Applications of the Chicago Board of Trade for Designation as a Contract Market in PCS Catastrophe Single-Event Insurance Options for the Entire U.S. (National) Plus Eight Regional and State-Based Contracts Covering the Northeast, West, California, Texas, East, Southeast, Midwest, and Florida

COMMODITY FUTURES TRADING COMMISSION

Applications of the Chicago Board of Trade for Designation as a

Contract Market in PCS Catastrophe Single-Event Insurance Options for

the Entire U.S. (National) Plus Eight Regional and State-Based

Contracts Covering the Northeast, West, California, Texas, East,

Southeast, Midwest, and Florida

AGENCY: Commodity Futures Trading Commission.

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

commodity option contracts.

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

designation as a contract market in nine options on PCS catastrophe

single-event insurance. The options include a national contract plus

eight regional and state-based contracts representing the Northeast,

West, California, Texas, East, Southeast, Midwest, and Florida. The

applications were submitted under the Commission's 45-day Fast Track

procedures. 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 proposals for comment is in the public interest,

will assist the Commission in considering the views of interested

persons, and is consistent with the purpose of the Commodity Exchange

Act.

DATES: Comments must be received on or before November 19, 1997.

ADDRESSES: Interested persons should submit their views and comments to

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

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

comments may be sent by facsimile transmission to facsimile number

(202) 418-5521, or by electronic mail to [email protected]. Reference

should be made to the CBT PCS catastrophe single event insurance

options.

FOR FURTHER INFORMATION CONTACT: Please contact Mike Penick of the

Division of Economic Analysis, Commodity Futures Trading Commission,

Three Lafayette Centre, 21st Street NW, Washington, 20581, telephone

(202) 418-5279. Facsimile number: (202) 418-5527. Electronic mail:

[email protected]

SUPPLEMENTARY INFORMATION: The contracts were submitted pursuant to the

Commission's Fast Track procedures for streamlining the review of

applications for contract market designation (62 FR 10434). Under those

procedures, the contracts, absent any contrary action by the

Commission, may be deemed approved at the close of business on December

11, 1997, 45 days after receipt of the applications. In view of the

limited review period provided under the Fast Track procedures, the

Commission has determined to publish for public comment notice of the

availability of the terms and conditions for 15 days, rather than 30

days as

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provided for applications submitted under the regular review

procedures.

Copies of the terms and conditions will be available for inspection

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

Three Lafayette Centre, 21st Street 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 CBT in support of the applications

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

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 CBT, should send such comments to Jean

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

Lafayette Centre, 21st Street NW, Washington, DC 20581 by the specified

date.

Issued in Washington, DC, on October 29, 1997.

John R. Mielke,

Acting Director.

[FR Doc. 97-29134 Filed 11-3-97; 8:45 am]

BILLING CODE 6351-01-P