[Federal Register Volume 60, Number 204 (Monday, October 23, 1995)]
[Notices]
[Page 54340]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-26154]



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COMMODITY FUTURES TRADING COMMISSION

Coffee, Sugar & Cocoa Exchange: Proposed Amendment to the 
Implementation Procedure for Changes to Contract Market Rules Governing 
Loading Rates for the Purpose of Determining Despatch and Demurrage 
Applicable to Deliveries on the Sugar No. 11 Futures Contract

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of proposed amendment to implementation procedure for 
contract market rule changes.

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SUMMARY: The Coffee, Sugar & Cocoa Exchange (``CSCE'') has submitted a 
proposed amendment to the implementation procedure for an amendment to 
the daily loading requirement for deliveries on its sugar No. 11 (world 
raw sugar) futures contract that was recently approved by the 
Commission. The amended implementation procedure would permit the CSCE 
to implement the amendment with respect to deliveries on the March 1996 
contract month, rather than with respect to only those existing 
contract months that did not have open interest on the date the 
amendment was implemented. In accordance with Section 5a(a)(12) of the 
Commodity Exchange Act, and acting pursuant to the authority delegated 
by Commission Regulation 140.96, the Acting Director of the Division of 
Economic Analysis (``Division'') of the Commodity Futures Trading 
Commission (``Commission'') has determined, on behalf of the 
Commission, that publication of the proposed implementation procedure 
would be in the public interest. On behalf of the Commission, the 
Division is requesting comment on this proposal.

DATES: Comments must be received on or before November 22, 1995.

ADDRESSES: Interested persons should submit their views and comments to 
Jean A. Webb, Secretary, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street NW, Washington, D.C. 20581. 
Reference should be made to the proposed amendment to the 
implementation procedure for the amendment to CSCE contract market 
rules governing loading rates for sugar No. 11 futures contract 
deliveries.

FOR FURTHER INFORMATION CONTACT: Frederick V. Linse, Division of 
Economic Analysis, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street NW, Washington, D.C. 20581, 
telephone (202) 418-5273.

SUPPLEMENTARY INFORMATION: On September 1, 1995, the Commodity Futures 
Trading Commission approved an amendment to the sugar No. 11 futures 
contract which increased to 1,500 from 750 long tons per weather 
working day the rate at which futures delivery sugar must be loaded 
into vessels in order to avoid payment of demurrage by the deliverer or 
despatch by the receiver.\1\ At the time of the Commission's approval 
of the amendment, it also approved the CSCE's proposal to make the 
amendment effective within 30 days of receipt of notice of Commission 
approval with respect to all newly listed contract months and existing 
contract months, commencing with the first existing contract month 
following the last such contract month in which there was an open 
position on the effective date. In this respect, the Division 
understands that the Exchange recently implemented the amendment with 
respect to the May 1997 and all subsequently listed contract months.

    \1\ Under the contract's existing terms, deliverers that load 
futures delivery sugar into vessels at a daily rate that is less 
than the specified reference loading rate must pay demurrage to 
receivers. If the deliverer's daily rate of loading exceeds the 
reference daily loading rate, the receiver must pay despatch to the 
deliverer.
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    Under the revised implementation procedure, the CSCE is proposing 
to make the above-noted amendment effective with respect to existing 
contract months, commencing with the March 1996 contract month. 
Therefore, the proposed implementation procedure would provide for the 
application of the amendment to additional existing contract months 
commencing with the March 1996 contract month and extending through the 
March 1997 contract month.
    The CSCE indicates that it believes that the amendment should be 
made effective beginning with the March 1996 contract month ``* * * 
because of its ameliorative effect in making deliveries less subject to 
delays and relieving port congestion.''
    On behalf of the Commission, the Division is requesting comment on 
the CSCE's proposal to revise the implementation plan for the noted 
amendment.
    Copies of the proposed amended implementation plan will be 
available for inspection at the Office of the Secretariat, Commodity 
Futures Trading Commission, Three Lafayette Centre, 1155 21st Street 
NW, Washington, D.C. 20581. Copies of the amended terms and conditions 
can be obtained through the Office of the Secretariat by mail at the 
above address or by telephone at (202) 418-5100.
    The materials submitted by the CSCE in support of the proposed 
amendment may be available upon request pursuant to the Freedom of 
Information Act (5 U.S.C. 552) and the Commission's regulations 
thereunder (17 C.F.R. Part 145 (1987)). Requests for copies of such 
materials should be made to the FOI, Privacy and Sunshine Act 
Compliance Staff of the Office of the Secretariat at the Commission's 
headquarters in accordance with C.F.R. 145.7 and 145.8.
    Any person interested in submitting written data, views or 
arguments on the proposed amendment should send such comments to Jean 
A. Webb, Secretary, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street NW, Washington, D.C. 20581 by the 
specified date.

    Issued in Washington, D.C. on October 16, 1995.
Blake Imel,
Acting Director.
[FR Doc. 95-26154 Filed 10-20-95; 8:45 am]
BILLING CODE 6351-01-P