[Federal Register Volume 61, Number 250 (Friday, December 27, 1996)]
[Proposed Rules]
[Page 68175]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-33072]


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

COMMODITY FUTURES TRADING COMMISSION

17 CFR Parts 1 and 5


Revised Procedures for Commission Review and Approval of 
Applications for Contract Market Designation and of Exchange Rules 
Relating to Contracts Terms and Conditions

AGENCY: Commodity Futures Trading Commission.

ACTION: Proposed rulemaking.

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

SUMMARY: On November 22, 1996, the Commodity Futures Trading Commission 
(Commission) published in the Federal Register a proposal to amend its 
procedures relating to its review and approval of applications for 
contract market designation and proposed exchange rules relating to 
contract terms and conditions (61 FR 59386). The comment period ends on 
December 23, 1996. These fast-track review procedures are intended 
further to streamline Commission review of applications for contract 
market designation and proposed exchange rule amendments relating to 
contract terms and conditions. The Commission has determined, in this 
instance, to extend the comment period.

DATES: Comments must be received on or before January 16, 1997.

ADDRESSES: Comments should be mailed to the Commodity Futures Trading 
Commission, Three Lafayette Centre, 1155 21st Street, N.W., Washington, 
DC 20581, attention: Office of the Secretariat; transmitted by 
facsimile at (202) 418-5521; or transmitted electronically at 
[[email protected]]. Reference should be made to ``Fast-track 
Designation and Rule Approval Procedures.''

FOR FURTHER INFORMATION CONTACT:
Paul M. Architzel, Chief Counsel, Division of Economic Analysis, 
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st 
Street, N.W., Washington, DC 20581, (202) 418-5260, or electronically, 
[PA[email protected]].

SUPPLEMENTARY INFORMATION: The New York Mercantile Exchange (NYMEX) has 
filed a petition requesting an extension of time to submit comments on 
the Commission's proposed rulemaking concerning approval of 
applications for contract market designation and of exchange rules 
relating to contract terms and conditions. The Exchange requests an 
extension until January 16, 1997--the date that comments are to be 
received on the proposed rulemaking concerning the related topic of 
contract market review procedures for other rules (61 FR 66241, 
December 17, 1996). The NYMEX stated that it has spoken to 
representatives from the Chicago Mercantile Exchange and the Chicago 
Board of Trade concerning this request for an extension and that those 
exchanges agreed to join this request.
    The Exchange stated that, since the proposed rulemakings concern 
similar and related issues, the issues should be considered and 
evaluated together and can best be addressed in one comment letter. 
Accordingly, the NYMEX concluded that a short delay will result in a 
more efficient rulemaking process.
    For the reasons noted above, the Commission has determined to 
extend the public comment period for the subject rulemaking. The 
Commission believes that an extension of the comment period until 
January 16, 1997, would permit the NYMEX and any other interested 
parties fully to evaluate the proposed rulemaking and to submit their 
comments thereon to the Commission. The Commission cautions that the 
deadline for comments on the subject proposed rulemaking is independent 
of the deadline for comments on the proposed rulemaking concerning 
contract market review procedures for other rules. Any request for and 
Commission action on an extension of the comment period for the latter 
proposed rulemaking will not affect the deadline for comments on the 
subject proposed rulemaking.

    Issued in Washington, DC on December 20, 1996.
Jean A. Webb,
Secretary of the Commission.
[FR Doc. 96-33072 Filed 12-26-96; 8:45 am]
BILLING CODE 6351-01-M