----- Forwarded by Mark Taylor/HOU/ECT on 11/30/2000 10:08 AM -----

	SULLIVAN&CROMWELL@sullcrom.com
	11/28/2000 04:55 PM
		 
		 To: Mark.Taylor@enron.com
		 cc: 
		 Subject: S&C Memo Re: Commodity Futures Trading Commission: Final Rulemaking 
for a New Regulatory


Re: Commodity Futures Trading Commission: Final Rulemaking for a New
Regulatory Framework for Multilaeral Transaction Execution Facilities,
Intermediaries and Clearing Organizations


                     Attached is a memorandum from Sullivan & Cromwell
concerning the above subject. A summary is also included at the end of
the text of this e-mail message.

                    The attached file is in Adobe Acrobat
format.  We believe most PCs will already have an Acrobat viewer
loaded; we can provide free copies if Acrobat is not already loaded,
and free copies can also be downloaded from the Adobe Acrobat web
site at www.adobe.com.  To view or print the memo use your e-mail
system's function for opening attachments in their native format.
Hard copies can be obtained from Ivy Moreno at S&C in New York,
telephone 212-558-3448, e-mail: Morenoi@sullcrom.com.


SUMMARY

                      On November 22, 2000, the Commodity Futures Trading
Commission ("CTFC")approved four releases setting out final rules for
regulatory reform (the "Final Rules").  The Final Rules largely follow
the proposed rules issued by the Commission on June 8, 2000.*
The Final Rules are to be effective 60 days after their publication in
the Federal Register.






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