[Federal Register: December 31, 2007 (Volume 72, Number 249)]
[Proposed Rules]
[Page 74213]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr31de07-15]

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COMMODITY FUTURES TRADING COMMISSION

17 CFR Part 150

RIN 3038-AC51


Revision of Federal Speculative Position Limits

AGENCY: Commodity Futures Trading Commission.

ACTION: Reopening of comment period.

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SUMMARY: The Commodity Futures Trading Commission is reopening the
period for public comment to provide interested persons additional time
to comment on certain proposed amendments pertaining to the Federal
speculative position limits for agricultural commodities.

DATES: Comments must be received by January 21, 2008.

ADDRESS: Comments should be submitted to David A. Stawick, Secretary,
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st
Street, NW., Washington, DC 20581. Comments may be sent by facsimile to
202.418.5521, or by e-mail to secretary@cftc.gov. Reference should be
made to the ``Proposed Revision of Federal Speculative Position
Limits.'' Comments may also be submitted through the Federal
eRulemaking Portal at http://frwebgate.access.gpo.gov/cgi-bin/leaving.cgi?from=leavingFR.html&log=linklog&to=http://www.regulations.gov http://www.regulations.gov.


FOR FURTHER INFORMATION CONTACT: Don Heitman, Attorney, Division of
Market Oversight, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street, NW., Washington, DC 20581, telephone (202)
418-5041, facsimile number (202) 418-5507, electronic mail 
dheitman@cftc.gov; or Martin Murray, Economist, Division of Market

Oversight, telephone (202) 418-5276, facsimile number (202) 418-5507,
electronic mail mmurray@cftc.gov.

SUPPLEMENTARY INFORMATION: The Commission is reopening the period for
public comment on proposed amendments to regulation 150.2.\1\ The
amendments were proposed on November 21, 2007 and the comment period
initially closed on December 21, 2007.\2\ The amendments, if adopted by
the Commission, would increase the Federal speculative position limits
enumerated in regulation 150.2 for all single-month and all-months-
combined positions in all commodities except oats, pursuant to
parameters specified in Commission regulation 150.5(c). The amendments
would also aggregate positions in all designated contract market
products that share substantially identical terms with the contracts
enumerated in regulation 150.2 for the purposes of ascertaining
compliance with the Federal speculative position limits.
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    \1\ 17 CFR 150.2.
    \2\ 72 FR 65783 (November 21, 2007).
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    By letter dated December 7, 2007, the National Grain and Feed
Association, an association representing companies that utilize
exchange traded agricultural contracts to manage price and inventory
risks,\3\ and by letter dated December 14, 2007, the American Bakers
Association, an association representing the interests of the wholesale
baking industry,\4\ requested an extension of the comment period to
better develop a response to Commission's proposed amendments. While
the Commission has received commentary on the proposed amendments,\5\
it believes that it would be appropriate to reopen the comment period
to ensure that an adequate opportunity is provided for the submission
of additional meaningful and substantive comments. Accordingly, the
Commission has determined to reopen the comment period for the proposed
amendments to regulation 150.2 to January 21, 2008. The Commission
notes that it will give full consideration to any comment received in
the interval between the closing and reopening of the comment period
for the proposed amendments.
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    \3\ Letter from Rod Clark, Chair, Risk Management Committee,
National Grain and Feed Association, to David A. Stawick, Secretary
of the Commission (December 7, 2007) (on file with the Commission).
    \4\ Letter from Lee Sanders, Senior Vice President, Government
Relations & Public Affairs, Corporate Secretary, American Bakers
Association, to David A. Stawick, Secretary of the Commission
(December 14, 2007) (on file with the Commission).
    \5\ Comment File: 07-014, available at http://http://www.cftc.gov/LawRegulation/PublicComments/07-014.html
.


    Issued in Washington, DC, on December 21, 2007 by the
Commission.
David A. Stawick,
Secretary of the Commission.
[FR Doc. E7-25344 Filed 12-28-07; 8:45 am]

BILLING CODE 6351-01-P