UNITED STATES OF AMERICA

BEFORE THE

COMMODITY FUTURES TRADING COMMISSION

In the Matter of

HOWARD MILLER

CFTC Docket No. 92-4

ORDER DENYING STAY

Respondent Howard Miller seeks to stay the Commissionís March 12, 1998 opinion and order in this matter pending review by the U.S. Court of Appeals for the Ninth Circuit. The Division of Enforcement ("Division") opposes the motion. Millerís two-paragraph motion states merely that he "believes and therefore submits . . . that there exists a likelihood" that the Ninth Circuit will modify the Commissionís opinion and order, and that "denial of the motion to stay . . . will result in irreparable harm" to him. Motion to Stay at 1 (filed March 30, 1998). He also states that neither the Commission nor the public would be harmed by the grant of a stay. Id. at 1-2. Miller has accurately recited the elements of the stay standard applied by the Commission, see, e.g., In re LaCrosse, [Current Transfer Binder] Comm. Fut. L. Rep. (CCH) ∂ 26,954 at 44,628 (CFT Feb. 13, 1997), but has failed to demonstrate his compliance with the standard. Accordingly, the motion is denied.

IT IS SO ORDERED.

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

________________________________`

Jean A. Webb

Secretary of the Commission

Commodity Futures Trading Commission

Dated: April 15, 1998