[Federal Register Volume 64, Number 218 (Friday, November 12, 1999)]
[Notices]
[Pages 61606-61607]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-29578]


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COMMODITY FUTURES TRADING COMMISSION


Chicago Board of Trade: Proposed Amendments to the Speculative 
Position Limit Provisions of the Municipal Bond Index Futures Contract

AGENCY: Commodity Futures Trading Commission.

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

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SUMMARY: The Chicago Board of Trade (CBOT or Exchange) has submitted a 
proposed amendment to the speculative position limit provision of its 
Municipal Bond Index futures and futures option contracts. Under the 
proposal, the subject futures and option contracts would be subject to 
a joint 4,000-contract spot month position limit, with no exemptions 
allowed, that would be in effect during the last three trading days 
prior to expiration.

    The Acting Director of the Division of Economic Analysis 
(Division), acting pursuant to the authority delegated by Commission 
Regulation 140.96, has determined that publication of the proposal 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 November 29, 1999.

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 the proposed amendments to the CBOT 
Municipal Bond Index futures contract.

FOR FURTHER INFORMATION CONTACT: Please contact Michael Penick of the 
Division of Economic Analysis, Commodity Futures Trading Commission, 
Three Lafayette Centre, 1155 21st Street NW, Washington, 20581, 
telephone (202) 418-5279.

[[Page 61607]]

Facsimile number: (202) 418-5527. Electronic mail: [email protected].

SUPPLEMENTARY INFORMATION: The Municipal Bond Index futures contract is 
settled on the last day of trading based on the level of the Municipal 
Bond Index as calculated by Bond Buyer, an independent third party, on 
the last trading day. The contract is currently listed for trading in 
the March, June, September, and December quarterly cycle.
    Under current rules, the subject contracts are subject to a joint 
all-months-combined speculative position limit of 5,000 futures-
equivalent contracts. Bona fide hedgers and certain other qualified 
position holders are eligible for exemptions from this speculative 
position limit. The Exchange is proposing to adopt, in addition to the 
all-months-combined limit, a spot month position limit of 4,000 
contracts applicable during the last three trading days. This limit 
would apply to all positions and no exemptions, for hedging or other 
enumerated positions, would be permitted. (See, Commission Rule 
150.5(d).)
    The CBOT proposes to implement the proposal for application to 
existing contract months, including the December 1999 contract month, 
shortly after receipt of Commission approval. The December 1999 
contract month expires on Tuesday, December 21, 1999. Thus, the 
proposed spot month position limit would go into effect on Friday, 
December 17, 1999. The CBOT issued a notice of the proposed amendment 
and implementation plan on November 1, 1999.
    The Division requests comment on the proposed amendment and 
implementation plan.
    Copies of the proposal will be available for inspection at the 
Office of the Secretariat, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st St., NW, Washington, DC 20581. Copies of 
the proposal can be obtained through the Office of the Secretariat by 
mail at the above address or by phone at (202) 418-5100.
    Other materials submitted by the CBOT 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 CFR 145.7 and 145.8.
    Any person interested in submitting written data, views, or 
arguments on the proposal, or with respect to other materials submitted 
by the CBOT, should send such comments to Jean A. Webb, Secretary, 
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21 
St., NW, Washington, DC 20581 by the specified date.

    Issued in Washington, DC, on November 5, 1999.
John R. Mielke,
Acting Director.
[FR Doc. 99-29578 Filed 11-10-99; 8:45 am]
BILLING CODE 6351-01-M