[Federal Register Volume 61, Number 139 (Thursday, July 18, 1996)]
[Proposed Rules]
[Pages 37409-37417]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-18262]
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COMMODITY FUTURES TRADING COMMISSION
17 CFR Parts 15, 16, 17, 18 and 19
Futures Commission Merchants, Clearing Members and Foreign
Brokers; Option Large Trader Reports Daily Filing Requirements
AGENCY: Commodity Futures Trading Commission.
ACTION: Proposed rulemaking.
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SUMMARY: The Commodity Futures Trading Commission (Commission) is
proposing to amend its regulations to require that futures commission
merchants, clearing members and foreign brokers (firms) file option
large trader reports with the Commission on a daily basis. The proposed
amendments specify a joint option and futures reporting level, a joint
record format for reporting the information in machine-readable form,
and an earlier time for submission of the data. A number of these
requirements are proposed with the view that the Commission will be
able to provide large trader data to the exchanges. Currently, firms
report option and futures large trader data to the exchanges and
futures data to the Commission. Reporting burdens in the industry may
be reduced if firms report data to a single source that in turn
distributes the information to all regulators or self-regulatory
organizations.
The Commission is also in the process of obtaining new computer
hardware and rewriting the software for its market surveillance system.
In view of this, the Commission is requesting comment from the industry
on any standards it might adopt that would make large trader reporting
more efficient for the industry. Last, the Commission is proposing
amendments to rule 18.04 to obtain CFTC form 40s from reporting traders
only on special call. This would mirror current Commission practice
with respect to this form.
DATES: Comments on this proposed rulemaking should be submitted on or
before September 16, 1996.
ADDRESSES: Comments should be sent to the Office of the Secretariat,
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st
Street, NW., Washington, DC 20581, and should make reference to
``option large trader reports,'' telephone (202) 418-5100.
FOR FURTHER INFORMATION CONTACT: Lamont L. Reese, Division of Economic
Analysis, Three Lafayette Centre, 1155 21st Street, NW., Washington, DC
20581, telephone (202) 418-5310.
SUPPLEMENTARY INFORMATION:
I. Background
The Commission employs a comprehensive market surveillance system
which is designed to maintain freely competitive markets by detecting
and preventing threats of price manipulation or other major market
disruptions caused by abusive trading practices. As part of the system,
the Commission's Division of Economic Analysis operates an extensive
data-gathering system which relies heavily on computer support.
Regulations concerning this system require reports from three primary
sources: contract markets under Part 16 of the regulations; futures
commission merchants, clearing members, and foreign brokers (firms)
under parts 17 and 21 of the regulations; and individual traders under
parts 18 and 19 of the regulations. 17 CFR parts 16 through 21 (1995).
The Commission is proposing amendments to these regulations which
will require firms to report daily option positions of large traders in
addition to futures positions directly to the Commission. The proposed
rule changes also delete the current requirement that contract markets
provide option large trader (OLT) data on a weekly basis. Since the
Commission is also in the process of reengineering software for its
surveillance system to run in a client-server environment rather than
on a mainframe computer, it is making proposals and asking for
recommendations to make its requirements for electronic reporting
consistent with standards in use by the industry.
An overall review of the reporting system indicates that additional
amendments to the regulations may be proposed. These include proposed
changes to the reporting levels in rule 15.03 and amendments to Part 17
of the regulations to give additional guidance
[[Page 37410]]
to firms when reporting accounts that are owned and/or controlled by
two or more persons. However, since these regulations are not concerned
with daily reporting of option positions, any proposed changes to them
will be included in a separate rulemaking proposal.
II. Daily and Weekly Large Trader Data
Part 17 of the Commission's regulations requires that firms submit
a daily report to the Commission with respect to futures positions in
all special accounts on their books.1 Information required to be
provided to the Commission includes quantities of reportable futures
positions, exchanges of futures for cash, and delivery notices issued
or stopped by each special account.2 Firms assign a reporting
number to the special account and report all information to the
Commission using this number.3 The regulations also specify the
format for data that is reported on machine-readable media and the type
of data processing media that is compatible with Commission computer
systems.4 Additionally, firms must file a CFTC form 102 showing
the information specified under Sec. 17.01 of the regulations for each
special account.5 This information identifies persons who have a
financial interest in or trading control of a special account, informs
the Commission of the type of account that is being reported, and gives
preliminary information whether positions and transactions are
commercial or noncommercial in nature.
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\1\ Special account means any commodity futures or option
account in which there is a reportable position, 17 CFR 15.00
(1995). Firms report futures information to the Commission and
futures and option information to the exchanges.
\2\ A reportable position is any open position held or
controlled by a trader at the close of business in any one futures
contract of a commodity traded on any one contract market that is
equal to or in excess of the quantities fixed by the Commission in
Sec. 15.03 of the regulations, 17 CFR 15.03 (1995).
\3\ The firm's reporting number may be the account number
carried on its books. However, the number may refer to a collection
of accounts that are owned and/or controlled by the same person.
\4\ See rule 17.00(g) for a description of the file
characteristics and 15.00(l) for a definition of compatible data
processing media, 17 CFR 15.00(l) and 17.00(g) (1995).
\5\ 17 CFR 17.01 (1995).
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With regard to options, however, the Commission receives large
trader data only on a weekly basis. Part 16 of the regulations requires
that contract markets provide the long and short put or call positions
for each option trader controlling a reportable position as of the
close of business on Tuesday.6 Contract markets provide the
Commission with the data by account number and supply a CFTC form 102
to identify owners and controllers of the account. Generally, the rules
requiring weekly reporting of OLT data were in place at the inception
of the Commission's three-year pilot program for domestic exchange-
traded commodity options.7 Due to the growth in the trading of
exchange-traded options and, since the same persons tend to hold both
large futures and option positions, the Commission does not believe
that its current requirements concerning large trader reporting are
adequate.
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\6\ 17 CFR 16.02 (1995). A reportable option position is defined
as any open contract position on any one contract market in the put
option or separately in the call option of a specified option
expiration date which exceeds 50 contracts. 17 CFR 15.00(b)(2)
(1995).
\7\ 46 FR 54500 (November 3, 1981).
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The Commission has long recognized the interaction that exists
between the markets for trading futures and those for trading options
on futures. In April of 1992, for example, the Commission proposed
rules that would unify speculative position limits on futures with
those on options for the commodities specified in Part 150 of the
regulations, 57 FR 12766 (April 13, 1992).8 In this release, the
Commission found that price movements in the two markets are highly
related so that viewing options and futures together more readily
reflects the economic reality of a trader's position. The Commission
noted that:
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\8\ The Commission previously requested comments on the concept
of unifying option and futures speculative limits. See 56 FR 37049
(August 2, 1991). The commodities listed in Part 150 include grains,
soybeans, soybean products, and cotton.
* * * options in certain combinations create synthetic futures.
Moreover, these, or other combinations, may be spread or offset
against actual futures positions. Thus, through a variety of spread
or arbitrage transactions, positions in one market may have a direct
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and immediate impact on pricing in the other.
57 FR at 12769
Trading in options on futures grew to over 100 million contracts
during 1994, and option position sizes held by individual traders have
grown correspondingly. Currently, it is impossible to assess
relationships between price moves and trader positions without knowing
both the traders' futures and option positions. Adequate surveillance
requires that these relationships be examined on a day-to-day basis. In
view of this, the Commission is proposing to collect option positions
of large traders on a daily basis.
The Commission must, of course, determine whether it will require
daily reports from the exchanges or obtain the information directly
from reporting firms. As noted above, exchanges currently supply the
Commission with weekly OLT data. A survey of the exchanges indicates,
however, that not all exchanges collect option large trader data on a
daily basis. Moreover, although the option data are currently provided
by exchanges immediately after they process incoming reports from their
members, the data are not timely for market surveillance. Most
exchanges provide the data to the Commission during the afternoon of
the Wednesday following the Tuesday report date for the positions. Due
to CFTC processing capacity restraints, OLT data are processed
overnight and not available for analysis until the following morning.
Exchange members, however, provide OLT data to the exchanges early in
the morning on the day following the OLT position report date.
Presumably, reporting firms could provide data directly to the
Commission at about the same time and, in its new processing
environment, the Commission will be able to access and analyze the data
immediately. The process of obtaining data from the exchanges is also
cumbersome and may impose a significant additional burden on the
exchanges, particularly with respect to providing the Commission with
form 102s to identify accounts and in obtaining corrections to the OLT
data.
The Commission is also mindful of the additional burden that may be
placed on reporting firms if it collects OLT data directly from them
since, in addition, they must provide data to the exchanges. The burden
on firms would be reduced if the Commission acts as a central
collection point for large trader data and distributes them to the
exchanges. Reporting firms through the operations committees of the
Futures Industry Association (FIA) recommended this approach to
Commission staff in 1991.9 Since the Commission is obtaining new
computer hardware and rewriting its software, the Commission is
considering requirements that will allow it to act as a central
collection point for large trader data. Commission staff have held
preliminary discussions with exchange staff who expressed interest, if
the needs of the individual exchanges could be met.
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\9\ See the ``Report on the Commission's Large Trader Reporting
System'' prepared by the Division of Economic Analysis, January
1992, pp. 23 and 24.
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In view of the above, the Commission is proposing amendments to its
reporting rules that require firms to report both futures and option
large
[[Page 37411]]
trader data to the Commission on a daily basis. These amendments
involve redefining reporting levels, establishing joint reporting of
futures and option data and changing the current format for reporting
data on machine-readable media. In making the specific amendments
discussed below, the Commission is taking into account certain
requirements expressed by staff of the various exchanges.
A. Reporting Levels
As noted above, Commission rules 15.00(b) and 15.03 define
reportable levels in futures and options. The Commission is not
changing its definition of a reportable futures position. However, it
is proposing that an option position be considered reportable if the
aggregate of all open contract positions of a trader in all options
that exercise into the same futures expiration month exceeds the
reporting levels specified in rule 15.03 for any one option
quadrant.10 Commission staff have functionally adopted this
definition when processing exchange-supplied OLT data. If an exchange
reports an option account that has previously been reported, or if the
position is reportable according to the above definition, the account
is further processed. The Commission has found that this method of
processing OLT data gives satisfactory information about large option
traders and greatly reduces the number of form 102s it requests from
the exchanges. The Commission intends to continue this front-end
processing of OLT data if firms report directly to the Commission.
Thus, firms can report OLT data at lower reporting levels or report all
OLT data and the Commission will keep and process only that which is
appropriate.
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\10\ An option quadrant is considered a long call, short call,
long put or short put.
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B. Reporting Futures and Options on a Combined Basis
Commission regulations currently require that firms provide only
large trader positions that are of a reportable size. If a trader holds
a reportable position in one future month of a commodity on a contract
market and a position which is not of a reportable size in another
future month, only the larger position is required to be reported. A
number of the exchanges, however, require that both positions be
reported.11 For such exchanges, this type of reporting applies to
both futures and options. Firms must report all option positions and
all futures positions in an account to the appropriate exchange, if
either an option position or a futures position in the account meets
the exchange's definition of reportability. The Commission is proposing
to amend rule 17.00 to require this type of reporting. This will meet
exchange requirements if in the future they choose to obtain data from
the Commission rather than from firms.12
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\11\ Exchanges that require this type of reporting include the
Chicago Board of Trade (CBT), the Chicago Mercantile Exchange (CME),
and the New York Mercantile Exchange (NYME).
\12\ Since the Commission is proposing that rule 17.00 be
amended to require that options be reported by strike prices it is
also proposing conforming amendments to rule 17.04 to require that
the originator of an omnibus account report option positions by
strike price to the firm that carries the account.
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C. Record Formats for Dial-Up Transmissions and Machine Readable Media
The Commission receives about 95 percent of its futures large
trader data via dial-up transmission or on machine-readable media. The
record formats for reporting in this manner are contained in rule
17.00(g).13 In proposing changes to these formats to accommodate
option data, the Commission is seeking to minimize programming changes
that firms may incur with adoption of a new reporting format and to
collect a set of data that will be useful to each exchange for their
large trader reporting system. This can be accomplished by adopting a
format used by at least one of the major exchanges that includes all
data fields used by other exchanges. Any of these other exchanges that
elect to obtain large trader data from the Commission will be able to
convert from the Commission's format to their own.
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\13\ 17 CFR 17.00(g) (1995).
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A review of record formats used by the exchanges indicates that
although they differ the formats necessarily contain similar
information for collecting large trader data. The formats used by two
of the exchanges are more expansive than others, allowing for
identification of flexible products in addition to data used by other
exchanges. One of these formats contains all information in a single
record and may be preferable since the Commission is proposing to use
the same record format to report different types of information. In
view of this, the Commission is proposing to adopt the record format
shown below.
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Record layout
------------------------------
Beginning Name
column Length Type*
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1........ 2 AN Report Type.
3........ 3 AN Reporting Firm.
6........ 2 -- Reserved.
8........ 12 AN Account Number.
20....... 8 AN Report Date.
28....... 2 AN Exchange Code.
30....... 1 AN Put or Call.
31....... 5 AN Commodity Code (1).
36....... 8 AN Expiration Date (1).
44....... 7 S Strike Price.
51....... 1 AN Exercise Style.
52....... 7 N Long-buy-Stopped.
59....... 7 N Short-Sell-Issued.
66....... 5 AN Commodity Code (2).
71....... 8 AN Expiration Date (2).
79....... 2 -- Reserved.
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*AN--Alpha-Numeric.
N--Numeric.
S--Signed numeric.
1. Report Type. This report format will be used to report three
types of data: Long and short futures and option positions, futures
delivery notices issued and stopped, and exchanges of futures for
physicals bought and sold. Valid values for the report type are ``RP''
for reporting positions, ``DN'' for reporting delivery notices, and
``EP'' for reporting futures for physicals.
2. Reporting Firm. Currently, the Commission assigns a five-digit
number to each firm which is used for reporting. See rule
17.00(g)(3)(i). This assignment may not be necessary since all members
of a clearing house are already identified by a number that is used for
reporting to the clearing house or the exchange. The Commission is
proposing to use the clearing member number in conjunction with an
exchange number to identify reporting firms. If a firm is not a
clearing member, the Commission is proposing that it assign a three-
character alpha-numeric identifier agreed to by the exchanges.
3. Account Number. This is the same number that is currently
assigned to an account by the firm for purposes of reporting. See rule
17.00(g)(3)(iii).
4. Report Date. The Commission is proposing that the report date
include the full four-character year rather than the last two
characters. The format is YYYYMMDD, where YYYY is the year, MM is the
month, and DD is the day of the month.
5. Exchange. This is proposed as a two-character field used to
identify the exchange on which a position is held.
[[Page 37412]]
The Commission is proposing that valid values be as follows:
01.............................. Chicago Board of Trade.
02.............................. Chicago Mercantile Exchange.
03.............................. MidAmerica Commodity Exchange.
06.............................. Coffee, Sugar and Cocoa Exchange.
07.............................. Comex Division of NYME.
08.............................. Kansas City Board of Trade.
09.............................. Minneapolis Grain Exchange.
10.............................. Philadelphia Board of Trade.
12.............................. New York Mercantile Exchange.
13.............................. New York Cotton Exchange.
15.............................. New York Futures Exchange.
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6. Put-Call Code. Valid entries would be ``C'' for a call option
and ``P'' for a put option. For futures, the field is blank.
7. Commodity (1). Currently, the Commission assigns a six-digit
contract market code for reporting. This appears unnecessary since the
exchanges already assign a commodity code for their own reporting. The
Commission is proposing to use the exchange code assigned to the
futures or option contract pertaining to the reported position. This
may simplify reporting for firms.
8. Expiration Date (1). The date format is YYYYMMDD and represents
the expiration date or delivery date of the reported futures or option
contract. For date-specific instruments, such as flexible products, the
full date must be reported. For other options and futures, this field
is used to report the expiration year and month for an option contract
or a delivery year and month for a futures contract. The day portion of
the field for these contracts (``DD'') contains spaces.
9. Strike Price. This is proposed as a signed numeric field for
reporting option strike prices. The strike prices should be right-
justified and the field zero-filled. For futures, the field is left
blank.
10. Exercise Style. Valid values for this field are ``A'' for
American style options, i.e., those that can be exercised at any time
during the life of the options and ``E'' for European, i.e., those that
can be exercised only at the end of an option's life. This field will
be required only for flexible instruments or as otherwise specified by
the Commission. The Commission is proposing that all data be reported
in contracts. Currently, data for the grains and soybean futures
markets are reported in thousand bushels. Data reported by the
exchanges for options on futures contracts in these markets, however,
is reported in contracts. It would be preferable if all data pertaining
to these markets are reported in the same units.
11. Long-Buy-Stopped (Short-Sell-Issued). When report type is
``RP'', this field represents long (short) positions open at the end of
a trading day. When report type is ``DN'', this field represents
delivery notices stopped (issued) on behalf of the account. When report
type is ``EP'', this field represents purchases (sales) of futures for
cash for the account. The Commission is proposing that all data be
reported in contracts. Currently, data for the grains and soybean
futures markets are reported in thousand bushels. Data reported by the
exchanges for options on futures contracts in these markets, however,
is reported in contracts. It would be preferable if all data pertaining
to these markets are reported in the same units.
12. Commodity (2). This is the exchange-assigned commodity code for
a futures contract or other instrument that a position is exercised
into from a date specific or flexible option.
13. Expiration Date (2). Similar to other dates, the format is
YYYYMMDD and represents the expiration date or delivery month and year
of the future or other instrument that a position is exercised into
from a date-specific or flexible option.
D. Time and Place for Filing Reports
Commission rule 17.02 currently specifies different times for
reporting large trader data depending on the media used for
reporting.14 If forms are used, they must be transmitted to the
appropriate regional office by 9 a.m. If the data are supplied on
machine-readable media, such as computer tape or diskette, the data
must be supplied by 10:30 a.m. If the data are transmitted
electronically, the data must be supplied by 11 a.m.15
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\14\ In the discussion that follows, times are eastern time for
markets located in that time zone and central time for all other
markets.
\15\ A number of firms that transmit data electronically provide
the Commission with reports substantially earlier than its 11:00
a.m. cutoff time.
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As noted above, exchanges generally receive large trader data
earlier than the Commission. Staff for several of the exchanges
indicate that they have a 9 a.m. cutoff time. Another exchange
apparently receives data by 7 a.m. It would be beneficial for the
Commission's market surveillance program if all reports were received
at an earlier time. In addition, if the Commission is to act as a
central collection point for large trader data, it must be able to meet
exchange deadlines. In view of this, the Commission is proposing to
amend rule 17.02 so that all large trader reports are required to be
submitted to the Commission by 9 a.m. or at such earlier time as
specified by an exchange that is receiving data from the Commission for
contract markets on that exchange.
E. Filing Reports Electronically and the Definition of Compatible Data-
Processing Media
Unless otherwise allowed by the Commission, firms must report large
trader data on compatible data-processing media.16 This form of
reporting is efficient, since paper reports need not be filled out and
filed and key-entry of the data received is not required. A significant
number of small firms, however, currently have an exception to file
paper reports. The amount of data filed by each firm is small,
accounting in total for less than five percent of all large trader data
collected by the Commission.
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\16\ 17 CFR 17.00(a) (1995).
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The Commission is concerned, however, that the amount of data
submitted on hard-copy reports may increase appreciably if options are
reported to the Commission. Since reporting OLT positions to the
Commission is more data-intensive than reporting futures positions,
there is concern that the number of existing staff will be inadequate
to key-enter both futures and option large trader data in a timely
manner. In view of this, the Commission may be more restrictive in
allowing firms to report in hard-copy format. Since personal computers
are becoming less expensive, it may not be burdensome for firms to key-
enter large trader data and transmit the data to the Commission. The
Commission is seeking comment on the magnitude of the burden this may
impose on smaller firms and whether assistance, such as software
development, could be provided by Commission staff to ameliorate this
burden.
If firms file reports electronically, they must do so on compatible
data-processing media. This is defined in rule 15.00(l) as:
1. Unblocked, nine-track, 1600 BPI magnetic tape using EBCDIC
encoding and a standard IBM label;
2. Magnetic diskettes using a single-density IBM 3741 format; or
3. Asynchronous dial-up transmission at 1200 baud or synchronous
dial-up transmission at 4800 baud.
The above-mentioned transmission methods are generally outdated.
For example, cartridge has replaced tape and data transmission speeds
are far faster than those specified above. The Commission is interested
to know if standards for data transmission or media use have been
adopted by members of the futures trading industry, and is seeking
comment on how best to
[[Page 37413]]
define acceptable data-processing media.
F. Filing Form 102s
Since account identification information is provided on a form
rather than electronically, the data are burdensome for firms to
provide and costly for the Commission to process. This burden is
compounded for reporting firms since the same form might have to be
filed at different times with several exchanges as well as the
Commission. Costs associated with filing this form appear to be the
principal reason that firms desire to send information to a single
regulator.
The Commission can of course act as a single collection point for
this information as well as that pertaining to positions. The cost of
doing so, however, may be high since the forms themselves will require
copying and distribution to the exchanges. This cost could be minimized
if the information were transmitted electronically to the Commission.
Two exchanges, independent of this rulemaking, have started work in
this area.
One exchange, the CME, has developed software that can be used on a
reporting firm's computer system. The software allows for key-entry of
account identification information which is collected in a file for
subsequent transmission. Another exchange, the CBT, requires that
member firms electronically transmit partial account identification
information when an account is first reported. In either case, it
appears that firms must key-enter the data rather than obtain it from
other computer files they maintain.
At this time, the Commission is in the process of gathering more
information to determine the manner in which it will proceed in this
matter. Although its staff will be in further contact with the
exchanges and reporting firms, the Commission is requesting comments
and suggestions from the industry on either of the exchanges'
approaches or viable alternatives to collecting account identification
information electronically.
G. Proposed Implementation
The Commission expects that implementation of the proposed
amendments to the regulations will occur over a period of time.
Reporting firms must develop new formats for transmitting the combined
option and futures data and new software programs to determine whether
accounts are reportable. In addition, Commission staff will test data
transmissions to ensure that formats are correct. In view of this, the
Commission anticipates that it will make the amended rules effective
six months after publication in the Federal Register of a final
rulemaking in this matter. At that time, the requirement in part 16
that exchanges file weekly OLT data would be deleted.17
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\17\ The Commission is proposing to delete and reserve
Secs. 16.02 and 16.03. In addition, the Commission is proposing
conforming amendments to rules 16.06 and 16.07 to remove references
to deleted sections of part 16.
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III. Other Exchange Reporting
In addition to OLT reports required by rule 16.02, exchanges must
make clearing member reports under rule 16.00 and reports concerning
volume, open interest and prices under rule 16.01.18 All reports
made by the exchanges must be on compatible data-processing media and
are due to the Commission no later than 3 p.m. of the business day
following the report date of the data. The data are submitted using a
format and coding structure issued by the Office of the Executive
Director.
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\18\ 17 CFR 16.00, 16.01 and 16.02 (1995).
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A. Delta Factors and Settlement Prices
Included in the data provided under paragraph 16.01 are the
settlement prices for option and futures contracts and delta-factors
for option contacts.19 Delta factors are necessary to convert
option positions to a futures equivalent basis so that traders' futures
and option positions can be viewed as an economic whole. Deltas must be
available when option positions are reported in order to interpret the
positions.
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\19\ Delta factors are used to equalize the exposure value of an
option contract with that of the underlying future. Multiplying an
option contract by a delta factor places the option on a comparable
basis to the underlying futures contract in terms of value
fluctuations. The absolute value of the deltas vary between 0 and 1.
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The Commission understands that delta factors are computed by an
exchange or its associated clearing house after the close of trading
and can be made available sooner than volume of trading and open
interest figures. Settlement prices also are available shortly after
the close of trading and their timely receipt is important to the
Commission for its market and financial surveillance programs. In view
of this, the Commission is proposing to amend rule 16.01 to require
that exchanges electronically transmit delta factors and settlement
prices for option and futures contracts by 7 a.m. on the day following
the report date.20 Commission staff will be in contact with the
exchanges to discuss changes in record formats that amendments to the
regulations may entail.21
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\20\ The report date is the date the data pertain to.
\21\ These formats will change substantially because of the
introduction of date-specific or flexible options.
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B. Critical Dates
Since the inception of the pilot program for exchange-traded
options, the format and coding instructions issued by the Office of the
Executive Director have included fields for reporting certain dates
associated with the terms and conditions of futures and option
contracts. For futures contracts, this includes first and last notice
dates and last trading day and for option contracts, expiration date.
Although the exchanges provide these data, this requirement is not
explicitly set forth in the Commission's regulations. Commission
software makes extensive use of some of these dates for market
surveillance purposes. In view of this, the Commission is proposing to
amend rule 16.01 to require that the exchanges provide the first notice
date and last trading date for futures contracts and the expiration
date for option contracts.
C. Option Exercises and Assigns
Contract markets report the number of option contracts exercised
both by clearing members under rule 16.00(a)(5) and for the entire
market under rule 16.01(a)(5). The Commission is proposing to delete
these requirements since the information is not important for its
surveillance program.22
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\22\ In addition, the Commission is proposing to delete the
requirement in rule 16.01(a)(6) that contract markets provide the
number of option contracts expiring unexercised.
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IV. Other Proposed Amendments
A. Cash Position Reports
The Commission requires that persons owning or controlling futures
positions in commodities for which the Commission has established
speculative limits file reports concerning their long and short cash
positions, i.e., stocks of the commodities owned and the quantity of
their fixed-price purchase and sale commitments, 17 CFR part 19 (1995).
These commodities include the grains, the soybean complex and cotton,
17 CFR part 150 (1995). The primary purpose for these reports is to
determine if the futures positions of traders that exceed the
Commission's speculative limits qualify as hedging as defined in
Sec. 1.3(z) of the Commission's regulations. Additionally, merchants
and dealers in cotton must provide information on the quantity of their
``call purchases and
[[Page 37414]]
sales.'' 23 Information concerning call purchases and sales is
used as a basis for the Commission's weekly ``Cotton on Call'' report.
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\23\ Call purchases and sales are unfixed price purchases and
sales commitments transacted as a basis price referenced to a
particular cotton futures delivery month.
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With the exception of call purchase and sale reports by merchants
and dealers in cotton, reporting levels for cash position reports (CFTC
forms 204 and 304) are set at the speculative limit levels defined in
rule 150.2. 17 CFR 150.2 (1995).24 Only futures positions and not
option positions are considered when determining reportability for
purposes of reports due under part 19. See rule 15.00(b)(1)(ii), 17 CFR
15.00 (1995). The Commission, however, amended part 150 so that the
speculative limits set forth in rule 150.2 apply to the net long or net
short combined futures and futures equivalent option position of a
trader.25 Given the purpose for reports filed under rule
19.01(a)(1), the Commission is proposing that these reports be provided
only if a trader's net long or short combined futures and futures
equivalent options position as defined in part 150 exceeds the level
specified in rule 150.2.26
---------------------------------------------------------------------------
\24\ Merchants and dealers in cotton must file reports at the
lower levels specified in rule 15.03. This lower level for cotton is
to ensure adequate coverage of call sales and purchases on the
``Cotton on Call'' report. The Commission is not proposing
amendments to this reporting level.
\25\ 58 FR 17972 (March 30, 1993). Commission rules 150.1 (f)-
(h) define futures equivalent and long and short positions as
follows:
(f) Futures-equivalent means an option contract which has been
adjusted by the previous day's risk factor, or delta coefficient,
for that option which has been calculated at the close of trading
and published by the applicable exchange under Sec. 16.01 of this
chapter.
(g) Long positions means a long call option, a short put option
or a long underlying futures contract.
(h) Short positions means a short call option, a long put option
or a short underlying futures contract.
\26\ Conforming amendments are also being proposed to rule
15.01(d). 17 CFR 15.01(d) (1995).
---------------------------------------------------------------------------
B. Submitting Form 40s
Under Part 18 of the regulations, traders who become reportable in
futures must file a CFTC form 40, ``Statement of Reporting Trader,''
within ten business days following the day that the trader obtains a
reportable position. Additional filings are made annually as specified
in rule 18.04(d).27 Traders who become reportable in options are
required to file the form 40 only in response to a special call by the
Commission.
---------------------------------------------------------------------------
\27\ 17 CFR 18.04(d) (1995).
---------------------------------------------------------------------------
Currently, when an account first becomes reportable in futures, the
firm reporting the account files a CFTC form 102 that identifies all
persons having a ten percent or more financial interest in the account
and those persons who control the trading of the account.28
Although all persons named on the form 102 may be considered a trader
according to the Commission's definition in rule 15.00(e), Commission
staff will determine a trader of primary interest and request a form 40
from that trader.29 No actions are generally taken against traders
who do not file an initial form 40 unless they fail to respond to the
staff's written request. Similarly, Commission staff will request
updates to form 40s by issuing a written request.30 In view of the
above, the Commission is proposing to amend rule 18.04 to require that
traders file form 40's in response to a special call, thus reflecting
the current operating procedure. Authority to make these calls will be
delegated to the director of the Division of Economic Analysis. In
proposing these amendments, the Commission expects that staff will
continue to obtain initial form 40s from traders and updated form 40s
on at least a twenty-four-month cycle for traders who continue in
reporting status.
---------------------------------------------------------------------------
\28\ 17 CFR 17.01 (1995).
\29\ At times, Commission staff may request a form 40 from more
than one person identified on the form 102, but this is rare. The
Division would continue to maintain this authority under the rule as
proposed and the proposed delegation authority.
\30\ Paragraph 18.04(d) requires that if traders remain
reportable, they update the form 40 after twelve months. Commission
staff, however, have been requesting that form 40s be updated only
if traders are in reporting status after a twenty-four-month period.
An analysis of form 40 updates indicates that few form 40s show
significant changes in the information contained on the form after a
one-year period. This action has significantly reduced the number of
form 40s required from traders with no adverse impact on the
Commission's surveillance program.
---------------------------------------------------------------------------
V. Related Matters
A. The Regulatory Flexibility Act (RFA)
The RFA requires that agencies, in proposing rules, consider the
impact of those rules on small business. These amendments affect large
traders and futures commission merchants and other similar entities
such as foreign brokers and foreign traders. The Commission has defined
``small entities'' as used by the Commission in evaluating the impact
of its rules in accordance with the RFA. 47 FR 18618-18621 (April 30,
1982).
In that statement, the Commission concluded that large traders and
futures commission merchants should not be considered to be small
entities for purposes of the RFA. In this regard, the amendments to
reporting requirements fall mainly upon futures commission merchants.
Similarly, foreign brokers and foreign traders report only if carrying
or holding reportable, i.e., large, positions. Pursuant to section 3(a)
of the RFA (5 U.S.C. 605(b)), the Chairman, on behalf of the
Commission, certifies that the proposed rules would not have a
significant economic impact on a substantial number of small entities.
The Commission invites comments from any firm which believes that these
rules would have a significant economic impact upon its operations.
B. Paperwork Reduction Act (PRA)
The PRA of 1980, 44 U.S.C. 3501 et seq., imposes certain
requirements on Federal agencies (including the Commission) in
connection with their conducting or sponsoring any collection of
information as defined by the PRA. In compliance with the PRA, the
Commission is submitting these proposed rules and their associated
information collection requirements to the Office of Management and
Budget. The burden associated with this entire collection and these
amended rules, is as follows:
Average burden hours per response................................0.3607
Number of respondents.............................................6,181
Frequency of response.............................................Daily
Persons wishing to comment on the information which would be
required by these rules should contact Jeff Hill, Office of Management
and Budget, Room 3228, NEOB, Washington, DC 20503, (202) 395-7304.
Copies of the information collection submission to OMB are available
from Joe F. Mink, CFTC Clearance Officer, Three Lafayette Centre, 1155
21st Street, NW., Washington, DC 20581, (202) 418-5170.
List of Subjects
17 CFR Part 15
Brokers, Reporting and recordkeeping requirements.
17 CFR Part 16
Commodity futures, Reporting and recordkeeping requirements.
17 CFR Part 17
Brokers, Commodity futures, Reporting and recordkeeping
requirements.
17 CFR Part 18
Brokers, Commodity futures, Reporting and recordkeeping
requirements.
17 CFR Part 19
Brokers, Commodity futures, Reporting and recordkeeping
requirements.
[[Page 37415]]
In consideration of the foregoing, and pursuant to the authority
contained in the Commodity Exchange Act (Act), and in particular,
sections 4g, 4i, 5 and 8a of the Act, 7 U.S.C. 6g, 6i, 7 and 12a
(1994), the Commission hereby amends chapter I of title 17 of the Code
of Federal Regulations as follows:
PART 15--REPORTS--GENERAL PROVISIONS
1. The authority citation for part 15 continues to read as follows:
Authority: 7 U.S.C. 2, 4, 5, 6a, 6c (a)-(d), 6f, 6g, 6i, 6k, 6m,
6n, 7, 9, 12a, 19 and 21; 5 U.S.C. 552 and 552(b).
2. Section 15.00 is proposed to be amended by revising paragraph
(b) to read as follows:
Sec. 15.00 Definitions of terms used in parts 15 to 21 of this
chapter.
* * * * *
(b) Reportable position means:
(1) For reports specified in parts 17, 18 and Sec. 19.00(a)(2) and
(a)(3) of this chapter any open contract position that at the close of
the market on any business day equals or exceeds the quantity specified
in Sec. 15.03 of this part in either:
(i) Any one future of any commodity on any one contact market,
excluding futures contracts against which notices of delivery have been
stopped by a trader or issued by the clearing organization of a
contract market; or
(ii) Long or short put or call options that exercise into the same
future of any commodity on any one contract market.
(2) For the purposes of reports specified in Sec. 19.00(a)(1) of
this chapter, any combined futures and futures-equivalent option open
contract position as defined in part 150 of this chapter in any one
month or in all months combined, either net long or net short in any
commodity on any one contract market, excluding futures positions
against which notices of delivery have been stopped by a trader or
issued by the clearing organization of a contract market, which at the
close of the market on the last business day of the week exceeds the
net quantity limit in spot, single or in all-months fixed in Sec. 150.2
of this chapter for the particular commodity and contract market.
* * * * *
3. Section 15.01 is proposed to be amended by revising paragraph
(d) to read as follows:
Sec. 15.01 Persons required to report.
* * * * *
(d) Persons, as specified in part 19 of this chapter, either:
(1) Who hold or control option and futures positions that exceed
the amounts set forth in Sec. 150.2 of this chapter for the commodities
enumerated in that section, any part of which constitutes bona fide
hedging positions (as defined in Sec. 1.3(z) of this chapter); or
(2) Who are merchants or dealers of cotton holding or controlling
positions for future delivery in cotton that equal or exceed the amount
set forth in Sec. 15.03.
PART 16--REPORTS BY CONTRACT MARKETS
4. The authority citation for Part 16 continues to read as follows:
Authority: 7 U.S.C. 6a, 6c, 6g, 6i, 7 and 12A.
Secs. 16.02 and 16.03 [Removed and reserved]
5. Part 16 is proposed to be amended by removing and reserving
Secs. 16.02 and 16.03.
6. Section 16.00 is proposed to be amended by revising paragraph
(a)(5) to read as follows:
Sec. 16.00 Clearing member reports.
(a) * * *
(5) For futures, the quantity of the commodity for which delivery
notices have been issued by the clearing organization of the contract
market and the quantity for which notices have been stopped during the
day covered by the report.
* * * * *
7. Section 16.01 is proposed to be amended by removing paragraphs
(a)(5) and (a)(6) and redesignating paragraph (a)(7) as (a)(5); by
redesignating paragraph (c) as (b)(3); and, by adding a new paragraph
(c) and revising paragraph (d) to read as follows:
Sec. 16.01 Trading volume, open contracts, prices and critical dates.
* * * * *
(c) Critical dates. Each contract market shall report to the
Commission for each futures contract the first notice date and the last
trading date and for each option contract the expiration date in
accordance with paragraph (d) of this section.
(d) Reports to the Commission. Unless otherwise approved by the
Commission or its designee, contract markets shall submit the
information specified in paragraphs (a), (b) and (c) of this section as
follows:
(1) Using a format and coding structure approved in writing by the
Commission or its designee in both hard-copy form and on compatible
data processing media;
(2) When each such form of the data is first available but not
later than 7 a.m. on the business day following the day to which the
information pertains for the delta factor and settlement price and not
later than 3 p.m. for the remainder of the information; and
(3) Except for dial-up data transmission, at the regional office of
the Commission having local jurisdiction with respect to such contract
market.
8. Section 16.06 is proposed to be revised to read as follows:
Sec. 16.06 Errors or omissions.
Contract markets shall file with the Commission on compatible data
processing media using a format and coding structure approved by the
Commission or its designee, corrections to errors or omissions in data
previously filed with the Commission pursuant to Secs. 16.00 and 16.01.
9. Section 16.07 is proposed to be revised to read as follows:
Sec. 16.07 Delegation of authority to the Director of the Division of
Economic Analysis and the Executive Director.
The Commission hereby delegates, until the Commission orders
otherwise, the authority set forth in paragraph (a) of this section to
the Director of the Division of Economic Analysis and the authority set
forth in paragraph (b) of this section to the Executive Director to be
exercised by such director or by such other employee or employees of
such director as may be designated from time to time by the director.
(a) Pursuant to Secs. 16.00(b), and 16.01(d) the authority to
determine whether contract markets must submit data in machine-readable
form or hard-copy or both, and the time and Commission office at which
such data may be submitted where the director determines that a
contract market is unable to meet the requirements set forth in the
regulations.
(b) Pursuant to Secs. 16.00(b)(1), 16.01(d)(1), and 16.06, the
authority to approve the use of data processing media other than
compatible data processing media as that term is defined in
Sec. 15.00(1) of this chapter and to approve the format and coding
structure used by contract markets.
PART 17--REPORTS BY FUTURES COMMISSION MERCHANTS, MEMBERS OF
CONTRACT MARKETS AND FOREIGN BROKERS
10. The authority citation for Part 17 continues to read as
follows:
Authority: 7 U.S.C. 6a, 6c, 6d, 6f, 6g, 68, 7 and 12a unless
otherwise noted.
11. Section 17.00 is proposed to be amended by revising paragraphs
(a), (d), (e), and (g) to read as follows:
[[Page 37416]]
Sec. 17.00 Information to be furnished by futures commission
merchants, clearing members and foreign brokers.
(a) Special Accounts--Reportable futures positions, delivery
notices and exchanges of futures for cash. (1) Each futures commission
merchant, clearing member and foreign broker shall submit a report to
the Commission for each business day with respect to all special
accounts carried by the futures commission merchant, clearing member or
foreign broker, except for accounts carried on the books of another
futures commission merchant on a fully-disclosed basis. Except as
otherwise authorized by the Commission or its designee, such report
shall be made on compatible data processing media in accordance with
the format and coding provisions set forth in paragraph (g) of this
section. The report shall show each futures position, separately for
each contract market and for each future, and each put and call option
position separately for each contract market, expiration month and
strike price in each special account as of the close of market on the
day covered by the report and, in addition, the quantity of exchanges
of futures for physicals and the number of delivery notices issued for
each such account by the clearing organization of a contract market and
the number stopped by the account.
(2) A report covering the first day upon which a special account is
no longer reportable shall also be filed showing the information
specified in paragraph (a)(1) of this section.
* * * * *
(d) Net positions. Futures commission merchants, clearing members
and foreign brokers shall report positions net long or short in each
future of a commodity and each strike price of a put or call option for
each expiration month in all special accounts, except as specified in
paragraph (e) of this section.
(e) Gross positions. In the following cases, the futures commission
merchant, clearing member or foreign broker shall report gross long and
short positions in each future of a commodity and each strike price of
a put or call option for each expiration month in all special accounts:
(1) Positions which are reported to an exchange or the
clearinghouse of an exchange on a gross basis, which the exchange uses
for calculating total open interest in a commodity;
(2) Positions in accounts owned or held jointly with another person
or persons;
(3) Positions in multiple accounts subject to trading control by
the same trader; and
(4) Positions in omnibus accounts.
* * * * *
(g) Media and file characteristics. (1) Except as otherwise
approved by the Commission or its designee, all required records shall
be submitted together in a single file. Each record will be 80
characters long. Specific record formats are shown in tables below.
There are two different record descriptions. The file must begin with a
type I record identifying the sequence of type II records that follow
as large trader data.
(2) The required records are as follows:
(i) Type I record.
------------------------------------------------------------------------
Beginning
column Length Type* Value or name
------------------------------------------------------------------------
1........ 10 AN ``X 01 Reg''.
11....... 8 AN Report Date.
18....... 62 -- Spaces.
------------------------------------------------------------------------
*AN--Alpha-numeric.
N--Numeric.
S--signed numeric.
(ii) Type II Record.
------------------------------------------------------------------------
Beginning column
Record ---------------------------------------------------------------
Layout Length Type* Name
------------------------------------------------------------------------
1....... 2 AN Report Type.
3....... 3 AN Reporting Firm.
6....... 2 -- Reserved.
8....... 12 AN Account Number.
20...... 8 AN Report Date.
28...... 2 AN Exchange Code.
30...... 1 AN Put or Call.
31...... 5 AN Commodity Code (1).
36...... 8 AN Expiration Date (1).
44...... 7 S Strike Price.
51...... 1 AN Exercise Style.
52...... 7 N Long-Buy-Stopped.
59...... 7 N Short-Sell-Issued.
66...... 5 AN Commodity Code (2).
71...... 8 AN Expiration Date (2).
79...... 2 -- Reserved.
------------------------------------------------------------------------
(3) Field definitions are as follows:
(i) Report Type. This report format will be used to report three
types of data: Long and short futures and option positions, futures
delivery notices issued and stopped, and exchanges of futures for
physicals bought and sold. Valid values for the report type are ``RP''
for reporting positions, ``DN'' for reporting notices, and ``EP'' for
reporting futures for physicals.
(ii) Reporting Firm. The clearing member number assigned by an
exchange or clearing house to identify reporting firms. If a firm is
not a clearing member, a three-character alpha-numeric identifier
assigned by the Commission.
(iii) Account Number. A unique identifier assigned by the
reporting firm to each special account. The field is 0-filled with
account number right-justified. Assignment of the account number is
subject to the provisions of Secs. 17.00 (b) and (c) and 17.01(a).
(iv) Report Date. The format is YYYYMMDD, where YYYY is the year,
MM is the month, and DD is the day of the month.
(v) Exchange. This is a two-character field used to identify the
exchange on which a position is held. Valid values are as follows:
01.............................. Chicago Board of Trade.
02.............................. Chicago Mercantile Exchange.
03.............................. MidAmerica Commodity Exchange.
06.............................. Coffee, Sugar and Cocoa Exchange.
07.............................. Comex Division of NYME.
08.............................. Kansas City Board of Trade.
09.............................. Minneapolis Grain Exchange.
10.............................. Philadelphia Board of Trade.
12.............................. New York Mercantile Exchange.
13.............................. New York Cotton Exchange.
15.............................. New York Futures Exchange.
(vi) Put-Call Code. Valid entries are ``C'' for a call option and
``P'' for a put option. For futures, the field is blank.
(vii) Commodity (1). An exchange-assigned commodity code for the
futures or option contract.
(viii) Expiration Date (1). The date format is YYYYMMDD and
represents the expiration date or delivery date of the reported futures
or option contract. For date-specific instruments such as flexible
products, the full date must be reported. For other options and
futures, this field is used to report the expiration year and month for
an option contract or a delivery year and month for a futures contract.
The day portion of the field for these contracts contains spaces.
(ix) Strike Price. This is a signed numeric field for reporting
option strike prices. The strike prices should be right- justified and
the field zero-filled. Strike prices must be reported in the same
formats that are specified by an exchange. For futures, the field is
left blank.
(x) Exercise Style. Valid values for this field are ``A'' for
American style options, i.e., those that can be exercised at any time
during the life of the options; and ``E'' for European, i.e., those
that can be exercised only at the end of an option's life. This field
is required only for flexible instruments or as otherwise specified by
the Commission.
(xi) Long-Buy-Stopped (Short-Sell-Issued). When report type is
``RP'', report long(short) positions open at the
[[Page 37417]]
end of a trading day. When report type is ``DN'', report delivery
notices stopped (issued) on behalf of the account. When report type is
``EP'', report purchases (sales) of futures for cash for the account.
Report all information in contracts. Position data are reported on a
net or gross basis in accordance with paragraphs (e) and (d) of this
section.
(xii) Commodity (2). The exchange assigned commodity code for a
futures contract or other instrument that a position is exercised into
from a date-specific or flexible option.
(xiii) Expiration Date (2). Similar to other dates, the format is
YYYYMMDD and represents the expiration date or delivery month and year
of the future or other instrument that a position is exercised into
from a date-specific or flexible option.
* * * * *
12. Section 17.02 is proposed to be amended by revising paragraph
(a) as follows:
Sec. 17.02 Place and Time of Filing Reports.
* * * * *
(a) For data submitted on compatible data processing media:
(1) At the Chicago Regional office for dial-up data transmission;
at the Chicago or New York Regional Office for magnetic tape; and at
the Chicago, New York or Kansas City Regional Office for magnetic
diskettes.
(2) Not later than 9 a.m. on the business day following that to
which the information pertains or for contract markets on an exchange
that is receiving data from the Commission, at such earlier time as
specified by the exchange.
* * * * *
13. Section 17.04 is proposed to be amended by revising paragraph
(a) and the introductory text of paragraph (b) to read as follows:
Sec. 17.04 Reporting omnibus accounts to the carrying futures
commission merchant or foreign broker.
(a) Any futures commission merchant, clearing member or foreign
broker who establishes an omnibus account with another futures
commission merchant or foreign broker shall report to that futures
commission merchant or foreign broker the total open long positions and
the total open short positions in each future of a commodity, and, for
commodity option transactions, the total open long put options, the
total open short put options, the total open long call options, and the
total open short call options for each commodity option expiration date
and each strike price in such account at the close of trading each day.
The information required by this section shall be reported in
sufficient time to enable the futures commission merchant or foreign
broker with whom the omnibus account is established to comply with Part
17 of these regulations and reporting requirements established by the
contract markets.
(b) In determining open long and open short futures positions, and
open purchased long and open granted short option positions, in an
omnibus account for purposes of complying with Sec. 17.00(f),
Sec. 1.37(b) and Sec. 1.58 of this chapter, a futures commission
merchant, clearing member or foreign broker shall total the open long
positions of all traders and the open short positions of all traders in
each future of a commodity and, for commodity option transactions,
shall total the open put long options, the open short put options, the
open long call options, and the open short call options of all traders
for each commodity option expiration date and each strike price. The
futures commission merchant, clearing member or foreign broker shall,
if both open long and short positions in the same future are carried
for the same trader, compute open long or open short futures positions
as instructed below.
* * * * *
PART 18--REPORTS BY TRADERS
14. The authority citation for part 18 continues to read as
follows:
Authority: 7 U.S.C. 2, 4, 6a, 6c, 6f, 6g, 6i, 6k, 6m, 6n, 12a,
and 19; 5 U.S.C. 552 and 552(b) unless otherwise noted.
15. Part 18 is proposed to be amended by adding a new Sec. 18.03 as
follows:
Sec. 18.03 Delegation of authority to the Director of the Division of
Economic Analysis.
The Commission hereby delegates, until the Commission orders
otherwise, the authority to make special calls on traders for
information as set forth in Secs. 18.00, 18.04 and 18.05 to the
Director of the Division of Economic Analysis to be exercised by the
Director or by such other employee or employees of the Director as may
be designated from time to time by the Director.
16. Section 18.04 is proposed to be amended by removing paragraph
(d) and by revising the introductory text to read as follows:
Sec. 18.04 Statement of reporting trader.
Every trader who holds or controls a reportable option or futures
position shall after a special call upon such trader by the Commission
or its designee file with the Commission a ``Statement of Reporting
Trader'' on the form 40 at such time and place as directed in the call.
All traders shall complete part A of the form 40 and, in addition,
shall complete:
Part B--If the trader is an individual, a partnership or a joint
tenant.
Part C--If the trader is a corporation or type of trader other
than an individual, partnership, or joint tenant.
* * * * *
PART 19--REPORTS BY PERSONS HOLDING BONA FIDE HEDGE POSITIONS
PURSUANT TO Sec. 1.3(Z) OF THIS CHAPTER AND BY MERCHANTS AND
DEALERS IN COTTON
17. The authority section for part 19 continues to read as follows:
Authority: 7 U.S.C. 6g(a), 6i and 12a(5), unless otherwise
noted.
18. Section 19.00 is proposed to be amended by revising paragraphs
(a)(1) and (a)(3) to read as follows:
Sec. 19.00 General provisions.
(a) * * *
(1) All persons holding or controlling options or futures positions
that are reportable pursuant to Sec. 15.00(b)(2) of this chapter and
any part of which constitute bona fide hedging positions as defined in
Sec. 1.3(z) of this chapter,
* * * * *
(3) All persons holding or controlling positions that are
reportable pursuant to Sec. 15.00(b)(1) of this chapter who have
received a special call for series '04 reports from the Commission or
its designee. Filings in response to a special call shall be made
within one business day of receipt of the special call unless otherwise
specified in the call. For the purposes of this paragraph, the
Commission hereby delegates to the Director of the Division of Economic
Analysis, or to such other person designated by the Director, authority
to issue calls for series '04 reports.
* * * * *
Issued in Washington, DC., this 12th day of July, 1996, by the
Commission.
Jean A. Webb,
Secretary of the Commission.
[FR Doc. 96-18262 Filed 7-17-96; 8:45 am]
BILLING CODE 6351-01-P
