQ., SENIOR PARTNER, WEIL, GOTSHAL & MANGES LLP PAGE 93 INSERTS SPEAKERS CONTENTS NO INSERTS IN THIS HEARING