All this will do is shift futures business overseas.

The turn of the year is an important time in the futures business for year 12 and 13 students.

The parent company of Refco filed for bankruptcy protection later that day, leaving its regulated futures business to be auctioned as an asset.

Last winter, some of the most powerful members of the futures business agreed to testify as character witnesses on Mr. Monieson's behalf.

Refco's futures business, remained relatively intact throughout the week's crisis.

First Boston officials said competition had reduced margins in the brokerage side of the futures business.

The company began withdrawing from the futures business last year when it sold its Securities Settlement Corporation unit.

The US, he points out, at one time had 100% of the financial futures business; now it has 40% or 50%.

Mr. Armstrong's trading accounts were responsible for 90 percent of the futures business at Republic Securities, according to prosecutors.

His frequent trips to Capitol Hill are credited with staving off tighter Federal regulation of the futures business.