[Federal Register Volume 65, Number 15 (Monday, January 24, 2000)]
[Notices]
[Pages 3667-3668]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-1566]


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COMMODITY FUTURES TRADING COMMISSION

RIN 3038-ZA05


Chicago Mercantile Exchange: Proposed Amendments to the Lean Hogs 
Futures and Option Contracts Increasing the Contracts' Speculative 
Position Limits

AGENCY: Commodity Futures Trading Commission.

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

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SUMMARY: The Chicago Mercantile Exchange (CME or Exchange) has proposed 
amendments to the Exchange's lean hogs cattle futures and option 
contracts. The proposed amendments would increase to 2,400 contracts 
from 2,000 contracts the speculative position limit applicable to 
individual non-spot contract months. The proposed amendments also would 
increase to 950 contracts from 650 contracts the speculative position 
limit that is applicable to positions held on and after the close of 
business of the fifth business day of the expiring contract month. The 
proposed amendments were submitted under the Commission's 45-day Fast 
Track procedures which provides that, absent any contrary action by the 
Commission, the proposed amendments may be deemed approved on February 
24, 2000--45 days after the Commission's receipt of the proposals. 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 proposed 
amendments is in the public interest and will assist the Commission in 
considering the views of interested persons, and is consistent with the 
purposes of the Commodity Exchange Act.

DATES: Comments must be received on or before February 8, 2000.

ADDRESSES:  Interested persons should submit their views and comments 
to Jean A. Webb, Secretary, Commodity Futures Trading Commission, Three 
Lafayette Centre, 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 CME lean hogs futures 
and option contracts.

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, DC 20581, telephone 
(202) 418-5274. Facsimile number: (202) 418-5527. Electronic mail: 
jbird @cftc.gov

SUPPLEMENTARY INFORMATION: The lean hogs futures contract is cash 
settled based on cash prices reported by the U.S. Department of 
Agriculture during the last two trading days of expiring contract 
month. Contract months for the

[[Page 3668]]

lean hog futures option contract that correspond to contract months for 
the underlying lean hogs futures contract expire simultaneously with 
such futures contract months. Currently, traders' combined positions in 
the futures and option contracts are subject to speculative position 
limits of 2000 contracts for positions held in individual non-spot 
contract months and 650 contracts for positions held in the expiring 
contract month from the close of business on the fifth business day of 
that month through the last trading day of the expiring contract month 
(the tenth business day of the month).
    The proposed amendments would increase the speculative position 
limit applicable to individual non-spot contract months to 2,400 
contracts from 2,000 contracts. The proposed amendments also would 
increase to 950 contracts from 650 contracts the speculative limit 
applicable from the close of business on the fifth business day of the 
expiring contract month through the last trading day for that month.
    The CME intends to make the proposed amendments effective upon 
Commission approval for all existing and newly listed contract months.
    The Commission is requesting comments on the proposed amendments.
    Copies of the proposed amendments will be available for inspection 
at the Office of the Secretariat, Commodity Futures Trading Commission, 
Three Lafayette Centre, 21st Street NW., Washington, DC 20581. Copies 
of the proposed amendments 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 at [email protected].
    Other materials submitted by the Exchange in support of the 
proposal 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 146 (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 proposed amendments, or with respect to other 
materials submitted by the Exchange, should send such comments to Jean 
A. Webb, Secretary, Commodity Futures Trading Commission, Three 
Lafayette Centre, 21st Street NW., Washington, DC 20581 by the 
specified date.

    Issued in Washington, DC, on January 14, 2000.
Richard Shilts,
Acting Director.
[FR Doc. 00-1566 Filed 1-21-00; 8:45 am]
BILLING CODE 6351-01-M