[Federal Register: April 24, 1997 (Volume 62, Number 79)]
[Page 19992-19993]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]



Chicago Board of Trade Futures Contracts in Corn and Soybeans;
Notice That Delivery Point Specifications Must be Amended

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of, and request for public comment on, response of the
Chicago Board of Trade to Notification to amend delivery


SUMMARY: The Commodity Futures Trading Commission (``Commission'') by
letter dated December 19, 1996,

[[Page 19993]]

notified the Board of Trade of the City of Chicago (``CBT''), under
section 5a(a)(10) of the Commodity Exchange Act, 7 USC 7a(a)(10), that
the delivery terms of the CBT corn and soybeans futures contracts no
longer accomplish the objectives of that section of the Act. Under
section 5a(a)(10), the CBT was required to respond by March 4, 1997,
seventy-five days from the date of the notice.
    By letter dated March 4, 1997, from Patrick H. Arbor to Chairperson
Brooksley Born, the CBT responded by providing to the Commission a
status report of its actions. In that response, the CBT reported that a
``working alternative'' had been approved by the exchange board and
would be forwarded to the membership for a vote. The Commission
understands that on April 15, 1997, the CBT's membership approved this
``working alternative.''
    On March 14, 1997, the Commission provided notice of the CBT's
working alternative in order to provide the public with an opportunity
to comment to the Commission on the working alternative (62 FR 12156).
In that notice, public comments were requested by March 31, 1997.
Subsequently, to give interested parties an opportunity to comment on
the working alternative, the Commission extended the comment period to
April 15, 1997 (62 FR 14673). The Commission has determined to extend
the comment period for an additional 60 days.

DATES: Comment must be received by June 16, 1997.

ADDRESSES: Comments should be mailed to the Commodity Futures Trading
Commission, Three Lafayette Centre, 1155 21st Street, NW, Washington,
DC 20581, attention: Office of the Secretariat; transmitted by
facsimile at (202) 418-5521; or transmitted electronically at
[secretary@cftc.gov]. Reference should be made to ``Corn and Soybean
Delivery Points.''

Blake Imel, Acting Director, or Paul M. Architzel, Chief Counsel,
Division of Economic Analysis, Commodity Futures Trading Commission,
Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581,
(202) 418-5260, or electronically, Mr. Architzel at

SUPPLEMENTARY INFORMATION: The Commission has determined to extend the
comment period for the subject notice. The comment period has been open
for only 32 days. The CBT's membership approved the working alternative
on April 15, and submitted the associated amendments to the corn and
soybeans futures contracts for the Commission's approval on April 17,
1997. In view of the Commission's desire to obtain as much information
as possible to analyze these significant proposals and the fact that
the Commission has received requests from the public to extend the
comment period, the Commission believes that an extension of the
comment period until June 16, 1997, would give interested parties
sufficient additional time to evaluate the proposal and to submit their
comments thereon to the Commission.

    Issued in Washington, D.C. on April 18, 1997.
Catherine D. Dixon,
Assistant Secretary of the Commission.
[FR Doc. 97-10579 Filed 4-23-97; 8:45 am]

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