[Federal Register Volume 62, Number 230 (Monday, December 1, 1997)] [Notices] [Pages 63532-63533] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 97-31318] ----------------------------------------------------------------------- COMMODITY FUTURES TRADING COMMISSION Proposed Amendments to Minneapolis Grain Exchange Durum Wheat Futures Contract and an Application for Designation as a Contract Market in Durum Wheat Futures Options AGENCY: Commodity Futures Trading Commission. ACTION: Notice of availability of proposed rule amendments and an application for contract market designation. ----------------------------------------------------------------------- SUMMARY: The Minneapolis Grain Exchange (MGE or Exchange) has proposed amendments to the dormant durum wheat futures contract, along with a proposal to reactivate trading in that futures contract pursuant to the provisions of Commission Regulation 5.2. In addition, the Exchange submitted an application for designation as a contract market in durum wheat futures options. The proposals were submitted under the Commission's 45-day Fast Track procedures. The Acting Director of the Division of Economic Analysis (Division) of the Commission, acting pursuant to the authority delegated by Commission Regulation 140.96, has determined that publication of the proposals for comment is in the public interest, will assist the Commission in considering the views of interested persons, and is consistent with the purpose of the Commodity Exchange Act. DATES: Comments must be received on or before December 16, 1997. 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. In addition, comments may be sent by facsimile transmission to facsimile number (202) 418-5521, or by electronic mail to [email protected]. Reference should be made to MGE durum wheat. FOR FURTHER INFORMATION CONTACT: Please contact John Bird of the Division of Economic Analysis, Commodity Futures Trading Commission, Three Lafayette Centre, 21st Street NW, Washington, 20581, telephone (202) 418-5274. Facsimile number: (202) 418-5527. Electronic mail: [email protected] SUPPLEMENTARY INFORMATION: The proposed amendments and the designation application were submitted pursuant to the Commission's Fast Track procedures for streamlining the review of futures contract rule amendments and new contract approvals (62 FR 10434). Under those procedures, the proposals, absent any contrary action by the Commission, may be deemed approved at the close of business on January 2, 1998, 45 days after receipt of the proposals. In view of the limited review period provided under the Fast Track procedures, the Commission has determined to publish for public comment notice of the availability of the terms and conditions for 15 days, rather than 30 days as provided for proposals submitted under the regular review procedures. The amended durum wheat futures contract would call for the delivery at par of shipping certificates representing 5,000 bushels of durum wheat meeting or exceeding specified quality requirements, including a minimum test weight of 60 pounds per bushel and a minimum protein content of 13 percent. 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 load the delivery durum wheat in rail cars at a location specified by the certificate issuer, with the issuer being obligated to pay the railroad freight costs to a point designated by the issuer located in the Minneapolis- St. Paul Switching District. Delivery by truck would also be permitted under specified conditions. Shipping certificate receivers would be obligated to pay a premium charge of one-twelfth of one cent per bushel 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 bushel. The minimum price fluctuation would be one-quarter (\1/4\) cent per bushel. A maximum daily price fluctuation limit of 20 cents per bushel 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 day of that month. Durum wheat 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 futures contract month by at least five business days. The options for [[Page 63533]] 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 proposed amendments and 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, DC 20581. Copies can be obtained through the Office of the Secretariat by mail at the above address, by phone at (202) 418- 5100, or via the internet on the CFTC website at www.cftc.gov under ``What's Pending.'' Other materials submitted by the MGE in support of the proposals 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 Secretariat at the Commission's headquarters in accordance with 17 CFR 145.7 and 145.8. Any person interested in submitting written data, views, or arguments on the proposals, 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, Washington, DC 20581 by the specified date. Issued in Washington, DC, on November 24, 1997. John R. Mielke, Acting Director. [FR Doc. 97-31318 Filed 11-28-97; 8:45 am] BILLING CODE 6351-01-P