Applications of the New York Futures Exchange for Designation as a Contract Market in Russell 1,000 Large Index Futures and Russell 1,000 Index Futures Options

COMMODITY FUTURES TRADING COMMISSION

Applications of the New York Futures Exchange for Designation as

a Contract Market in Russell 1,000 Large Index Futures and Russell

1,000 Index Futures Options

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 New York Futures Exchange (NYFE or Exchange) has applied

for designation as a contract market in Russell 1,000 Large Index

futures and Russell 1,000 Index options. 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 19, 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 proposed NYFE Russell 1,000 Index

contracts.

FOR FURTHER INFORMATION CONTACT:

Please contact Thomas Leahy of the Division of Economic Analysis,

Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st

Street NW, Washington, DC 20581, telephone (202) 418-5278. Facsimile

number: (202) 418-5527. Electronic mail: [email protected].

SUPPLEMENTARY INFORMATION: There are no substantive issues raised by

the applications, since contracts having similar terms have been

approved based on the Russell indexes. In this regard, the proposed

Russell 1,000 Index option contract is an option on the previously

approved NYFE Russell 1,000 Index futures contract, and the proposed

Large Russell 1,000 index futures contract is identical (except for the

contract size) to that previously approved contract. In approving the

existing NYFE Russell 1,000 futures index contract, the Commission

determined that it satisfied the requirements of the Accord.

Accordingly, the Division believes that an abbreviated 15-day comment

period is appropriate for the subject 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 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 or by phone at (202)

418-5100.

Other materials submitted by the NYFE 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 (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 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 NYFE, 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 December 28, 1998.

John Mielke,

Acting Director.

[FR Doc. 98-34731 Filed 12-31-98; 8:45 am]

BILLING CODE 6351-01-M