THE CFTC AND THE ITALIAN COMMISSIONE NAZIONALE PER LE SOCIET� E LA BORSA SUPPLEMENT MOU

WASHINGTON -- The US Commodity Futures Trading Commission (CFTC) and the Commissione Nazionale per le Societ� e la Borsa (Consob), the Italian securities regulator, today announced an exchange of letters supplementing their June 1995 Memorandum of Understanding (MOU) on Consultation and Mutual Assistance for the Exchange of Information. The exchange of letters is intended to facilitate the listing of equity-based futures contacts that have as their underlying reference a stock index that includes a security or securities listed and traded on the Italian or United States markets. Pursuant to the supplemental arrangements, the CFTC may pass information obtained from the Consob to the Commodity Exchange, Inc., which has listed equity-based futures contracts based on a stock index that includes securities traded on Italian regulated markets, subject to confidentiality requirements and use limitations. The supplemental arrangements for information sharing permit enhanced market surveillance on both the equity-based futures contract and on the cash market in the securities included within the underlying stock index.

Commenting on these arrangements, William Rainer, Chairman of the CFTC, noted: "I am pleased to support practical steps to enhance information sharing arrangements regarding correlated products traded in international markets."