UNITED STATES OF AMERICA
Before the
COMMODITY FUTURES TRADING COMMISSION

MICHAEL G. FRAINA

v.

CFTC DOCKET NO. 97-E-7

CITRUS ASSOCIATES OF THE

NEW YORK COTTON EXCHANGE          ORDER OF SUMMARY AFFIRMANCE          

Our review of the record and the parties' appellate submissions establishes that the findings and conclusions of the Citrus Associates of the New York Cotton Exchange, Inc. ("Exchange") are supported by substantial evidence and that the Exchange action otherwise accords with the standards of Commission Rule 9.33(c), 17 C.F.R. 9.33(c) (1997). We further conclude that the Exchange committed no error material to the outcome of this proceeding and that the parties have not raised important questions of law or policy meriting extended discussion. Accordingly, we affirm the Exchange's decision.

IT IS SO ORDERED.

By the Commission (Chairperson BORN, and Commissioners DIAL, TULL, HOLUM, and SPEARS).

________________________________
Catherine D. Dixon
Assistant Secretary of the Commission
Commodity Futures Trading Commission

Dated: September 30, 1997