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Re: CUBS 2 and TOPS 11.5



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I sent a inquiry to the CFTC Division of Trading and Markets asking about
their regulation and oversight of exchange and broker electronic order
systems. I also provided a sampling of the scores of outage notices I have
saved in my e-mail filing cabinet and indicated that problems with
electronic trading are a major topic of discussion on part of off-floor
traders.

I received an acknowledgement from the Associate Director of T&M and will
report if anything substantive develops.

Earl