UNITED STATES OF AMERICA
                                      Before the
                          SECURITIES AND EXCHANGE COMMISSION


     SECURITIES EXCHANGE ACT OF 1934
     Release No. 38855 / July 21, 1997

     ADMINISTRATIVE PROCEEDING
     File No. 3-9054

          ___________________________________
                                             :
          In the Matter of                   :    ORDER AMENDING APPENDIX A
                                             :    TO ORDER INSTITUTING
          REFCO SECURITIES, INC.             :    PUBLIC ADMINISTRATIVE
                                             :    PROCEEDING, MAKING
                              Respondent.    :    FINDINGS, IMPOSING
                                             :    REMEDIAL SANCTIONS AND
                                             :    ISSUING CEASE-AND-DESIST
                                             :    ORDER 
          ___________________________________:
                                                   


          On August 6, 1996, the Securities and Exchange Commission
     ("Commission") instituted public administrative proceedings against Refco
     Securities, Inc. ("RSI") and accepted RSI's Offer of Settlement pursuant to
     the Order Instituting Public Administrative Proceeding, Making Findings,
     Imposing Remedial Sanctions and Issuing Cease-and-Desist Order, SEA Release
     No. 37531 (August 6, 1996) (the "Order").  Pursuant to its undertakings in
     the Order, RSI has submitted to the Commission, for its approval, a Plan of
     Distribution ("Plan") for payment of $3,250,000 to the defrauded clients of
     Steven D. Wymer ("Wymer").

          The Order provides that "[t]he Participating Client's Share of
     Distribution shall be reduced by the amount of any prior settlement with
     RSI of any claim relating to Wymer's fraudulent conduct.  Such amounts
     deducted from the Participating Client's Share of Distribution shall be
     distributed, pro rata, to those Participating Clients who have not settled
     with RSI."  (Appendix A, Section III).  In connection with the
     implementation of the Plan, the Division of Enforcement has requested the
     Commission to modify the Order by deleting this language, and RSI has
     agreed to this modification.  One Participating Client reached a prior
     settlement with RSI.  The Plan, as amended, does not reduce this
     Participating Client's Share of Distribution because the Participating
     Client settled its Wymer-related claims with RSI based on an understanding
     that the Participating Client would receive a full Share of Distribution
     from the Plan.

          The Commission has determined that it is appropriate to delete the
     above-quoted provision from the Order.







          Accordingly, IT IS HEREBY ORDERED that the Plan of Distribution is
     APPROVED.  The Order is modified to conform to the Plan of Distribution by
     deleting the first two sentences of Section III of Appendix A.

          By the Commission.



                                        Jonathan G. Katz
                                        Secretary











































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