SPEAKER INDEX CONTENTS INSERTS BACHUS 10 39 40 41 42 BAKER 7 9 34 35 36 BENTSEN 54 57 58 60 61 BRICKELL 69 86 DORSCH 82 GROVE 76 88 89 GUTIERREZ 11 KANJORSKI 48 49 50 KELLY 13 LAFALCE 3 5 14 28 29 30 31 32 33 34 79 86 87 88 89 LEACH 1 5 6 8 10 11 12 13 14 15 18 21 24 27 28 30 31 34 36 39 42 45 46 48 50 53 54 58 60 61 62 63 64 65 66 69 73 76 78 81 85 90 MALONEY 6 36 37 38 39 61 62 NAZARETH 21 29 57 59 60 64 65 OAKLEY 73 PARKINSON 18 28 29 31 37 43 51 53 63 PAUL 24 29 32 38 39 41 52 56 58 61 64 65 RILEY 39 42 44 45 53 54 ROUKEMA 5 SACHS 15 27 28 30 31 32 33 35 36 39 40 41 42 45 47 48 49 51 52 62 63 SCOTT 66 87 SHERMAN 8 9 TOOMEY 12 50 51 53 WATT 90 YOUNG 79 89 90 CONTENTS SPEAKERS INSERTS STATEMENT OF HON. LEWIS A. SACHS, ASSISTANT SECRETARY FOR FINANCIAL MARKETS, DEPARTMENT OF THE TREASURY PAGE 14 STATEMENT OF PATRICK M. PARKINSON, ASSOCIATE DIRECTOR, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS, FEDERAL RESERVE SYSTEM PAGE 18 STATEMENT OF HON. ANNETTE L. NAZARETH, DIRECTOR, DIVISION OF MARKET REGULATION, U.S. SECURITIES AND EXCHANGE COMMISSION PAGE 21 STATEMENT OF C. ROBERT PAUL, GENERAL COUNSEL, COMMODITY FUTURES TRADING COMMISSION PAGE 24 STATEMENT OF HAL S. SCOTT, NOMURA PROFESSOR OF INTERNATIONAL FINANCIAL SYSTEMS, DIRECTOR OF THE INTERNATIONAL FINANCIAL SYSTEMS PROGRAM, HARVARD LAW SCHOOL PAGE 66 STATEMENT OF MARK C. BRICKELL, MANAGING DIRECTOR, J.P. MORGAN & CO., INC. PAGE 69 STATEMENT OF DENNIS OAKLEY, MANAGING DIRECTOR, GLOBAL CREDIT CAPITAL MANAGEMENT DEPARTMENT, CHASE MANHATTAN BANK PAGE 73 STATEMENT OF RICHARD E. GROVE, JR., EXECUTIVE DIRECTOR AND CEO, INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC. PAGE 76 STATEMENT OF MARK D. YOUNG, PARTNER, KIRKLAND & ELLIS, ON BEHALF OF THE CHICAGO BOARD OF TRADE AND THE CHICAGO MERCANTILE EXCHANGE PAGE 79 STATEMENT OF SHAWN A. DORSCH, PRESIDENT, CHIEF OPERATING OFFICER, AND CO-FOUNDER, DNI HOLDINGS, INC. (BLACKBIRD) PAGE 81 INSERTS SPEAKERS CONTENTS NO INSERTS IN THIS HEARING