Contract market proposals: Dual trading prohibitions; exemption petitions— Chicago Mercantile Exchange,


[Federal Register: May 6, 1999 (Volume 64, Number 87)]


[Page 24372]

From the Federal Register Online via GPO Access []



Chicago Mercantile Exchange Petition for Exemption From the Statutory Dual Trading Prohibition in Affected Contract Markets

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of petition for exemption from the prohibition on duel trading in an affected contract market.

SUMMARY: The Chicago Mercantile Exchange (``CME'' or ``Exchange'') has submitted to the Commodity Futures Trading Commission (``Commission'') a petition for exemption from the statutory prohibition against dual trading in two contract markets. The petition requests an exemption for two newly affected contract markets that trade electronically on CME's Globex‹INF›2‹/INF› system. 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 CME Globex‹INF›2‹/INF› dual trading exemption petition file.

FOR FURTHER INFORMATION CONTACT: Adam E. Wernow, Attorney-Advisor, Division of Trading and Markets, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581; telephone: (202) 418-5042; electronic mail:

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.

CME submitted a petition for a dual trading exemption dated November 17, 1998, and received by the Commission on November 20, 1998, for all of its contracts that electronically trade on the Exchange's Globex‹INF›2‹/INF› system. Presently, only CME's E-Mini S&P 500 and Eurodollar futures contracts qualify as affected contract markets for purposes of the dual trading prohibition. Consequently, the Commission only will consider these markets for an exemption.

Copies of the file containing this petition and supporting materials, as well as 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 (202) 418-5100.

Petition materials subject to CME'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. Requests 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 145.8.

Application of the prohibition in the contract markets covered by the petition 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 April 29, 1999. Alan L. Seifert, Deputy Director, Division of Trading and Markets.

[FR Doc. 99-11367Filed5-5-99; 8:45 am]