UNITED STATES OF AMERICA
Before the
COMMODITY FUTURES TRADING COMMISSION

Our review of the record and the parties' appellate submissions establishes that the findings and conclusions of the New York Cotton Exchange ("exchange") are supported by substantial evidence. 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 decision of the exchange's Supervisory Committee.

IT IS SO ORDERED.

By the Commission (Chairperson BORN and Commissioners TULL, HOLUM and SPEARS).� Commissioner NEWSOME not participating.

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

Dated: August 19, 1998