SPEAKER INDEX CONTENTS INSERTS BAKER 12 22 23 25 50 51 52 54 55 100 101 102 103 104 141 142 143 144 145 152 153 BENTSEN 22 24 55 57 58 59 60 61 BIGGERT 61 62 63 64 105 106 107 108 109 BRICKELL 87 92 97 112 113 114 118 CRAPPLE 127 134 139 141 142 145 146 147 148 149 150 152 153 CUNNINGHAM 71 97 103 116 DORSCH 75 95 98 105 111 116 DUFFY 83 84 93 95 98 99 106 107 117 GLASS 135 138 154 KANJORSKI 41 42 43 LAFALCE 3 9 LEACH 1 3 7 8 9 10 11 12 21 24 25 29 32 36 39 40 41 43 48 50 54 55 61 65 69 70 71 75 80 83 87 91 92 93 94 96 97 98 99 105 106 110 115 116 117 118 124 126 134 138 139 140 144 145 147 151 152 153 154 155 MALONEY 9 48 49 50 MILLER 124 139 142 143 148 151 155 NAZARETH 33 40 44 45 46 57 58 59 70 NEY 98 PARKINSON 30 40 43 47 48 49 51 53 54 55 58 59 60 61 62 63 64 68 69 71 PAUL 36 40 41 42 44 48 50 69 ROUKEMA 7 24 44 45 46 47 48 SACHS 26 40 42 43 45 46 47 51 60 65 66 67 68 70 SCHAKOWSKY 11 TOOMEY 10 65 66 67 68 69 110 111 112 113 114 147 148 149 150 151 154 WATKINS 119 140 155 WATT 55 93 94 95 96 97 103 104 105 145 146 147 YOUNG 80 91 92 94 95 96 100 101 102 103 104 108 109 110 115 117 CONTENTS SPEAKERS INSERTS STATEMENT OF HON. RICHARD H. BAKER, A MEMBER OF CONGRESS FROM THE STATE OF LOUISIANA; CHAIRMAN, SUBCOMMITTEE ON CAPITAL MARKETS, SECURITIES, AND GOVERNMENT SPONSORED ENTERPRISES PAGE 12 STATEMENT OF HON. LEWIS A. SACHS, ASSISTANT SECRETARY FOR FINANCIAL MARKETS, DEPARTMENT OF THE TREASURY PAGE 26 STATEMENT OF PATRICK M. PARKINSON, ASSOCIATE DIRECTOR, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS, FEDERAL RESERVE SYSTEM PAGE 29 STATEMENT OF HON. ANNETTE L. NAZARETH, DIRECTOR, DIVISION OF MARKET REGULATION, U.S. SECURITIES AND EXCHANGE COMMISSION PAGE 32 STATEMENT OF C. ROBERT PAUL, GENERAL COUNSEL, COMMODITY FUTURES TRADING COMMISSION PAGE 36 STATEMENT OF DANIEL P. CUNNINGHAM, PARTNER, CRAVATH, SWAINE & MOORE, ON BEHALF OF THE INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC. PAGE 71 STATEMENT OF SHAWN A. DORSCH, PRESIDENT, CHIEF OPERATING OFFICER AND CO-FOUNDER, DNI HOLDINGS, INC. (BLACKBIRD) PAGE 75 STATEMENT OF MARK D. YOUNG, PARTNER, KIRKLAND & ELLIS, ON BEHALF OF THE CHICAGO BOARD OF TRADE PAGE 80 STATEMENT OF TERRENCE A. DUFFY, VICE CHAIRMAN, THE CHICAGO MERCANTILE EXCHANGE PAGE 83 STATEMENT OF MARK C. BRICKELL, MANAGING DIRECTOR, J.P. MORGAN SECURITIES, INC. PAGE 87 STATEMENT OF MICHAEL A. WATKINS, DEPUTY GENERAL COUNSEL, FIRST UNION CORPORATION, ON BEHALF OF THE ABA SECURITIES ASSOCIATION PAGE 119 STATEMENT OF WILLIAM P. MILLER, II, CHAIRMAN OF THE EXECUTIVE COMMITTEE, THE END-USERS OF DERIVATIVES COUNCIL OF THE ASSOCIATION FOR FINANCIAL PROFESSIONALS PAGE 124 STATEMENT OF GEORGE CRAPPLE, CHAIRMAN, THE MANAGED FUNDS ASSOCIATION PAGE 126 STATEMENT OF GARRETT GLASS, CHIEF MARKET RISK OFFICER, BANK ONE CORPORATION, ON BEHALF OF THE FINANCIAL SERVICES ROUNDTABLE PAGE 135 INSERTS SPEAKERS CONTENTS NO INSERTS IN THIS HEARING