97-33729. Applications of the CME for Designation as a Contract Market in Futures and Options on Frozen Pork Bellies

[Federal Register Volume 62, Number 248 (Monday, December 29, 1997)]
[Notices]
[Page 67630]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-33729]


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COMMODITY FUTURES TRADING COMMISSION


Applications of the CME for Designation as a Contract Market in 
Futures and Options on Frozen Pork Bellies

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of availability of terms and conditions of proposed 
commodity futures and options contract.

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SUMMARY: The Chicago Mercantile Exchange (CME or Exchange) applied for 
designation as a contract market in futures and options on frozen pork 
bellies. 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 January 28, 1998.

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, 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 CME frozen pork bellies contracts.

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

SUPPLEMENTARY INFORMATION: The CME stated that:

In the eight months that have passed since the Fresh Pork Bellies 
futures contract began trading, the Exchange has become aware of a 
relatively small but still significant demand for a Frozen Pork 
Bellies contract. Just as the Exchange earlier acknowledged the 
difficulty of hedging fresh bellies with a frozen-based futures 
contract, it now recognizes the difficulty of hedging frozen bellies 
with a fresh-based futures contract. Therefore, the Exchange has 
decided to pursue a second, separate futures contract for Frozen 
Pork Bellies that could be listed and traded independent of the 
Fresh Pork Bellies futures contract. This proposed ``new'' Frozen 
Pork Bellies futures contract is identical to the existing Frozen 
Pork Bellies futures contract.

    Copies of the terms and conditions will be available for inspection 
at the Office of the Secretariat, Commodity Futures Trading Commission, 
Three Lafayette Centre, 1155 21st Street, NW, 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 (202) 
418-5100.
    Other materials submitted by the CME in support of the applications 
for contract market designation 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, rivacy and Sunshine Act Compliance Staff of the Office of 
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 terms and conditions, or with respect to 
other materials submitted by the CME, should send such comments to Jean 
A. Webb, Secretary, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581 by the 
specified date.

    Issued in Washington, DC, on December 19, 1997.
John R. Mielke,
Acting Director.
[FR Doc. 97-33729 Filed 12-24-97; 8:45 am]
BILLING CODE 6351-01-P