McCormick said it expected the acquisition to be completed before the end of the year, Stotler was one of the nation's largest futures brokers.

He was now working for another futures broker and wanted these both for his own business, and to put into a mailing list he would sell.

An ex-DPR salesman had started at Stox, a new futures broker.

Malone nodded as if he understood; but he would have to ask Russ Clements, the human data bank, to explain what futures brokers did.

For one, the average futures broker depends on commissions for the bulk of his income.

The recent collapse of Refco, the futures broker, is a case in point.

But most futures brokers normally require much more "good faith money" from customers who are not trade hedgers.

Refco is the commodities and futures broker that recently filed for bankruptcy protection after its chief executive was charged with securities fraud.

When the Hong Kong markets reopened, they plunged a staggering 33 percent, and there were huge defaults by futures brokers.

Mr. Collins, 30, is a financial futures broker and a member of the Chicago Board of Trade.