MEMORANDUM

To:	File No. S7-16-01
From:	Hong-Anh Tran
Date:	January 31, 2002
RE:	Customer Margin Proposals Relating to Security Futures

On November 19, 2001, the SEC and CFTC met with the Securities Industry Association ("SIA") and the Futures Industry Association ("FIA") to discuss the customer margin proposal relating to security futures.