Release: #4141-98
For Release: April 29, 1998

CFTC Seeks Public Comment on Proposed Amendments to Regulation 1.41(k) Concerning the Trading Hours of Contract Markets

Washington, D.C. � The Commodity Futures Trading Commission (Commission) on April 28, 1998, issued a Notice of Proposed Rulemaking requesting public comment on proposed amendments to Commission Regulation 1.41(k) that would allow additional changes in trading hours to be deemed approved by the Commission one business day after receipt of written notice of a change in accordance with the regulation. Regulation 1.41(k) currently allows a change in trading hours which does not permit trading to open before 7:00 a.m. or close after 6:00 p.m. to be deemed approved by the Commission one business day after submission. All other trading hour changes must be submitted to the Commission for approval pursuant to Commission regulation 1.41(b). Under proposed rule amendment, if a contract market has previously received Commission approval for trading between 6:00 p.m. and 7:00 a.m. in at least one of its designated contracts, it could submit all subsequent changes in trading hours pursuant to Regulation 1.41(k). Initial listing of a contract for trading on an automated trading system would not be eligible for treatment under Regulation 1.41(k). Changes in the trading hours of a contract already listed on an electronic system would be eligible for treatment under the proposed amendment. The proposal is part 4 of the Commission's continuing effort to modernize and to streamline its regulatory framework.

The Commission expects the proposed rulemaking to be published in the Federal Register this week and has provided for a 15-day comment period. The proposal will be available on the Commission's Internet Home Page (www.cftc.gov) and also may be obtained by contacting the Office of the Secretariat, Three Lafayette Centre, 1155 21^st Street, N.W., Washington, D.C. 20581, (202) 418-5100.