[Federal Register Volume 60, Number 204 (Monday, October 23, 1995)]
[Notices]
[Page 54340]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-26154]
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COMMODITY FUTURES TRADING COMMISSION
Coffee, Sugar & Cocoa Exchange: Proposed Amendment to the
Implementation Procedure for Changes to Contract Market Rules Governing
Loading Rates for the Purpose of Determining Despatch and Demurrage
Applicable to Deliveries on the Sugar No. 11 Futures Contract
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice of proposed amendment to implementation procedure for
contract market rule changes.
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SUMMARY: The Coffee, Sugar & Cocoa Exchange (``CSCE'') has submitted a
proposed amendment to the implementation procedure for an amendment to
the daily loading requirement for deliveries on its sugar No. 11 (world
raw sugar) futures contract that was recently approved by the
Commission. The amended implementation procedure would permit the CSCE
to implement the amendment with respect to deliveries on the March 1996
contract month, rather than with respect to only those existing
contract months that did not have open interest on the date the
amendment was implemented. In accordance with Section 5a(a)(12) of the
Commodity Exchange Act, and acting pursuant to the authority delegated
by Commission Regulation 140.96, the Acting Director of the Division of
Economic Analysis (``Division'') of the Commodity Futures Trading
Commission (``Commission'') has determined, on behalf of the
Commission, that publication of the proposed implementation procedure
would be in the public interest. On behalf of the Commission, the
Division is requesting comment on this proposal.
DATES: Comments must be received on or before November 22, 1995.
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, D.C. 20581.
Reference should be made to the proposed amendment to the
implementation procedure for the amendment to CSCE contract market
rules governing loading rates for sugar No. 11 futures contract
deliveries.
FOR FURTHER INFORMATION CONTACT: Frederick V. Linse, Division of
Economic Analysis, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW, Washington, D.C. 20581,
telephone (202) 418-5273.
SUPPLEMENTARY INFORMATION: On September 1, 1995, the Commodity Futures
Trading Commission approved an amendment to the sugar No. 11 futures
contract which increased to 1,500 from 750 long tons per weather
working day the rate at which futures delivery sugar must be loaded
into vessels in order to avoid payment of demurrage by the deliverer or
despatch by the receiver.\1\ At the time of the Commission's approval
of the amendment, it also approved the CSCE's proposal to make the
amendment effective within 30 days of receipt of notice of Commission
approval with respect to all newly listed contract months and existing
contract months, commencing with the first existing contract month
following the last such contract month in which there was an open
position on the effective date. In this respect, the Division
understands that the Exchange recently implemented the amendment with
respect to the May 1997 and all subsequently listed contract months.
\1\ Under the contract's existing terms, deliverers that load
futures delivery sugar into vessels at a daily rate that is less
than the specified reference loading rate must pay demurrage to
receivers. If the deliverer's daily rate of loading exceeds the
reference daily loading rate, the receiver must pay despatch to the
deliverer.
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Under the revised implementation procedure, the CSCE is proposing
to make the above-noted amendment effective with respect to existing
contract months, commencing with the March 1996 contract month.
Therefore, the proposed implementation procedure would provide for the
application of the amendment to additional existing contract months
commencing with the March 1996 contract month and extending through the
March 1997 contract month.
The CSCE indicates that it believes that the amendment should be
made effective beginning with the March 1996 contract month ``* * *
because of its ameliorative effect in making deliveries less subject to
delays and relieving port congestion.''
On behalf of the Commission, the Division is requesting comment on
the CSCE's proposal to revise the implementation plan for the noted
amendment.
Copies of the proposed amended implementation plan will be
available for inspection at the Office of the Secretariat, Commodity
Futures Trading Commission, Three Lafayette Centre, 1155 21st Street
NW, Washington, D.C. 20581. Copies of the amended terms and conditions
can be obtained through the Office of the Secretariat by mail at the
above address or by telephone at (202) 418-5100.
The materials submitted by the CSCE in support of the proposed
amendment may be available upon request pursuant to the Freedom of
Information Act (5 U.S.C. 552) and the Commission's regulations
thereunder (17 C.F.R. Part 145 (1987)). 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 C.F.R. 145.7 and 145.8.
Any person interested in submitting written data, views or
arguments on the proposed amendment should send such comments to Jean
A. Webb, Secretary, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW, Washington, D.C. 20581 by the
specified date.
Issued in Washington, D.C. on October 16, 1995.
Blake Imel,
Acting Director.
[FR Doc. 95-26154 Filed 10-20-95; 8:45 am]
BILLING CODE 6351-01-P
