[Federal Register Volume 59, Number 123 (Tuesday, June 28, 1994)]
[Unknown Section]
[Page ]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-15603]
[Federal Register: June 28, 1994]
=======================================================================
-----------------------------------------------------------------------
COMMODITY FUTURES TRADING COMMISSION
Proposed Amendments Relating to the CME's Domestic Stock Index
Futures Contracts
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice of Proposed Contract Market Rule Changes.
-----------------------------------------------------------------------
SUMMARY: The Chicago Mercantile Exchange (CME) has submitted proposed
rule amendments to the opening price limit provisions in its domestic
stock index futures contracts. Under the proposal, each domestic stock
index futures contract's opening price limit would not be in effect on
any day when the closing price of the preceding Globex trading session
is outside the price range that would be permitted under that
contract's opening price limit provisions.\1\
---------------------------------------------------------------------------
\1\The affected CME domestic stock index futures contracts are
in the Standard and Poor's 500 Stock Price Index (S&P 500), the
Standard and Poor's MidCap 400 Stock Price Index, the Russell 2000
Stock Price Index, and the Major Market Index.
---------------------------------------------------------------------------
In accordance with Section 5a(a)(12) of the Commodity Exchange Act
and acting pursuant to the authority delegated by Commission Regulation
Sec. 140.96, the Director of the Division of Economic Analysis
(Division) on behalf of the Commission has determined that publication
of the proposal is in the public interest and will assist the
Commission in considering the views of interested persons. On behalf of
the Commission, the Division is requesting comment on this proposal.
DATES: Comments must be received on or before July 28, 1994.
ADDRESSES: Interested persons should submit their views and comments to
Jean A. Webb, Secretary, Commodity Futures Trading Commission, 2033 K
Street NW, Washington, DC 20581. Reference should be made to the
amendments to the CME domestic stock index futures contracts.
FOR FURTHER INFORMATION: Contact Stephen Sherrod, Division of Economic
Analysis, Commodity Futures Trading Commission, 2033 K Street NW,
Washington, DC 20581, telephone 202-254-7303.
SUPPLEMENTARY INFORMATION: The overnight Globex session in the S&P 500
futures contract ends at 9:00 a.m. Eastern time.\2\ The following
regular trading session begins at 9:30 a.m. The price limit in effect
at the end of the Globex session is 12 S&P 500 points above or below
the previous day's settlement price. (Twelve S&P 500 points are
equivalent to about 100 points in the Dow Jones Industrial Average
(DJIA).) The opening price limit in effect at the beginning of the
regular trading session is five S&P 500 points above or below the
previous day's settlement price (equivalent to about 40 points in the
DJIA). This price limit remains in effect until 9:40 a.m. Thus, the
price limit in the S&P 500 futures contract during the preceding Globex
session is wider than that in effect during the open of the following
regular trading session.
---------------------------------------------------------------------------
\2\In general, both the current and proposed provisions in the
other CME domestic stock index futures contracts are analogous to
those in the S&P 500 futures contract.
---------------------------------------------------------------------------
The CME proposes that the S&P 500 futures contract's opening price
limit not be in effect on any day that the closing price of the
preceding Globex trading session is more than five points above or
below the previous day's settlement price. According to the CME, this
proposal will improve coordination between the opening and Globex price
limits on days when the closing price on Globex exceeds the opening
price limit.
Copies of the proposed amendments will be available for inspection
at the Office of the Secretariat, Commodity Futures Trading Commission,
2033 K Street, N.W., Washington, D.C. 20581. Copies of the proposed
rule amendments can be obtained through the Office of the Secretariat
by mail at the above address or by phone at (202) 254-6314.
The materials submitted by the CME in support of the proposed
amendments 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)). Requests for copies 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 should send such comments to Jean
A. Webb, Secretary, Commodity Futures Trading Commission, 2033 K
Street, NW, Washington, DC 20581 by the specified date.
Issued in Washington, DC, on June 22, 1994.
Blake Imel,
Acting Director.
[FR Doc. 94-15603 Filed 6-27-94; 8:45 am]
BILLING CODE 6351-01-P
