Before the



   In the Matter of  :

                     : CFTC Docket Nos.  91-10 and SD 93-17


       JOHN H. RYAN  :   ORDER


Respondent John H. Ryan has asked us to stay the effectiveness of our decision of April 25, 1997 pending his appeal to the U.S. Court of Appeals for the Seventh Circuit. In that decision, we denied Ryan's application for floor trader registration and imposed a six-year trading ban. Our decision terminates Ryan's trading privileges as of May 27, 1997.

A litigant seeking a stay must show that he or she will suffer irreparable harm if a stay is denied, that he or she is likely to succeed on the merits, and that neither the public interest nor the interests of any other party will be adversely affected if a stay is granted. Wisconsin Cent. Ltd. v. Public Serv. Comm'n of Wisconsin, 95 F.3d 1359 (7th Cir. 1996); Cronin v. U.S. Dep't of Agriculture, 919 F.2d 439 (7th Cir. 1990).

Ryan makes no persuasive argument that he is likely to succeed on the merits of his appeal. Rather, his argument is limited to the contention that our decision did not give sufficient weight to certain evidence in the record. In this regard, he takes issue with matters fully considered in our opinion and does not show how our analysis is incorrect as a matter of law. A persuasive showing under this factor of the stay standard is a prerequisite to the relief he requests. Roland Machinery Co. v. Dresser Industries, Inc., 749 F.2d 380 (7th Cir. 1984). Because Ryan has failed to make a sufficient argument in favor of his appellate success, his request for a stay must be denied.

Ryan also asks us to consider evidence outside the record on review. Specifically, he refers to his trading record during the period after the ALJ issued his decision. However, Commission Rule 10.104, 17 C.F.R. 10.104 (1997), requires us to base our determination on the record of this proceeding. Moreover, to the extent that Ryan suggests that his willingness to restrict his role to trading solely for his own account should justify a stay, we note that the standards for registration of floor traders do not differ from those for floor brokers. Accordingly, we deny Ryan's motion to stay.


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: May 30, 1997