26186 Federal Register / Vol. 65, No. 88 / Friday, May 5, 2000 / Notices

COMMITTEE FOR THE

IMPLEMENTATION OF TEXTILE

AGREEMENTS

Adjustment of Import Limits for Certain

Cotton, Wool and Man-Made Fiber

Textile Products Produced or

Manufactured in the Republic of

Turkey

May 1, 2000.

AGENCY: Committee for the

Implementation of Textile Agreements

(CITA).

ACTION: Issuing a directive to the

Commissioner of Customs adjusting

limits.

EFFECTIVE DATE: May 8, 2000.

FOR FURTHER INFORMATION CONTACT: Roy

Unger, International Trade Specialist,

Office of Textiles and Apparel, U.S.

Department of Commerce, (202) 482–

4212. For information on the quota

status of these limits, refer to the Quota

Status Reports posted on the bulletin

boards of each Customs port, call (202)

927–5850, or refer to the U.S. Customs

website at http://www.customs.gov. For

information on embargoes and quota reopenings, call (202) 482–3715.

SUPPLEMENTARY INFORMATION:

Authority: Section 204 of the Agricultural

Act of 1956, as amended (7 U.S.C. 1854);

Executive Order 11651 of March 3, 1972, as

amended.

The current limits for certain

categories are being adjusted, variously,

for carryover, carryforward, swing,

special shift and the recrediting of

unused carryforward.

A description of the textile and

apparel categories in terms of HTS

numbers is available in the

CORRELATION: Textile and Apparel

Categories with the Harmonized Tariff

Schedule of the United States (see

Federal Register notice 64 FR 71982,

published on December 22, 1999). Also

see 64 FR 62659, published on

November 17, 1999.

D. Michael Hutchinson,

Acting Chairman, Committee for the

Implementation of Textile Agreements.

Committee for the Implementation of Textile

Agreements

May 1, 2000.

Commissioner of Customs,

Department of the Treasury, Washington, DC

20229.

Dear Commissioner: This directive

amends, but does not cancel, the directive

issued to you on November 9, 1999, by the

Chairman, Committee for the Implementation

of Textile Agreements. That directive

concerns imports of certain cotton, wool and

man-made fiber textile products, produced or

manufactured in the Republic of Turkey and

exported during the twelve-month period

which began on January 1, 2000 and extends

through December 31, 2000.

Effective on May 8, 2000, you are directed

to adjust the current limits for the following

categories, as provided for under the Uruguay

Round Agreement on Textiles and Clothing:

Category Adjusted limit 1

Fabric Group

219, 313–O 2, 314–

O 3, 315–O 4, 317–

O 5, 326–O 6, 617,

625/626/627/628/

629, as a group.

181,635,090 square

meters of which not

more than

47,480,835 square

meters shall be in

Category 219; not

more than

56,280,079 square

meters shall be in

Category 313–O; not

more than

33,764,149 square

meters shall be in

Category 314–O; not

more than

45,370,578 square

meters shall be in

Category 315–O; not

more than

47,480,835 square

meters shall be in

Category 317–O; not

more than 5,275,647

square meters shall

be in Category 326–

O, and not more

than 31,653,892

square meters shall

be in Category 617.

Sublevel in Fabric

Group

625/626/627/628/629 21,374,292 square

meters of which not

more than

10,088,665 square

meters shall be in

Category 625; not

more than 8,549,716

square meters shall

be in Category 626;

not more than

8,549,716 square

meters shall be in

Category 627; not

more than 8,549,716

square meters shall

be in Category 628;

and not more than

8,549,716 square

meters shall be in

Category 629.

Limits not in a group

300/301 .................... 11,022,486 kilograms.

338/339/638/639 ...... 7,032,913 dozen of

which not more than

5,975,240 dozen

shall be in Categories 338–S/339–

S/638–S/639–S7.

340/640 .................... 1,570,897 dozen of

which not more than

499,226 dozen shall

be in Categories

340–Y/640–Y8.

Category Adjusted limit 1

347/348 .................... 7,090,182 dozen of

which not more than

2,339,172 dozen

shall be in Categories 347–T/348–

T 9.

350 ........................... 707,784 dozen.

351/651 .................... 1,260,126 dozen.

352/652 .................... 3,460,161 dozen.

361 ........................... 2,716,520 numbers.

369–S10 .................. 2,408,734 kilograms.

410/624 .................... 1,135,918 square meters of which not

more than 888,390

square meters shall

be in Category 410.

1The limits have not been adjusted to account for any imports exported after December

31, 1999. 2 Category 313–O: all HTS numbers except

5208.52.3035, 5208.52.4035 and

5209.51.6032. 3 Category 314–O: all HTS numbers except

5209.51.6015. 4 Category 315–O: all HTS numbers except

5208.52.4055. 5 Category 317–O: all HTS numbers except

5208.59.2085. 6 Category 326–O: all HTS numbers except

5208.59.2015, 5209.59.0015 and

5211.59.0015. 7 Category 338–S: only HTS numbers

6103.22.0050, 6105.10.0010, 6105.10.0030,

6105.90.8010, 6109.10.0027, 6110.20.1025,

6110.20.2040, 6110.20.2065, 6110.90.9068,

6112.11.0030 and 6114.20.0005; Category

339–S: only HTS numbers 6104.22.0060,

6104.29.2049, 6106.10.0010, 6106.10.0030,

6106.90.2510, 6106.90.3010, 6109.10.0070,

6110.20.1030, 6110.20.2045, 6110.20.2075,

6110.90.9070, 6112.11.0040, 6114.20.0010

and 6117.90.9020; Category 638–S: all HTS

numbers except 6109.90.1007, 6109.90.1009,

6109.90.1013 and 6109.90.1025; Category

639–S: all HTS numbers except

6109.90.1050, 6109.90.1060, 6109.90.1065

and 6109.90.1070. 8 Category 340–Y: only HTS numbers

6205.20.2015, 6205.20.2020, 6205.20.2046,

6205.20.2050 and 6205.20.2060; Category

640–Y: only HTS numbers 6205.30.2010,

6205.30.2020, 6205.30.2050 and

6205.30.2060. 9 Category 347–T: only HTS numbers

6103.19.2015, 6103.19.9020, 6103.22.0030,

6103.42.1020, 6103.42.1040, 6103.49.8010,

6112.11.0050, 6113.00.9038, 6203.19.1020,

6203.19.9020, 6203.22.3020, 6203.42.4005,

6203.42.4010, 6203.42.4015, 6203.42.4025,

6203.42.4035, 6203.42.4045, 6203.49.8020,

6210.40.9033, 6211.20.1520, 6211.20.3810

and 6211.32.0040; Category 348–T: only HTS

numbers 6104.12.0030, 6104.19.8030,

6104.22.0040, 6104.29.2034, 6104.62.2006,

6104.62.2011, 6104.62.2026, 6104.62.2028,

6104.69.8022, 6112.11.0060, 6113.00.9042,

6117.90.9060, 6204.12.0030, 6204.19.8030,

6204.22.3040, 6204.29.4034, 6204.62.3000,

6204.62.4005, 6204.62.4010, 6204.62.4020,

6204.62.4030, 6204.62.4040, 6204.62.4050,

6204.69.6010, 6204.69.9010. 6210.50.9060,

6211.20.1550, 6211.20.6810, 6211.42.0030

and 6217.90.9050. 10 Category 369–S: only HTS number

6307.10.2005.

The Committee for the Implementation of

Textile Agreements has determined that

these actions fall within the foreign affairs

Federal Register / Vol. 65, No. 88 / Friday, May 5, 2000 / Notices 26187

exception of the rulemaking provisions of 5

U.S.C. 553(a)(1).

Sincerely,

D. Michael Hutchinson,

Acting Chairman, Committee for the

Implementation of Textile Agreements.

[FR Doc. 00–11240 Filed 5–4–00; 8:45 am]

BILLING CODE 3510–DR–F

COMMODITY FUTURES TRADING

COMMISSION

New York Cotton Exchange: Proposed

Amendments To Convert the U.S.

Dollar Index Futures Contract to

Physical Delivery From Cash

Settlement.

AGENCY: Commodity Futures Trading

Commission.

ACTION: Notice of availability of

proposed amendments to the terms and

conditions of commodity futures

contract.

SUMMARY: The FINEX Division of the

New York Cotton Exchange (NYCE or

Exchange) has submitted proposed

amendments to convert its U.S. Dollar

Index (USDX or Index) futures contract

to physical delivery from its existing

cash settlement provisions. Under the

proposal, the NYCE would no longer

cash settle the USDX futures contract

based on a survey of banks conducted

by Reuters. Rather, the contract would

provide for physical delivery of U.S.

dollars in exchange for a basket of

foreign currencies based on the fixed

percentage weights of the Index.

The Acting Director of the Division of

Economic Analysis (Division), acting

pursuant to the authority delegated by

Commission Regulation 140.96, has

determined that publication of the

proposal 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 May 22, 2000.

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

secretary@cftc.gov. Reference should be

made to the proposed amendments to

the NYCE U.S. Dollar Index futures

contract.

FOR FURTHER INFORMATION CONTACT:

Please contact Michael Penick of the

Division of Economic Analysis,

Commodity Futures Trading

Commission, Three Lafayette Centre,

1155 21st Street NW, Washington, DC

20581, telephone (202) 418–5279.

Facsimile number: (202) 418–5527.

Electronic mail: mpenick@cftc.gov.

SUPPLEMENTARY INFORMATION: The USDX

is a geometric index of six foreign

currencies with fixed percentage

weights. The six currencies and their

percentage weights are as follows: euro

(57.6%); Japanese yen (13.6%); British

pound (11.9%); Canadian dollar (9.1%);

Swedish krona (4.2%); and Swiss franc

(3.6%). The index formula is:

USDX Spot Rate

i

currency w

= = ( ) =50 14348112 ∏

1

6

. * it

eight i

Where Spot Ratei = exchange rate of

currency i at time t with all

exchange rates expressed in

European terms, i.e., units of

foreign currency per U.S. dollar,

and II is the mathematical symbol

for the product of a multiplication.

Under current rules, the USDX futures

contract is cash settled at expiration

based on a survey of banks for

indicative bids and offers. The survey is

conducted by Reuters USA during the

last half hour of trading on the last

trading day. The Exchange stated that

‘‘over time, there has been a

deterioration of the quality of the

indications and a decline in the number

of bank contributors.’’

The Exchange proposes replacing the

cash settlement procedure with a

physical delivery procedure. Under this

procedure, a long position holder in the

subject contract would receive delivery

of U.S. dollars and make payment in a

basket of the six foreign currencies that

are components of the USDX. Under the

proposal, the contract size would

remain $1,000 times the Index. Thus, at

an Index level at delivery time of 100,

the long would receive U.S. $100,000

and pay an amount of foreign currency

valued at $100,000. Similarly, the short

position holder would deliver U.S.

$100,000 and receive payment in the

basket of foreign currencies.

As part of the delivery procedure, the

Exchange would determine a final

settlement price. The final settlement

price would be based, to the extent

possible, on futures prices of NYCE

currency futures contracts that expire at

the same time as the subject USDX

futures contract. If necessary, the rate

for any currency that does not have an

NYCE futures contract expiring at the

same time as the USDX contract would

be ‘‘determined by the [NYCE’s]

Settlement Committee taking into

account cash and futures prices of the

underlying currency component and

any other information that the

Committee may deem appropriate.’’

The final settlement price would be

used to determine both the amount of

U.S. dollars that the short delivers and

the long receives and the amount of

foreign currency that the long pays and

the short receives. For example, suppose

the final USDX settlement price is

100.00 and one euro is worth exactly

$1.00. As noted, the weighting of the

euro is 57.6%. In this instance, the short

would deliver $100,000 ($1,000 times

100.00). The long would pay a basket of

foreign currency worth $100,000. That

basket would contain $57,600 (57.6% of

$100,000) worth of euros and $42.400

worth of the other five currencies

distributed according to their respective

weights. Since the euro in this example

is worth exactly $1.00, the long would

pay 57,600 euros. The amount that the

long would pay of each in the other five

foreign currencies would be calculated

similarly, based on their percentage

weights and currency exchange rates.

Now, suppose the final settlement

price is $110.00 and the euro is valued

at 90.00 cents. In this instance, the short

would deliver and the long would

receive $110,000 ($1,000 times 110.00).

The long would pay and the short

would receive a basket of foreign

currency worth $110,000. That basket

would contain $63,360 (57.6% of

$110.000) worth of the euros and

$46,640 worth of the other five

currencies distributed according to their

respective weights. Since the euro in

this example is worth $0.90, the long

would pay 70,400 euros ($63,360

divided by 0.90), compared to the

57,600 euros that the long would pay if

the USDX were 100.00 and the euro

were valued at $1.00 under the

preceding example.

As shown in these examples, under

the proposed physical delivery

procedure, neither the number of U.S.