99-19573. New York Mercantile Exchange, Comex Division, Amendment To Petition for Exemption From the Dual Trading Prohibition in Affected Contract Markets

[Federal Register Volume 64, Number 146 (Friday, July 30, 1999)]
[Notices]
[Pages 41396-41397]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-19573]


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COMMODITY FUTURES TRADING COMMISSION


New York Mercantile Exchange, Comex Division, Amendment To 
Petition for Exemption From the Dual Trading Prohibition in Affected 
Contract Markets

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of amendment and update to a petition for exemption from 
the prohibition on dual trading in an affected contract market.

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SUMMARY: The New York Mercantile Exchange (``NYMEX'' or ``Exchange''), 
Comex Division (``Comex''), has submitted to the Commodity Futures 
Trading Commission (``Commission'') an additional update to the 
Commodity Exchange, Inc., October 21, 1993 petition for exemption from 
the prohibition against dual trading in two contract markets. The 
additional amendment requests an exemption for a new affected contract 
market. Copies of the entire file, including any future submissions, 
will be available to the public upon request, except to the extent the 
Exchange has requested confidential treatment.

ADDRESSES: Copies of the file are available from the Office of the 
Secretariat, Commodity Futures Trading Commission, Three Lafayette 
Centre, 1155 21st Street, NW, Washington, DC 20581. Reference should be 
made to the Comex dual trading exemption petition file.

FOR FURTHER INFORMATION CONTACT: Duane C. Andresen, Special Counsel, 
Division of Trading and Markets, Commodity Futures Trading Commission, 
Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581; 
telephone: [phone].

SUPPLEMENTARY INFORMATION: Pursuant to sections 4j(a)(1) and (3) of the 
Commodity Exchange Act (``Act'') and Commission Regulation 155.5 
thereunder, a board of trade may submit a petition to the Commission to 
exempt any of its affected contract markets (markets with an average 
daily trading volume equal to or in excess of 8,000 contracts for four 
consecutive quarters) from the prohibition against dual trading. 
Regulation 155.5(d)(6) authorizes the Director of the Division of 
Trading and Markets to publish notice of each exemption petition deemed 
complete under Regulation 155.5(d) and to make the petition available 
to the public as required by section 4j(a)(5) of the Act.
    Comex originally submitted a petition for dual trading exemptions 
for its gold,

[[Page 41397]]

silver, and copper futures contracts and options on gold future 
contracts on October 21, 1993. After the Commission requested 
additional information, Comex submitted a corrected petition on 
November 30, 1993. That petition was made available to the public by a 
notice of availability published in the Federal Register on December 
22, 1993.\1\ On January 21, 1997, in response to a Commission letter 
offering the opportunity to update its petition, Comex submitted an 
updated petition. On May 6, 1997, the Commission issued an Order 
granting dual trading exemptions to Comex for its gold and silver 
futures contracts, the only affected contract markets as of that date. 
This Order provided that if other Comex contracts become affected 
contract markets after the date of the Order, the Commission may expand 
the Order in response to an updated petition that includes those 
contracts. Pursuant to that provision, Comex submitted an update to its 
petition dated June 25, 1999, requesting an exemption from the dual 
trading prohibition for the copper futures contract market.
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    \1\ 58 FR 67777 (December 22, 1993).
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    Copies of the file containing all these materials and any future 
submissions, except to the extent the Exchange has requested 
confidential treatment in accordance with 17 CFR 145.9, are available 
for inspection at the Commission's Office of the Secretariat, Three 
Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581, and may 
be obtained by mail at that address or by telephone at [phone].
    Petition materials subject to Comex's request for confidential 
treatment may be available upon request pursuant to the Freedom of 
Information Act (``FOIA'') (5 U.S.C. Sec. 552) and the Commission's 
regulations thereunder (17 CFR Part 145), except to the extent they are 
entitled to confidential treatment as set forth in 17 CFR 145.5 and 
145.9. Request for copies of such materials should be made to FOIA, 
Privacy, and Sunshine Act Compliance Staff of the Office of the 
Secretariat at the above address in accordance with 17 CFR 145.7 and 
145.87.
    Comex timely submitted its amended petition before June 30, 1999, 
the effective date of the dual trading prohibition in the newly 
affected contract market. Therefore, application of the prohibition to 
the contract market covered by the petition amendment has been 
suspended in accordance with Commission Regulation 155.5(d)(5) and will 
remain suspended until the petition is acted upon.

    Issued in Washington, DC, on July 27, 1999.
Alan L. Seifert,
Deputy Director, Division of Trading and Markets.
[FR Doc. 99-19573 Filed 7-29-99; 8:45 am]
BILLING CODE 6351-01-M