[Federal Register Volume 65, Number 121 (Thursday, June 22, 2000)]
[Proposed Rules]
[Page 39039]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-14918]


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COMMODITY FUTURES TRADING COMMISSION

17 CFR Parts 1, 3, 4, 5, 15, 20, 36, 37, 38, 39, 100, 140, 155, 
166, 170, and 180


A New Regulatory Framework for Multilateral Transaction Execution 
Facilities, Intermediaries and Clearing Organizations

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of public meetings.

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SUMMARY: Notice is hereby given that the Commodity Futures Trading 
Commission (``Commission'') will convene two public meetings at which 
interested members of the public may appear before it to give oral and 
written statements relating to the Commission's consideration of a new 
regulatory framework for multilateral transaction execution facilities, 
intermediaries and clearing organizations.

DATES: Tuesday, June 27, 2000, 10:00 a.m.-4:00 p.m. (multilateral 
transaction execution facilities); Wednesday, June 28, 2000, 10:00 
a.m.-4:00 p.m. (intermediaries and clearing organizations).

Place: 1155 21st St., N.W., Washington, D.C. Lobby Level Hearing Room 
located at Room 1000. Status: Open.

ADDRESSES: Requests to appear and statements of interest should be 
mailed to the Commodity Futures Trading Commission, Three Lafayette 
Centre, 1155 21st Street, N.W., Washington, D.C. 20581, attention 
Office of the Secretariat; transmitted by facsimile at (202) 418-5521; 
or transmitted electronically to [[email protected]]. Reference should 
be made to ``Regulatory Reinvention Meetings.''

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

SUPPLEMENTARY INFORMATION: In separate Federal Register releases 
published today, the Commission has proposed a new regulatory framework 
to apply to multilateral transaction execution facilities that trade 
derivatives, market intermediaries and clearing organizations. As 
explained in those Federal Register releases, the proposed framework 
contemplates far reaching and fundamental changes to modernize Federal 
regulation of the commodity futures and options markets.
    The Commission is of the view that, in addition to the receipt of 
written comments, an opportunity for interested members of the public 
to appear before it will assist it in its consideration of the issues 
raised in the Federal Register releases and is in the public interest. 
Accordingly, the Commission will convene two public meetings, one on 
Tuesday, June 27, 2000 from 10:00 a.m. to 4:00 p.m. relating to the 
proposed framework as it applies to multilateral transaction execution 
facilities and one on Wednesday, June 28, 2000 from 10:00 a.m. to 4:00 
p.m. relating to the proposed framework as it applies to market 
intermediaries and clearing organizations.
    All individuals or organizations wishing to appear before the 
Commission should submit to the Commission at the above address, by 
June 23, 2000, a request to appear at either or both of the meetings, a 
concise statement of interest and qualifications as they relate to the 
particular meeting(s) and a brief summary or abstract of the content of 
his or her statement(s). The Commission will invite a representative 
number of individuals or organizations to appear at each meeting from 
those submitting such statements. A transcription of the meetings will 
be made and entered into the Commission's public comment files, which 
will remain open for the receipt of written comment until August 7, 
2000.

    Issued in Washington, D.C., this 8th day of June 2000.
    By the Commodity Futures Trading Commission.
Jean A. Webb,
Secretary of the Commission.

Concurring Statement of Commissioner Thomas J. Erickson

    I concur with the Commission's publication of this Notice of 
Public Hearing as well as with the simultaneous publication of the 
related proposed rulemakings entitled (1) Exemption for Bilateral 
Transactions; (2) A New Regulatory Framework for Multilateral 
Transaction Execution Facilities, Intermediaries and Clearing 
Organizations; (3) A New Regulatory Framework for Clearing 
Organizations; and (4) Rules Relating to Intermediaries of Commodity 
Interest Transactions.
    Global derivatives markets are changing at a dramatic pace. 
Today's Federal Register releases represent an equally dramatic 
effort by Commission staff to modernize our regulatory scheme by 
accommodating new technologies and providing exchanges with some 
measure of regulatory relief. Accordingly, I agree with the 
publication of this and each related release and am hopeful that 
they will stir considerable thought and comment. With this 
concurrence--and in addition to the specific requests for comment in 
the proposed rules--I invite comment on certain aspects of this plan 
about which I have reservations. Specifically:
     Does the plan promote legal certainty for transactions 
by providing a regime that is based upon the voluntary submission of 
certain derivatives markets to Commission regulation?
     Are there enforceability and/or compliance concerns 
associated with a regulatory regime based on ``broad performance 
standards'' incorporated as core principles?
     Does the plan take adequate account of the public's 
interest in the Commission's ability to:
     Deter and detect fraud and manipulation?
     Deter and detect abusive trading practices?
     Ensure the financial integrity of industry 
participants?
    I look forward to receiving comment and testimony that touch 
upon a full range of issues in addition to those few I have 
mentioned in this concurrence.

    Dated: June 6, 2000.
Thomas J. Erickson,
Commissioner.
[FR Doc. 00-14918 Filed 6-21-00; 8:45 am]
BILLING CODE 6351-01-U