97-29356. Chicago Mercantile Exchange Proposed Amendments to the Termination of Trading Provision for Expiring E-Mini Standard & Poor's 500 Stock Price Index Futures and Futures Option Contracts

[Federal Register Volume 62, Number 215 (Thursday, November 6, 1997)]
[Notices]
[Pages 60066-60067]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-29356]


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COMMODITY FUTURES TRADING COMMISSION


Chicago Mercantile Exchange Proposed Amendments to the 
Termination of Trading Provision for Expiring E-Mini Standard & Poor's 
500 Stock Price Index Futures and Futures Option Contracts

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of availability of proposed amendments to the 
termination of trading provision for expiring E-Mini Standard & Poor's 
500 Stock Price Index futures and futures option contracts.

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SUMMARY: The Chicago Mercantile Exchange (CME) has submitted proposed 
amendments to the termination of trading provision for

[[Page 60067]]

expiring the E-Mani Standard & Poor's 500 Stock Price Index (E-Mini S&P 
500) futures and futures option contracts. The 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 proposals for comment is in the public 
interest, 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 November 21, 1997.

ADDRESSES: Interested persons should submit their views and comments to 
Jean A. Webb, Secretary, Commodity Futures Trading Commission, 1155 
21st Street NW, Washington, DC 20581. In addition, comments may be sent 
by facsimile transmission to facsimile number [phone] or by 
electronic mail to [e-mail]. Reference should be made to the 
proposed amendments to the termination of trading provision of the E-
Mini S&P 500 futures and futures option contracts.

FOR FURTHER INFORMATION CONTACT: Please contact Michael Penick of the 
Division of Economic Analysis, Commodity Futures Trading Commission, 
1155 21st Street NW, Washington, DC 20581, telephone [phone]. 
Facsimile number: [phone]. Electronic mail: [e-mail].

SUPPLEMENTARY INFORMATION: Under current rules, trading in expiring CME 
E-Mini S&P 500 futures and options terminates at the close of the 
regular trading session (i.e., 4:15 p.m. Eastern time) on the business 
day immediately preceding the day scheduled for determination of the 
final settlement price.\1\ That is, trading in expiring futures 
contracts ceases on the business day before the third Friday of the 
contract month. Under the proposal, trading in expiring futures and 
options would terminate on the following day--i.e., at the opening of 
trading at the New York Stock Exchange (9:30 a.m. Eastern time) on the 
third Friday of the contract month, which is the day scheduled for 
determination of the final settlement price. The Division requests 
comment on this proposed change to the termination of trading 
provision.
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    \1\ The final settlement price is a special opening quotation of 
the S&P 500 index and reflects the opening prices of the component 
stocks.
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    Copies of the proposed amendments will be available for inspection 
at the Office of the Secretariat, Commodity Futures Trading Commission, 
1155 21st Street, N.W., Washington, DC 20581. Copies of the terms and 
conditions can be obtained through the Office of the Secretariat by 
mail at the above address or by phone at [phone].
    Other materials submitted by the CME in support of the proposals 
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 (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 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 on the proposed amendments, or with respect to other 
materials submitted by the CME should send such comments to Jean A. 
Webb, Secretary, Commodity Futures Trading Commission, 1155 21st 
Street, NW, Washington, DC 20581 by the specified date.

    Issued in Washington, DC, on October 31, 1997.
John R. Mielke,
Acting Director.
[FR Doc. 97-29356 Filed 11-5-97; 8:45 am]
BILLING CODE 6351-01-M