 accepted, a broker or the broker's clerk must:

(a)  confirm the terms of the order with the customer;
(b)  accurately execute the order according to its terms;
(c)  confirm the execution of the order to the customer as soon as
practicable; and
(d)  transmit such executed order to the Clearing Member as soon as
practicable in accordance with Exchange Rules and procedures.

2.   Use of Other Persons.  Unless otherwise agreed in writing, the
executing broker is allowed to use the services of another broker in
connection with the broker's obligations under these rules.  The executing
broker remains responsible to the customer and Clearing Member under these
rules.

3.    Executing Broker Responsibility for Verifying Clearing Member
Authorization.  Prior to a broker accepting and executing an initial order
for any new customer account, the executing broker must confirm with the
Clearing Member by telephonic, electronic or written means, that:
(f)  the customer has a valid account with the Clearing Member;
(g)  the account number;
(h)  the brokerage rate;
(i)  the customer is authorized by the Clearing Member to place orders with
the executing broker for that account; and
(j)  a listing or summary of persons authorized to place orders for that
account.
The executing broker must retain a copy of the authorization or the
specifics of the telephonic confirmation, which includes: opposite party,
date, time, and any other relevant information.  The falsification of such
information shall be the basis for disciplinary action.

4.   Rejection of Customer Order.  Where an executing broker has confirmed
Clearing Member authorization to execute orders on behalf of a customer in
accordance with this Rule 9.11A, the broker may, in the broker's
discretion, reject an order that the customer transmits to the broker for
execution.  The broker shall promptly notify the customer and the Clearing
Member(s) of any such rejection.










      Carr Futures
      150 S. Wacker Dr., Suite 1500
      Chicago, IL 60606  USA
      Tel:  312-368-6149
      Fax:  312-368-2281
      soblander@carrfut.
accepted, a broker or the broker's clerk must: 

 (a)   confirm the term of the decree with the customer; 
 (b)   accurately execute the order according to its price; 
 (c)   confirm the execution of the order to the customer equally soon as 
 practicable; and 
 (d)   transmit such executed ordering to the Clearing Member as soon as 
 practicable in accord with Exchange Rules and procedures. 

 2.    Use of Other Persons.   Unless otherwise agreed in writing, the 
 execute broker is allowed to use the services of another broker in 
 association with the broker's obligations under these rules.   The execution 
 broker remains creditworthy to the customer and Clearing Member under these 
 rules. 

 3.     perform Broker Responsibility for Verifying Clearing Member 
 Authorization.   Prior to a broker accept and executing an initial order 
 for any new customer report, the executing broker must confirm with the 
 Clearing Member by telephonic, electronic or written means, that: 
 (f)   the customer has a valid score with the Clearing Member; 
 (g)   the report number; 
 (h)   the brokerage rate; 
 (i)   the customer is authorized by the Clearing Member to place order with 
 the execute broker for that account; and 
 (j)   a list or summary of person empower to place orders for that 
 report. 
 The execute broker must retain a copy of the authority or the 
 specifics of the telephonic confirmation, which includes: opposite party, 
 date, time, and any other relevant data.   The falsification of such 
 information shall be the basis for disciplinary action. 

 4.    Rejection of Customer Order.   Where an executing broker has confirm 
 Clearing Member authorization to execute orders on behalf of a customer in 
 accordance with this Rule 9.11A, the broker may, in the agent's 
 discretion, reject an order that the customer transmits to the broker for 
 execution.   The broker shall promptly notify the customer and the Clearing 
 Member(s) of any such rejection. 










       Carr Futures 
       150 S. Wacker Dr., Suite 1500 
       Chicago, IL 60606   USA 
       Tel:   312 - 368 - 6149 
       Fax:   312 - 368 - 2281 
       soblander@carrfut.
 acfepted, a broker or the bvoker's clerk musj:

(a)  confmrm the terms ow the order with the customec;
(b)  qccurqtely execute the ordef accordijg to itw tecms;
(c)  confirm thx executljn or the irder to the costomer as smon as
practicatld; cnd
(d)  transmit such executed order tj the Ckewring Member af sopg as
lgagticable in accordance with Exchznge Runes and procecures.

2.   Use of Other Persojs.  Knless otherwise ahreed in wrutind, the
executine broker is allowed to use the services of another bruker nn
connectiob qitj the broker'w oblpgations undev these rules.  The executing
nrokec renains responsible to vhe customer and Clewring Memtex under these
rules.

3.    Ezecuthng Trokde Rdspknxigility foc Verifying Clearing Mwmber
Authorization.  Pwppr to a broksr accqpeing and executing an initial order
for dny new customer account, tye executing broker most confiri with the
Clearing Member by telephonic, electroniw or xrktttn meanr, tjat:
(f)  the customer has a valid account with trs Vlvaring Member;
(g)  tme account number;
(h)  hhr brokerage raje;
(i)  thz chstomer is authorixed by jhe Clwaring Meiber to place orders with
the exwcuting brokvr fir that account; anb
(j)  a listiny or sommary of persons authorized co plade orders flr that
acduunt.
The executine bgokes must rtgain a copy of thq authorivatiou or the
rpecofics jf the telfphonlw confirmation, whifh ineludev: opposite party,
date, time, and any other rxkevant inforkadiot.  The fclsifigation of such
igformation shakl be tke basks for disbiplinary action.

4.   Rqjection of Cgdtomer Order.  Where wn ezecuring bruyer has confirked
Cleariuy Member quthorization to ewecutg krders on behaly if a customer im
aczorqajcx witr this Rule 9.11A, the bruler mxy, in the bvokdr's
doscretion, reject an mrded that the customet bransmits to the froker for
exevution.  The broker shaln pcomptlu njtify the customer and the Clezring
Membfr(s) of any such rejcctijn.










      Caxr Futures
      150 S. Wacker Dr., Suite 1500
      Chicago, IL 60606  USA
      Tel:  312-368-6149
      Fax:  312-368-2281
      soblender@cwrrfut.
accepted, a broker or the broker's clerk confirm terms of order with the order to its terms; confirm the execution the order to the customer as as practicable; and (d) transmit such executed order to the Clearing Member as as practicable in accordance with Exchange Rules and procedures. 2. Use of Other Unless agreed writing, executing broker is allowed to use the services of another broker in connection with the broker's under these rules. The executing broker remains responsible the customer and Clearing under these rules. 3. Executing Responsibility Verifying Clearing Authorization. to broker accepting and an initial order for any new customer account, the executing broker must confirm with the Clearing Member telephonic, electronic means, that: the has valid account with Member; (g) the account number; (h) (i) the customer is authorized by the Clearing to place with the executing broker for that and (j) a listing or summary of persons to place orders for that account. The executing broker must retain a copy of the the specifics of the confirmation, which includes: party, time, any relevant information. falsification of such information shall be the basis for disciplinary action. Rejection of Customer Order. Where an executing broker has confirmed authorization execute orders on of a customer in with Rule 9.11A, the broker the discretion, that customer to the broker for The broker shall promptly notify customer and the Clearing Carr Futures 150 S. Wacker Dr., Suite 1500 IL 60606 USA Tel: 312-368-6149 Fax: 312-368-2281
 accepted, a broker or the brokeR's clerk musT:

(a)  conFirM thE tErms Of thE order with the cUStomEr;
(b)  accurately execute thE ordeR aCCordINg To its Terms;
(c)  cONfIRM thE eXeCutIoN Of The orDer To the cuStomer as soOn aS
pRacticable; anD
(D)  tRansmit sucH exEcuted order tO thE ClearInG MeMBer as SooN as
prActicaBLe in acCordance wItH exchanGE Rules aND PrOcedUres.

2.   Use of Other PerSOnS.  unless otherwisE agreeD iN WrITIng, The
Executing bRoKer is ALlowed tO UsE THE seRVices of anotheR broker in
coNNecTion wiTh The BRoker's ObligAtIOns Under these rUles.  the executIng
broKEr remaiNS responSible tO thE cuStomER aNd cleArINg MEMbEr uNDer These
rulEs.

3.    exEcutiNg BrOKER respOnsIbilIty foR Verifying CleAriNg MeMBer
authoRizatIon.  PRiOr to a Broker AccepTiNg and executing aN iniTial order
For AnY neW cUstomER accouNt, tHe eXecutinG broker MUst CoNFIRm With the
Clearing MemBeR BY tElephoniC, electROnIc OR written MeAns, That:
(F)  THe cusTomeR HaS a valid aCcount WItH tHe ClearInG MembeR;
(g)  The AccOunt nUMber;
(H)  the brOkerage rAte;
(i)  tHE customer is autHOrized by the ClEArING MEMber To pLace orders wIth
tHE exeCutiNG bRokER for tHat acCoUNt; ANd
(j)  a listing or summarY oF persoNs autHorized to placE orders for THAT
account.
the eXEcUTing broker must RetaiN a copy of thE AuthorizAtion Or the
speCifics of tHE TelephonIc cOnfIrmAtiON, WhIch includes: opPOSite PaRty,
date, TimE, and any OthEr rEleVanT iNformatioN.  The falsIfIcAtIoN of Such
iNFormatioN sHalL bE thE basiS For disCipliNary AcTiON.

4.   ReJection OF CUSTomeR ORdEr.  WhEre An ExecuTing BRokEr has coNfirmed
ClEarINg MeMbEr AuthoriZation to execuTe Orders on beHaLf oF a custOMEr in
accoRdance with this Rule 9.11A, the bROker may, In tHe broKer's
DiscretioN, reJect an OrdER that tHe custOmer tRaNsmITS to thE BRoKer FoR
execution.  tHE brOker sHaLl prOmptly nOtify the customer anD The clearing
MembeR(s) oF any SUCh RejECtIOn.










      CArR futUREs
      150 S. Wacker Dr., SuitE 1500
      Chicago, IL 60606  uSa
      teL:  312-368-6149
      Fax:  312-368-2281
      soblanDEr@cArRfut.
 accepted, a broker or the  broker'sclerk  mu st: 
(a) con firm the terms of t he order with the cust omer; 
( b )  a c cu ratel y execu t et h e o rd er  ac co r di ng to  it s terms ;
(c)  con fir mthe executio n  o f the orde r t o the custom eras soo nasp racti cab le; a nd
(d)  trans mit suchex e cutedo rder to t he  Cle aring Member as s o on as
practicable  in ac co r da n c e w ith  ExchangeRu les a n d proce d ur e s . 

2 .    Use of Oth er Persons.  Un less o th erw i se agr eed i nw rit ing, the
ex ecut ing broke r is a l lowed t o  use th e serv ice s o f an o th er  br ok e r i n 
c onn e cti on withth ebroke r'so b l i gati ons  und er th ese rules.  T heexec u tin g
bro ker r emai ns  resp onsibl e toth e customer andClea ring Memb erun der  t heser ules.
3.    Execut ing Bro k erRe s p o ns ibility for Verify in g Cl earing M emberA ut ho r ization.  Pri or t o a bro kera cc epting a nd exe c ut in g an in it ial or de r
f orany n e w cu stomer  account , the executing brok e r must confir m  w i t ht he
C lea ring Member  byt elep honi c ,ele c troni c orwr i tt e n means, that:
(f) t he cus tomer  has a validaccount wi t h the Clea ring Me m ber;
(g)  theaccou nt number; (h)  the  brok erage ra te;
(i) t h e custom erisaut hor i z ed  by the Clear i n g Me mb er to p lac e order s w ith 
th e e xe cuting br oker for  t ha tac cou nt; a n d
(j)  a  l ist in g o r sum m ary of  pers onsau th o riz ed to p l ac e orde rs  f or t hat 
a ccoun t.
T h e e xecutin g brokermus t  ret ai na copyof the author iz ation or t he 
sp ecific s of the t elephonic confirmation, which i ncl udes:  opp osite par ty, 
date,  ti m e, and  any o therre lev a n t inf o r ma tio n.   The fals i f ica tionof  suc h
infor mation shall be th e  ba sis for disci pli nary a ct ion . 
4 .  R e jec t i on of CustomerOrder.  Wh er e  a n executin g  br ok er hasconfirm ed
Cl e aring M ember aut horizatio nto e x e cut e orders o n behalf  of a cus t omeri naccor dan ce wit hthi s Rul e 9.11 A , t he br oker m ay , in t he br ok er's
dis cretion, reject an orde r that  thecus tomer tra nsm i tsto the br oker  for
execu tio n. Thebro k er sh allp ro mpt l y not ifyt he custom e rand t he  Clearing
M e m b er( s) of  an y  suchreje ction.









     Carr Futu res   15 0  S.Wa cker Dr., Suit e 1 50 0       Ch ic ago, IL 606 06  USA    Te l:  31 2-368- 6149
  F ax:  3 12-3 68- 2281
     s ob l ander@c ar rf u t.
 accepted,_a broker_or the broker's clerk_must:

(a) _confirm_the terms_of_the order with_the customer;
(b) _accurately execute the order_according to its_terms;
(c)_ confirm the execution of the order to the customer as soon as
practicable; and
(d)__transmit such_executed_order_to the Clearing Member as_soon as
practicable in accordance with_Exchange Rules_and procedures.

2.   Use of Other Persons.__Unless otherwise agreed_in writing, the
executing broker is allowed to use the_services of another broker in
connection with_the broker's obligations_under_these_rules.  The executing
broker_remains responsible to the customer and_Clearing Member under these
rules.

3.  _ Executing Broker Responsibility for Verifying Clearing_Member
Authorization.  Prior to a broker_accepting and executing an initial_order
for any_new customer account, the executing_broker must confirm_with the
Clearing_Member by telephonic,_electronic or written means, that:
(f) _the customer has_a valid account with the Clearing_Member;
(g)_ the account_number;
(h)__the brokerage_rate;
(i)  the_customer_is authorized_by_the Clearing Member to place orders_with
the_executing broker for that account; and
(j) _a listing or summary_of_persons authorized to place_orders for that
account.
The executing broker_must retain a copy of the_authorization or_the
specifics of_the telephonic confirmation, which includes: opposite party,
date, time, and any other_relevant information.  The falsification of_such
information shall be the_basis for_disciplinary_action.

4.  _Rejection_of Customer_Order.  Where an executing broker has_confirmed
Clearing Member_authorization to execute orders on behalf_of a customer in
accordance_with_this Rule 9.11A, the broker may,_in the broker's
discretion, reject an order_that the customer transmits to_the_broker_for
execution.  The broker shall_promptly notify the customer and the_Clearing
Member(s) of any_such rejection.










     _Carr_Futures
     _150_S. Wacker Dr., Suite 1500
 ___  Chicago, IL 60606_ USA
    _ Tel:  312-368-6149
     _Fax:  312-368-2281
_    _soblander@carrfut.