Application of the Chicago Board of Trade for Designation as a Contract Market in PJM Western Hub Electricity Futures and Options, Submitted Under Fast Track Review Procedures

COMMODITY FUTURES TRADING COMMISSION

Application of the Chicago Board of Trade for Designation as a

Contract Market in PJM Western Hub Electricity Futures and Options,

Submitted Under Fast Track Review Procedures

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 (CBT or Exchange) has applied for

designation as a contract market in PJM (Pennsylvania--New Jersey--

Maryland) Western Hub electricity futures and options on futures

contracts. The proposals 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 January 8, 1999.

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 the CBT PJM Western Hub electric futures

and options on futures contracts.

FOR FURTHER INFORMATION CONTACT: Please contact Joseph Storer of the

Division of Economic Analysis, Commodity Futures Trading Commission,

Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581,

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

mail: [email protected]

SUPPLEMENTARY INFORMATION: The 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

contract action by the Commission, may be deemed approved at the close

of business on January 25, 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 www.cftc.gov under ``What's New &

Pending''.

Other materials submitted by the CBT in support of the applications

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 CBT, 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 17, 1998.

John R. Mielke,

Acting Director.

[FR Doc. 98-33892 Filed 12-23-98; 8:45 am]

BILLING CODE 6351-01-M