1st Session COMMITTEE PRINT For sale by the Superintendent of Documents, Congressional Sales Office COMMITTEE ON AGRICULTURE E (KIKA) DE LA GARZA, Texas, Chairman WALTER B. JONES, North Carolina HARLEY O. STAGGERS, JR., West Virginia TIMOTHY J. PENNY, Minnesota RICHARD H. STALLINGS, Idaho JIM JONTZ, Indiana TIM JOHNSON, South Dakota CLAUDE HARRIS, Alabama BEN NIGHTHORSE CAMPBELL, Colorado MIKE ESPY, Mississippi BILL SARPALIUS, Texas JILL L. LONG, Indiana 2 ROY DYSON, Maryland H. MARTIN LANCASTER, North Carolina EDWARD R. MADIGAN, Illinois, E. THOMAS COLEMAN, Missouri ROBERT F. (BOB) SMITH, Oregon BILL SCHUETTE, Michigan FRED GRANDY, Iowa WALLY HERGER, California CLYDE C. HOLLOWAY, Louisiana JAMES T. WALSH, New York BILL GRANT, Florida 3 CONTENTS APRIL 18, 1989 REGULATORY STRUCTURE AND REGISTRATION SYSTEM Page Cherry, Bill, staff director, Subcommittee on Conservation, Credit, and Rural McDonald, James E., staff assistant, Subcommittee on Conservation, Credit, and Rural Development, House Committee on Agriculture, prepared state- Clearance, Payment, and Settlement Systems in the Futures, Options, and Stock Markets, document, Roger D. Rutz, president and chief exec- utive officer, Board of Trade Clearing Corporation, Chicago, IL McDonald, James E., staff assistant, Subcommittee on Conservation, Credit, and Rural Development, House Committee on Agriculture, prepared state- |