[Federal Register Volume 68, Number 45 (Friday, March 7, 2003)]
[Notices]
[Pages 11067-11068]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-5358]


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COMMODITY FUTURES TRADING COMMISSION


Chicago Board of Trade (CBT) Proposed New Mini-Sized Corn, 
Soybean, and Wheat Futures Contracts

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of availability of terms and conditions of new contract 
specifications for mini-sized corn, soybean, and wheat futures.

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SUMMARY: The Chicago Board of Trade (CBT or Exchange) has requested 
that the Commission approve the subject proposed new mini-sized corn, 
soybean, and wheat futures contracts, new CBT Regulation 332.11, and 
related amendments to existing CBT Regulations 425.01 and 1008.01. The 
proposals were submitted pursuant to Commission Regulations 40.3 and 
40.5.
    The Director of the Division of Market Oversight (Division) of the 
Commission, acting pursuant to the authority delegated by Commission 
Regulation 140.96, has determined that publication of the Exchange's 
proposal for comment is in the public interest, and will assist the 
Commission in considering the views of interested persons.

DATES: Comments must be received on or before March 24, 3003.

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 20581. In addition, 
comments may be sent by facsimile transmission to (202) 418-5521 or by 
electronic mail to [email protected]. Reference should be made to 
``CBT mini-sized, corn, soybean and wheat futures contracts.''

FOR FURTHER INFORMATION CONTACT: Please contact Frederick Linse of the 
Division of Market Oversight, Commodity Futures Trading Commission, 
Three Lafayette Centre, 1155 21st Street, NW., Washington 20581, (202) 
418-5273. Facsimile number: (202) 418-5527. Electronic mail: 
[email protected].

SUPPLEMENTARY INFORMATION: The proposed futures contracts would provide 
for the delivery of warehouse depository receipts and certificates 
representing 1,000 bushels of corn, soybeans and wheat, respectively. 
Except for certain terms noted below, the terms and conditions of the 
subject contracts would be identical to the terms and conditions of the 
existing 1,000-bushel corn, soybeans and wheat futures contracts traded 
on the MidAmerica Commodity Exchange (MACE). In this respect, prior to 
the first trading day of the subject new contracts, all of the open 
interest on the MACE corn, soybean and wheat futures contracts would be 
transferred to the corresponding new CBT mini-sized contracts. Trading 
of the MACE corn, soybean and wheat contracts on MACE would cease after 
the open interest in these contracts has been transferred to the CBT.
    The primary differences between the CBT mini-sized and MACE 
contracts relate to the contracts' speculative position limits and 
certain terms concerning the taking of physical delivery against 
outstanding warehouse depository receipt and shipping certificates. 
Under proposed amendments to the CBT's Regulation 425.01, a trader's 
combined position in the mini-sized contracts and the corresponding CBT 
corn, soybean and wheat futures contracts would be subject to the CBT's 
existing speculative

[[Page 11068]]

position limits for these commodities. For purposes of combining 
positions, one mini-sized contract would be treated as equivalent to 
one-fifth of one CBT 5,000-bushel contract. Currently, traders' 
positions in MACE and CBT corn, soybean and wheat futures contracts are 
subject to speculative position limits that are specified separately 
for each exchange. The proposed rules also would specify that holders 
of outstanding 1,000-bushel warehouse depository receipts and 
certificates must present such receipts and certificates to issuers in 
multiples of 5 receipts or certificates in order to receive load-out of 
the underlying corn, soybeans or wheat.\1\
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    \1\ The CBT indicated that the above proposed rules codify 
existing MACE practices.
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    Trading of the new mini-sized contracts would be by open outcry. In 
this regard, the CBT is proposing to adopt new regulation 332.11 which 
specifies the CBT's requirements in relation to changers and changing 
transactions.
    The CBT stated that it intends to commence trading of the new mini-
sized corn, soybean and wheat futures contracts in the second calendar 
quarter of 2003.
    The Division is requesting comment on the proposals. Copies of the 
Exchange's proposal will be available for inspection at the Office of 
the Secretariat, Three Lafayette Centre, 1155 21st Street, NW., 
Washington 20581. Copies of the proposal can also 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 CBT in support of the request for 
approval 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 (2002)), 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 pertaining to the proposal or with respect to other materials 
submitted by the CBT should send such comments to Jean A. Webb, 
Secretary, Commodity Futures Trading Commission, Three Lafayette 
Centre, 1155 21st Street, NW., Washington 20581 by the specified date.

    Issued in Washington, DC on March 3, 2003.
Michael Gorham,
Director.
[FR Doc. 03-5358 Filed 3-6-03; 8:45 am]
BILLING CODE 6351-01-M