Chicago Board of Trade Proposed Futures and Option Contracts on the Dow Jones Industrial Average Index

COMMODITY FUTURES TRADING COMMISSION

Chicago Board of Trade Proposed Futures and Option Contracts on

the Dow Jones Industrial Average Index

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of availability of the terms and conditions of proposed

commodity futures and option contracts.

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SUMMARY: The Chicago Board of Trade (CBOT or Exchange) has applied for

designation as a contract market in futures and futures options on the

Dow Jones Industrial Average Index. The Acting 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 proposal for comment is in the public interest,

will assist the Commission in considering the views of interested

persons, and is consistent

[[Page 34694]]

with the purposes of the Commodity Exchange Act.

DATES: Comments must be received on or before July 14, 1997.

ADDRESSES: Interested persons should submit their views and comments to

Jean A. Webb, Secretary, Commodity Futures Trading Commission, Three

Lafayette Centre, 1155 21st St., NW, Washington, DC 20581. In addition,

comments may be sent by facsimile transmission to (202) 418-5521 or by

electronic mail to [email protected]. Reference should be made to the

Chicago Board of Trade Dow Jones Industrial Average Index futures and

option contracts.

FOR FURTHER INFORMATION CONTACT: Please contact Thomas Leahy of the

Division of Economic Analysis, Commodity Futures Trading Commission,

Three Lafayette Centre, 1155 21st St., NW, Washington, DC 20581,

telephone 202-418-5278. Facsimile number (202) 418-5527. Electronic

mail [email protected].

SUPPLEMENTARY INFORMATION: In its application, the CBOT requested an

abbreviated 15-day public comment period. In that regard, the CBOT

noted that the proposed Dow Jones Industrial Average Index futures and

option contracts are very similar in nature to the Major Market Index

(MMI) futures and option contracts currently traded at the Chicago

Mercantile Exchange, since the MMI Index underlying those contracts was

originally created to mimic movements in the value of the Dow Jones

Industrial Average. As a result, the CBOT stated that the two indices

have displayed a high historical correlation in their price movements.

The Division believes that, for the reasons presented by the CBOT, a

15-day comment period is appropriate for these CBOT applications.

Copies of the terms and conditions will be available for inspection

at the Office of the Secretariat, Commodity Futures Trading Commission,

Three Lafayette Centre, 1155 21st St., NW, Washington, DC 20581. Copies

of the terms and conditions can be obtained through the Office of the

Secretariat by mail at the above address, by phone at (202) 418-5100,

or via the Internet on the CFTC website at www.cftc.gov under ``What's

Pending.'' .

Other materials submitted by the CBOT in support of the application

for contract market designation 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)), 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

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 terms and conditions, or with respect to

other materials submitted by the CBOT, should send such comments to

Jean A. Webb, Secretary, Commodity Futures Trading Commission, Three

Lafayette Centre, 1155 21st St., NW, Washington, DC 20581 by the

specified date.

Issued in Washington, DC, on June 20, 1997.

John R. Mielke,

Acting Director.

[FR Doc. 97-16825 Filed 6-26-97; 8:45 am]

BILLING CODE 6351-01-P