[Federal Register Volume 61, Number 223 (Monday, November 18, 1996)]
[Notices]
[Pages 58677-58678]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-29466]
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COMMODITY FUTURES TRADING COMMISSION
Audit Trail Requirements, Exemption; Minneapolis Grain Exchange
AGENCY: Commodity Futures Trading Commission.
ACTION: Opinion and order.
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SUMMARY: Section 5a(b)(3) of the Commodity Exchange Act (``Act'')
provides that the audit trail system of each contract market must meet
the heightened audit trail standards that became effective on October
28, 1995. However, Section 5a(b)(5) of the Act provides that the
Commodity Futures Trading Commission (``Commission'') shall, by rule or
order, make an exemption from the enhanced audit trail requirements for
low-volume exchanges that can meet certain standards
The Commission, pursuant to its authority under Section 5a(b)(5),
has determined to grant the Minneapolis Grain Exchange an exemption
from Section 5a(b)(3), subject to continuing compliance by the
Minneapolis Grain Exchange with all statutory requirements for the
exemption.
DATE: The Commission's order will take effect 30 legislative days or 90
calendar days, whichever is later, after submission of the order to the
Committee on Agriculture of the House of Representatives and the
Committee on Agriculture, Nutrition, and Forestry of the Senate. To
confirm the date the order will take effect, contact the Division of
Trading and markets in For Further Information Contact.
FOR FURTHER INFORMATION CONTACT:
Brian Regan, Attorney-Advisor, Division of Trading and Markets,
Commodity Futures Trading Commission, 3 Lafayette Center, 1155 21st St.
K Street, N.W., Washington, DC 20581; telephone (202) 418-5490.
SUPPLEMENTARY INFORMATION: On November 12, 1996, the Commission issued
the following opinion and order as authorized by Section 5a(b)(5) of
the Act:
Opinion and Order Granting an Exemption From the Requirements of
Section 5a(b)(3)
Upon consideration of the available record and pursuant to its
statutory authority under Section 5a(b)(5) of the Commodity Exchange
Act (``Act''), the Commission has determined to grant the Minneapolis
Grain Exchange an exemption from the audit trail requirements of
Section 5a(b)(3) of the Act, which became effective on October 28,
1995.
The Commission finds that the Minneapolis Grain Exchange has
demonstrated that it satisfies the standards set forth in Section
5a(b)(5) for an exemption from Section 5a(b)(3). Specifically, the
Commission finds that the Minneapolis Grain Exchange:
(1) Has a level of trading volume that is relatively small;
(2) Is in substantial compliance with the audit trail objectives of
Section 5a(b)(3); and
(3) Generally has maintained a high level of compliance with the
requirements in Section 5a(b) for an effective trade monitoring system.
Accordingly, the Commission HEREBY ORDERS that the Minneapolis
Grain Exchange be exempted at this time from the requirements of
Section 5a(b)(3). As part of this exemption, the Minneapolis Grain
Exchange must continue to maintain compliance with all statutory
requirements for the exemption. Under Section 5a(b)(6), this order
shall become effective 30 legislative days or 90 calendar days,
whichever is later, after submission of the order to the Committee on
Agriculture of the House of Representatives and the Committee on
Agriculture, Nutrition, and Forestry of the Senate.
Dated: November 12, 1996.
[[Page 58678]]
By the Commission.
Jean A. Webb.
Secretary to the Commission.
[FR Doc. 96-29466 Filed 11-15-96; 8:45 am]
BILLING CODE 6351-01-M
