Successfully defended a major US secruities firm in a proceeding before an NASD arbitration panel in which claimant, a foreign national, sought damages of $7 million based on fraud claims in connection with futures trading on the Chicago Mercantile Exchange. After 12 hearing days, the arbitration panel rendered an award for claimant, but assessed damages of less than 8% of the amount sought. The case involved expert proof concerning standards in the futures industry, as well as some difficult regulatory issues.