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Financial Integrity Recommendations for Futures and Options Markets and Market Participants

Task Force Participants

ChairmanMembers
Michael G. Philipp
Former Managing Director
Merrill Lynch Futures Inc.
Amsterdam Futures

M.P.A. De Vries

Futures and Options Association

Anthony Belchambers

Merrill Lynch Futures Inc.

William T. Maitland

BELFOX

W. Van Stappen

General Motors Corporation Investment Management

William P Miller II

Merrill Lynch Japan Inc.

David Semaya

Board of Trade Clearing Corporation

Dennis A Dutterer
John C Hiatt

Harris Futures Corporation

Jennifer S Johnson

Montreal Exchange

John S Ballard

Cargill Investor Services, Inc.

Hal T. Hansen

Harvard Management Company,Inc.

Michael Pradko
Verne O Sedlacek

Morgan Stanley & Co.

John P Davidson III

Chase Manhattan Futures Corp.

Janice C Abrahamson

Hong Kong Futures Exchange

Ivers W Riley

National Futures Association

Daniel A Driscoll

Chicago Board of Trade

Carol A Burke Ralph I Goldenberg Kathryn M. Trkla

Italian Stock Exchange Council
Luigi Ruggerone
New York Mercantile Exchange
Bernard J. Purta
Neal L Wolkoff
Chicago Mercantile Exchange
Eileen T Flaherty
Kathryn J Meyer
John W. Henry & Co., Inc.
Peter F Karpen
Northern Futures Corporation
David R. Ganis
Coffee, Sugar & Cocoa Exchange, Inc.
Audrey Hirschfeld
Lehman Brothers Inc.
Ronald H Filler
Charles P. Nastro
OMLX, The London Securities and Derivatives Exchange
Derek Oliver
Dean Witter Reynolds
Laurence E Mollner
London Clearing House
David M. Hardy
Andrew Lamb
OM Group
Hans Berggren
Deutsche Borse AG
Michael Hofmann
Anselm Jumpertz
London Commodity Exchange
Michael N Jenkins
Refco Commodities Services GMBH
Elizabeth Ocker
FIMAT Futures USA
Gary Alan DeWaal
London International Financial Futures & Options Exchange
Daniel Hodson
Nick Carew Hunt
Richard Pratt
Refco Overseas Ltd.
Richard A Reinert
FIA Board of Directors
Robert E Zellner
London Metal Exchange
Neil D Banks
Sakura Dellsher, Inc.
Karen M Dorif
Leo Melamed
Futures Industry Association
Mary Ann Burns
John M Damgard
Barbara Wierzynski
Managed Futures Association
L. Carlton Anderson
Clyde F Ensslin
Salomon Brothers Inc
Marcy Engel
Futures Industry Institute
Paula A Tosini
MATIF
Louis-Armand de Rouge
Michel Favreau
Patrick Stephan
Smith Barney Inc.
Steven Keltz
Sydney Futures Exchange
Terrence F Martell
Counsel to theTask Force:
Sullivan & Cromwell
Kenneth M Raisler
David J Gilberg
William Y Chua

Sponsors

Chicago Board of Trade The London Clearing House Exchange New York Cotton Exchange
Chicago Mercantile Exchange London Commodity Exchange New York Mercantile
Coffee, Sugar & Cocoa Exchange, Inc. London International Financial Futures & Options Exchange OMLX, The London Securities and Derivatives Exchange
Deutsche Borse AG London Metal Exchange Singapore International Monetary Exchange Ltd.
ECOFEX MATIF South African Futures Exchange
Futures Industry Association Managed Futures Association Sydney Futures Exchange
Hong Kong Futures Exchange Minneapolis Grain Exchange
International Petroleum Exchange of London Ltd. The Montreal Exchange
Kansas City Board of Trade National Futures Association

Exchange/Clearinghouse Respondents

Amsterdam Futures London International Financial Futures & Options Exchange Oslo Exchange
BELFOX London Metal Exchange Osaka Securities Exchange
Chicago Board of Trade MATIF Singapore International Monetary Exchange Ltd.
Chicago Mercantile Exchange MEFF Renta Fija South African Futures Exchange
Coffee, Sugar & Cocoa Exchange, Inc. Minneapolis Grain Exchange Sydney Futures Exchange
Deutsche Borse AG Montreal Exchange Tokyo Commodity Exchange
The FUTOP Clearing Centre New York Cotton Exchange Tokyo Grain Exchange
Hong Kong Futures Exchange New York Mercantile Exchange Tokyo International Financial Futures Exchange
International Petroleum Exchange of London Ltd. New Zealand Futures & Options Exchange Limited Tokyo Stock Exchange
Italian Stock Exchange Council OM Group Vancouver Stock Exchange
The London Clearing House OMLX, The London Securities and Derivatives Exchange

Acknowledgements

The Futures Industry Association is grateful for the support and volunteer hours devoted by the many exchange, clearinghouse, broker, intermediary and customer representatives to respond to the questionnaires, discuss the issues and reach a consensus on the recommendations. The FIA would like to acknowledge:

  • The 41 global brokers/intermediaries and 28 endusers from 8 jurisdictions that responded to questionnaires and participated in interviews on a confidential basis.
  • The members of the FIA board of directors and in particular the efforts of FIA Chairman Peter F. Karpen, John W. Henry & Co., Inc.;the Financial Integrity Committee; public director Verne O. Sedlacek, Harvard Management Company, for chairing the customer response; and Hal T. Hansen,Cargill Investor Services,for chairing the broker/intermediary response.
  • The Futures and Options Association, particularly Anthony Belchambers, for coordinating the U.K.exchange, brokerage and customer responses.
  • The FIA Japan Chapter for translating the surveys and interviewing intermediaries and customers in Japan.
  • The FIA Law & Compliance Division for their counsel.
  • Gerald A. Tellefsen, Tellefsen Consulting Group, for organizational and conceptual assistance.

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