Federal Register July 30, 1999 New York Mercantile Exchange, Comex Division, Amendment To Petition for Exemption From the Dual Trading Prohibition in Affected Contract Markets

[Federal Register: July 30, 1999 (Volume 64, Number 146)]
[Notices]
[Page 41396-41397]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr30jy99-55]

=======================================================================
-----------------------------------------------------------------------

COMMODITY FUTURES TRADING COMMISSION


New York Mercantile Exchange, Comex Division, Amendment To
Petition for Exemption From the Dual Trading Prohibition in Affected
Contract Markets

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of amendment and update to a petition for exemption from
the prohibition on dual trading in an affected contract market.

-----------------------------------------------------------------------

SUMMARY: The New York Mercantile Exchange (``NYMEX'' or ``Exchange''),
Comex Division (``Comex''), has submitted to the Commodity Futures
Trading Commission (``Commission'') an additional update to the
Commodity Exchange, Inc., October 21, 1993 petition for exemption from
the prohibition against dual trading in two contract markets. The
additional amendment requests an exemption for a new affected contract
market. Copies of the entire file, including any future submissions,
will be available to the public upon request, except to the extent the
Exchange has requested confidential treatment.

ADDRESSES: Copies of the file are available from the Office of the
Secretariat, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street, NW, Washington, DC 20581. Reference should be
made to the Comex dual trading exemption petition file.

FOR FURTHER INFORMATION CONTACT: Duane C. Andresen, Special Counsel,
Division of Trading and Markets, Commodity Futures Trading Commission,
Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581;
telephone: (202) 418-5490.

SUPPLEMENTARY INFORMATION: Pursuant to sections 4j(a)(1) and (3) of the
Commodity Exchange Act (``Act'') and Commission Regulation 155.5
thereunder, a board of trade may submit a petition to the Commission to
exempt any of its affected contract markets (markets with an average
daily trading volume equal to or in excess of 8,000 contracts for four
consecutive quarters) from the prohibition against dual trading.
Regulation 155.5(d)(6) authorizes the Director of the Division of
Trading and Markets to publish notice of each exemption petition deemed
complete under Regulation 155.5(d) and to make the petition available
to the public as required by section 4j(a)(5) of the Act.
    Comex originally submitted a petition for dual trading exemptions
for its gold,

[[Page 41397]]

silver, and copper futures contracts and options on gold future
contracts on October 21, 1993. After the Commission requested
additional information, Comex submitted a corrected petition on
November 30, 1993. That petition was made available to the public by a
notice of availability published in the Federal Register on December
22, 1993.\1\ On January 21, 1997, in response to a Commission letter
offering the opportunity to update its petition, Comex submitted an
updated petition. On May 6, 1997, the Commission issued an Order
granting dual trading exemptions to Comex for its gold and silver
futures contracts, the only affected contract markets as of that date.
This Order provided that if other Comex contracts become affected
contract markets after the date of the Order, the Commission may expand
the Order in response to an updated petition that includes those
contracts. Pursuant to that provision, Comex submitted an update to its
petition dated June 25, 1999, requesting an exemption from the dual
trading prohibition for the copper futures contract market.
---------------------------------------------------------------------------

    \1\ 58 FR 67777 (December 22, 1993).
---------------------------------------------------------------------------

    Copies of the file containing all these materials and any future
submissions, except to the extent the Exchange has requested
confidential treatment in accordance with 17 CFR 145.9, are available
for inspection at the Commission's Office of the Secretariat, Three
Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581, and may
be obtained by mail at that address or by telephone at (202) 418-5100.
    Petition materials subject to Comex's request for confidential
treatment may be available upon request pursuant to the Freedom of
Information Act (``FOIA'') (5 U.S.C. Sec. 552) and the Commission's
regulations thereunder (17 CFR Part 145), except to the extent they are
entitled to confidential treatment as set forth in 17 CFR 145.5 and
145.9. Request for copies of such materials should be made to FOIA,
Privacy, and Sunshine Act Compliance Staff of the Office of the
Secretariat at the above address in accordance with 17 CFR 145.7 and
145.87.
    Comex timely submitted its amended petition before June 30, 1999,
the effective date of the dual trading prohibition in the newly
affected contract market. Therefore, application of the prohibition to
the contract market covered by the petition amendment has been
suspended in accordance with Commission Regulation 155.5(d)(5) and will
remain suspended until the petition is acted upon.

    Issued in Washington, DC, on July 27, 1999.
Alan L. Seifert,
Deputy Director, Division of Trading and Markets.
[FR Doc. 99-19573 Filed 7-29-99; 8:45 am]
BILLING CODE 6351-01-M
======== RETURN TO INDEX ========