CFTC�S AGRICULTURAL ADVISORY COMMITTEE

TO MEET ON AUGUST 12, 1998

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The CFTC�s Agricultural Advisory Committee (AAC), Chaired by Commissioner David D. Spears, will hold its next meeting on Wednesday, August 12, 1998, from 1:00 to 5:00 p.m. The meeting, the AAC�s 25^th, will be held at the Commission�s Washington D.C. headquarters, at Three Lafayette Centre, 1155 21st Street N.W., in the first floor hearing room. The meeting is open to the public.

The Committee�s first item of business will be a status report by CFTC staff on the Commission�s Agricultural Trade Options Pilot Program, followed by a discussion of the Program among the Committee members.

Michael Greenberger, Director of the Commission�s Division of Trading and Markets, and John Damgard, President of the Futures Industry Association, will lead the Committee in a discussion entitled, "The Future of Futures � A Discussion of Current Developments, Including Electronic and Off-Exchange Trading." Also, staff members of the House and Senate

Agriculture Committees will present an "Overview of the Upcoming CFTC Reauthorization."

In addition, the Committee will receive and discuss reports from Commission staff concerning two pending rulemaking proposals: (1) "Increasing Speculative Position Limits for Certain Agricultural Commodities;" and (2) "Amending CFTC Guideline 1, Contract Market Designation Requirements."

The AAC was created by the CFTC for the purpose of giving advice to the Commission concerning agricultural issues. For further information about the AAC meeting, contact Jennifer Roe at (202) 418-5040.