98-32403. Applications of the New York Mercantile Exchange for Designation as a Contract Market in PJM Electricity Futures and Options, Submitted Under 45-Day Fast Track Procedures

[Federal Register Volume 63, Number 234 (Monday, December 7, 1998)]
[Notices]
[Pages 67461-67462]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-32403]


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COMMODITY FUTURES TRADING COMMISSION


Applications of the New York Mercantile Exchange for Designation 
as a Contract Market in PJM Electricity Futures and Options, Submitted 
Under 45-Day Fast Track Procedures

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of availability of proposed terms and conditions for 
applications for contract market designation.

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SUMMARY: The New York Mercantile Exchange (NYMEX or Exchange) has 
applied for designation as a contract market in PJM (Pennsylvania-
Maryland-New Jersey) electricity futures and

[[Page 67462]]

option contracts. The proposals were submitted under the Commission's 
45-day Fast Track procedures. 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 December 22, 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 NYMEX PJM electricity futures and option 
contracts.

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

SUPPLEMENTARY INFORMATION: The proposed designation applications were 
submitted pursuant to the Commission's Fast Track procedures for 
streamlining the review of futures contract rule amendments and new 
contract approvals (62 FR 10434). Under those procedures, the 
proposals, absent any contrary action by the Commission, may be deemed 
approved at the close of business on January 11, 1999, 45 days after 
receipt of the proposals. In view of the limited review period provided 
under the Fast Track procedures, the Commission has determined to 
publish for public comment notice of the availability of the terms and 
conditions for 15 days, rather than 30 days as provided for proposals 
submitted under the regular review procedures.
    Copies of the proposed 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 can be obtained through the Office of the Secretariat by 
mail at the above address, by phone at [phone], or via the 
internet on the CFTC website at 222.cftc.gov under ``What's New & 
Pending''.
    Other materials submitted by the NYMEX 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 (1997)), 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 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 proposals, or with respect to other materials 
submitted by the NYMEX, 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 1, 1998.
Steven Manaster,
Director.
[FR Doc. 98-32403 Filed 12-4-98; 8:45 am]
BILLING CODE 6351-01-M