UNITED STATES OF AMERICA
Before the
COMMODITY FUTURES TRADING COMMISSION

On October 29, 1998, we received a notice of appeal and petition from Global Futures Holdings, Inc. ("Global") asking us to stay the effective date of a final order of the National Futures Association ("NFA") pending Commission review. The NFA appeals decision, dated October 13, 1998, affirmed the Hearing Panel's order which imposed a $7,500 fine against Global and prohibited it from acting as an introducing broker unless it operated under a valid guarantee agreement, effective thirty days after service of notice in accordance with Commission Rule 171.22, 17 C.F.R. � 171.22 (1998).

According to Global's petition for a stay, the fine imposed by the NFA is excessive and will cause undue hardship to Global, possibly forcing it to cease doing business. (Pet. at 1). NFA opposes the petition, arguing that Global has not met the burden required for a stay pursuant to Commission Rule 171.22, 17 C.F.R. � 171.22 (1998), because Global has not demonstrated it is likely to prevail on the merits or that it will be harmed irreparably without a stay. (Opp. Br. at 3, 4.)

In considering whether to grant a stay, we consider the four factors enunciated in Commission Rule 171.22(c), 17 C.F.R. � 171.22(c) (1998):

1) whether the petitioner is likely to prevail on the merits;

2) whether the petitioner will be irreparably harmed without a stay;

3) whether the issuance of a stay will substantially harm other parties;

and

4) whether a stay will adversely affect the public interest.

A party seeking a stay must demonstrate that the injury claimed is "both certain and great." Cuomo v. U.S. Nuclear Regulatory Commission, 772 F.2d 972, 976 (D.C. Cir. 1985); Grandview Holding Corp. v. NFA, [1994-1996 Transfer Binder] Comm. Fut. L. Rep. (CCH) � 26,708 at 43,954 (CFTC May 30, 1996). Monetary loss alone generally does not rise to the level of irreparable harm. See In re Gilchrist, [1990-1992 Transfer Binder] Comm. Fut. L. Rep. (CCH) � 25,024 (CFTC Mar. 27, 1991).

Because we find that Global has not made the required showing of irreparable harm, we need not consider whether the other criteria for a stay have been met. The petition for a stay is denied.

IT IS SO ORDERED.

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

Dated: November 24, 1998