[Federal Register Volume 61, Number 53 (Monday, March 18, 1996)]
[Notices]
[Pages 10992-10993]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-6313]



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COMMODITY FUTURES TRADING COMMISSION


Minneapolis Grain Exchange: Application for Designation as a 
Contract Market in Options on the Barley Futures Contract, and 
Proposals To Amend and To Recommence Trading in the Dormant Barley 
Futures Contract

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of availability of the terms and conditions of a 
proposed commodity option contract and amendments to the underlying 
futures contract.

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SUMMARY: The Minneapolis Grain Exchange (MGE or Exchange) has applied 
for designation as a contract market in options on its barley futures 
contract. In addition, the MGE proposes to amend the dormant barley 
futures contract that would underlie the proposed contract and, 
pursuant to Commission Regulation 5.2, the Exchange has filed a request 
to recommence trading in the barley futures contract.

[[Page 10993]]

    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 the 
proposed amendments are of major economic significance. On behalf of 
the Commission, the Division is requesting public comment on the 
proposal.

DATES: Comments must be received on or before April 17, 1996.

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, DC 20581. Reference 
should be made to the MGE barley futures option contract and the 
proposed amendments to the barley futures contract.

FOR FURTHER INFORMATION CONTACT: Please contact Fred Linse of the 
Division of Economic Analysis, Commodity Futures Trading Commission, 
Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581, 
telephone 202-418-5273.

SUPPLEMENTARY INFORMATION: The amended barley futures contract would 
call for the delivery at par of shipping certificates representing 
180,000 pounds of barley meeting or exceeding all of the requirements 
of U.S. grade No. 2 barley, except that the delivery barley may have a 
test weight of 46 pounds per bushel or greater. Issuers of the proposed 
shipping certificates would be required to meet certain financial and 
other requirements, and must be approved by the MGE. Upon surrender of 
a shipping certificate, the issuer would be required to ship the 
delivery barley in rail cars to a location, specified by the 
certificate receiver, that falls within a fifty-mile radius of Tulare, 
California.
    Shipping certificate receivers would be obligated to pay a premium 
charge of one-seventh of one cent per hundredweight for each calendar 
day that the receiver holds the certificates.
    Trading would be conducted in the contract months of March, May, 
July, September, and December. Prices would be quoted in dollars and 
cents per hundredweight. The minimum price fluctuation would be one 
cent per hundredweight. A maximum daily price fluctuation limit of 25 
cents per hundredweight would be applicable to trading at all times in 
each contract month, except that such price limit would not be 
applicable to expiring contract months commencing on the first business 
day of such months.
    Delivery of shipping certificates could be made on any business day 
of the contract month. Trading in an expiring contract month would end 
on the business day immediately preceding the last seven business days 
of that month.
    Barley options would trade in the same months as the futures 
contract. The last trading day for expiring option contract months 
would be the Friday that precedes the first notice day of the 
underlying barley futures contract month by at least five business 
days. The options for such months would expire at 10:00 a.m. on the 
first Saturday following the last trading day. Thus, delivery on the 
futures contract would not be made until after the corresponding option 
had expired.
    Copies of the terms and conditions 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 terms and conditions can be obtained through the Office 
of the Secretariat by mail at the above address or by phone at (202) 
418-5097.
    Other materials submitted by the MGE 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 145 (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 the Secretariat at the Commission's headquarters in 
accordance with 17 C.F.R. 145.7 and 145.8.
    Any person interested in submitting written data, views, or 
arguments on the proposed terms and conditions, or with respect to 
other materials submitted by the MGE, should send such comments to Jean 
A. Webb, Secretary, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street, NW., 20581 by the specified date.

    Issued in Washington, DC, on March 11, 1996.
Blake Imel,
Acting Director.
[FR Doc. 96-6313 Filed 3-15-96; 8:45 am]
BILLING CODE 6351-01-P