[Federal Register: January 24, 2000 (Volume 65, Number 15)]
[Notices]
[Page 3667-3668]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr24ja00-33]

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COMMODITY FUTURES TRADING COMMISSION

RIN 3038-ZA05


Chicago Mercantile Exchange: Proposed Amendments to the Lean Hogs
Futures and Option Contracts Increasing the Contracts' Speculative
Position Limits

AGENCY: Commodity Futures Trading Commission.

ACTION:  Notice of availability of proposed amendments to contract
terms and conditions.

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SUMMARY: The Chicago Mercantile Exchange (CME or Exchange) has proposed
amendments to the Exchange's lean hogs cattle futures and option
contracts. The proposed amendments would increase to 2,400 contracts
from 2,000 contracts the speculative position limit applicable to
individual non-spot contract months. The proposed amendments also would
increase to 950 contracts from 650 contracts the speculative position
limit that is applicable to positions held on and after the close of
business of the fifth business day of the expiring contract month. The
proposed amendments were submitted under the Commission's 45-day Fast
Track procedures which provides that, absent any contrary action by the
Commission, the proposed amendments may be deemed approved on February
24, 2000--45 days after the Commission's receipt of the proposals. The
Acting Director of the Division of Economic Analysis (Division) of the
Commission, acting pursuant to the authority delegated by Commission
Regulation 140.96, has determined that publication of the proposed
amendments is in the public interest and will assist the Commission in
considering the views of interested persons, and is consistent with the
purposes of the Commodity Exchange Act.

DATES: Comments must be received on or before February 8, 2000.

ADDRESSES:  Interested persons should submit their views and comments
to Jean A. Webb, Secretary, Commodity Futures Trading Commission, Three
Lafayette Centre, 21st Street NW, Washington, DC 20581. In addition,
comments may be sent by facsimile transmission to facsimile number
(202) 418-5521, or by electronic mail to [email protected]. Reference
should be made to the proposed amendments to the CME lean hogs futures
and option contracts.

FOR FURTHER INFORMATION CONTACT: Please contact John Bird of the
Division of Economic Analysis, Commodity Futures Trading Commission,
Three Lafayette Centre, 21st Street NW, Washington, DC 20581, telephone
(202) 418-5274. Facsimile number: (202) 418-5527. Electronic mail:
jbird @cftc.gov

SUPPLEMENTARY INFORMATION: The lean hogs futures contract is cash
settled based on cash prices reported by the U.S. Department of
Agriculture during the last two trading days of expiring contract
month. Contract months for the

[[Page 3668]]

lean hog futures option contract that correspond to contract months for
the underlying lean hogs futures contract expire simultaneously with
such futures contract months. Currently, traders' combined positions in
the futures and option contracts are subject to speculative position
limits of 2000 contracts for positions held in individual non-spot
contract months and 650 contracts for positions held in the expiring
contract month from the close of business on the fifth business day of
that month through the last trading day of the expiring contract month
(the tenth business day of the month).
    The proposed amendments would increase the speculative position
limit applicable to individual non-spot contract months to 2,400
contracts from 2,000 contracts. The proposed amendments also would
increase to 950 contracts from 650 contracts the speculative limit
applicable from the close of business on the fifth business day of the
expiring contract month through the last trading day for that month.
    The CME intends to make the proposed amendments effective upon
Commission approval for all existing and newly listed contract months.
    The Commission is requesting comments on the proposed amendments.
    Copies of the proposed amendments will be available for inspection
at the Office of the Secretariat, Commodity Futures Trading Commission,
Three Lafayette Centre, 21st Street NW., Washington, DC 20581. Copies
of the proposed amendments can be obtained through the Office of the
Secretariat by mail at the above address, by phone at (202) 418-5100,
or via the Internet at [email protected].
    Other materials submitted by the Exchange in support of the
proposal may be available upon request pursuant to the Freedom of
Information Act (5 U.S.C. 552) and the Commission's regulations
thereunder (17 CFR Part 146 (1987)), except to the extent they are
entitled to confidential treatment as set forth in 17 CFR 145.5 and
145.9. Requests for copies of such materials should be made to the FOI,
Privacy and Sunshine Act Compliance Staff of the Office of Secretariat
at the Commission's headquarters in accordance with 17 CFR 145.7 and
145.8.
    Any person interested in submitting written data, views, or
arguments on the proposed amendments, or with respect to other
materials submitted by the Exchange, should send such comments to Jean
A. Webb, Secretary, Commodity Futures Trading Commission, Three
Lafayette Centre, 21st Street NW., Washington, DC 20581 by the
specified date.

    Issued in Washington, DC, on January 14, 2000.
Richard Shilts,
Acting Director.
[FR Doc. 00-1566 Filed 1-21-00; 8:45 am]
BILLING CODE 6351-01-M



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