Applications of the New York Mercantile Exchange for Designation as a Contract Market in PJM Electricity Futures and Options, Submitted Under 45-Day Fast Track Procedures

COMMODITY FUTURES TRADING COMMISSION

Applications of the New York Mercantile Exchange for Designation

as a Contract Market in PJM Electricity Futures and Options, Submitted

Under 45-Day Fast Track Procedures

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of availability of proposed terms and conditions for

applications for contract market designation.

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SUMMARY: The New York Mercantile Exchange (NYMEX or Exchange) has

applied for designation as a contract market in PJM (Pennsylvania-

Maryland-New Jersey) electricity futures and

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option contracts. The proposals were submitted under the Commission's

45-day Fast Track procedures. The 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 purposes of the Commodity Exchange

Act.

DATES: Comments must be received on or before December 22, 1998.

ADDRESSES: Interested persons should submit their views and comments to

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

Lafayette Centre, 1155 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 NYMEX PJM electricity futures and option

contracts.

FOR FURTHER INFORMATION, CONTACT: Please contact Joseph Storer of the

Division of Economic Analysis, Commodity Futures Trading Commission,

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

(202) 418-5282. Facsimile number: (202) 418-5527. Electronic mail:

[email protected].

SUPPLEMENTARY INFORMATION: The proposed designation applications were

submitted pursuant to the Commission's Fast Track procedures for

streamlining the review of futures contract rule amendments and new

contract approvals (62 FR 10434). Under those procedures, the

proposals, absent any contrary action by the Commission, may be deemed

approved at the close of business on January 11, 1999, 45 days after

receipt of the proposals. 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 provided for proposals

submitted under the regular review procedures.

Copies of the proposed terms and conditions will be available for

inspection at the Office of the Secretariat, Commodity Futures Trading

Commission, Three Lafayette Centre, 1155 21st Street NW, Washington, DC

20581. Copies 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 222.cftc.gov under ``What's New &

Pending''.

Other materials submitted by the NYMEX in support of the proposals

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 (1997)), 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 proposals, or with respect to other materials

submitted by the NYMEX, should send such comments to Jean A. Webb,

Secretary, Commodity Futures Trading Commission, Three Lafayette

Centre, 1155 21st Street NW, Washington, DC 20581 by the specified

date.

Issued in Washington, DC, on December 1, 1998.

Steven Manaster,

Director.

[FR Doc. 98-32403 Filed 12-4-98; 8:45 am]

BILLING CODE 6351-01-M