62568 Federal Register / Vol. 62, No. 226 / Monday, November 24, 1997 / Notices

FutureCom orders registered with FutureCom. Only

orders from properly registered and approved

computers would be accepted into the FutureCom

trading system.

2 ‘‘Alternative Method of Compliance With the

Written Record Requirements,’’ 62 FR 7675

(February 20, 1997).

give the FCM his I.D. and password for

the purpose of entering the order as

instructed by the member.

The Bylaws prohibit the entering of

transactions designed to take advantage

of orders entered for another. These

prohibitions include any transaction

that had been directly or indirectly

prearranged, ones that are in the nature

of a wash sale, trading ahead, or the

disclosing or withholding of orders.

FutureCom asserts, however, that

generally, it should be far more difficult,

if not impossible, for many of the types

of unlawful trade practices to occur due

to the fact that the predominant number

of orders will be entered directly by the

member.

FutureCom represents it will use due

diligence in maintaining a continuing

affirmative action program to secure

compliance with various provisions of

the Commodity Exchange Act and

Commission regulations and with its

own Bylaws. This will include trade

practice and market surveillance

programs designed and described by

FutureCom to detect the trade practice

abuses mentioned above as well as

market manipulation, investigations of

alleged violations of other rules, and

disciplinary procedures. FutureCom’s

proposed Compliance Procedures

require all intermediaries entering

orders on behalf of members to comply

fully with the requirements of

Commission Regulation 1.35(a–1)

consistent with the Commission’s

advisory relating to alternative methods

of compliance with written record

requirements.2 FutureCom expects these

records to be generated electronically in

connection with the order entry process.

FutureCom intends to ask the

National Futures Association (‘‘NFA’’)

to administer FutureCom’s financial

surveillance and arbitration programs

and examine the books and records of

joint FutureCom-NFA members relating

to the members’ business of dealing in

commodity futures and options and

cash commodities insofar as such

business relates to their dealing on

FutureCom. In this regard, therefore,

NFA would assume the responsibilities

of FutureCom set forth in Commission

Regulations 1.51(a)(3) and 1.52(c) for all

FCMs that are members of both

FutureCom and NFA. Concerning

arbitration, Commission Regulation

180.3(b)(4) requires each Commission

registrant to include a registered futures

association on a list of organizations

that are qualified to conduct customer

arbitration proceedings. As NFA is

required to accept appropriate demands

for arbitration, there is no need for a

written agreement between FutureCom

and NFA regarding delegation of

FutureCom’s arbitration program to

NFA.

The Commission’s Office of

Information Resources and Management

has reviewed the security of the

proposed FutureCom trading system

and analyzed issues of system

vulnerability and issues related to the

operation of the electronic trading

system.

II. Request for Comments

Any person interested in submitting

written data, views, or arguments on the

proposal to designate FutureCom should

submit their views and comments by the

specified date 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.

The Division seeks comment on all

aspects of FutureCom’s application for

designation as a new contract market

that would permit transmittal of orders

over the internet and match orders

electronically. Comments should also

include the proposed clearing and

settlement procedures, the ability of

FutureCom to fulfill its self regulatory

duties, and any other issues commenters

believe the Commission should

consider. Reference should be made to

the FutureCom application for

designation as an automated contract

market for live cattle futures and

options. Copies of the proposed terms

and conditions, Exchange rules,

compliance procedures, clearing and

settlement description, and other related

materials are available for inspection at

the Office of the Secretariat at the above

address. Copies also may be obtained

through the Office of the Secretariat at

the above address or by telephoning

(202) 418–5100. Some materials may be

subject to confidential treatment

pursuant to 17 CFR 145.5 or 145.9.

Requests or 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 headquarters in accordance

with 17 CFR 145.7 and 145.8.

Issued in Washington, DC, on November

18, 1997.

Alan L. Seifert,

Deputy Director.

[FR Doc. 97–30806 Filed 11–21–97; 8:45 am]

BILLING CODE 6351–01–M

CONGRESSIONAL BUDGET OFFICE

Notice of Transmittal of Final

Sequestration Report for Fiscal Year

1998 to Congress and the Office of

Management and Budget

Pursuant to Section 254(b) of the

Balanced Budget and Emergency Deficit

Control Act of 1985 (2 U.S.C. 904(b)),

the Congressional Budget Office hereby

reports that it has submitted its Final

Sequestration Report for Fiscal Year

1998 to the House of Representatives,

the Senate, and the Office of

Management and Budget.

Mark G. Desautels,

Assistant for Intergovernmental Relations,

Congressional Budget Office.

[FR Doc. 97–30854 Filed 11–21–97; 8:45 am]

BILLING CODE 1450–01–M

DEPARTMENT OF DEFENSE

Department of the Air Force

HQ USAF Scientific Advisory Board

Meeting

The Airborne Laser Concept of

Operations (ABL CONOPS) Panel

Meeting in support of the HQ USAF

Scientific Advisory Board will meet in

Albuquerque, NM, on December 17–18,

1997 from 8:00 a.m. to 5:00 p.m.

The purpose of the meeting is to

gather information and receive briefings

for the Quick Look Study on ABL

CONOPS.

The meeting will be closed to the

public in accordance with Section 552b

of Title 5, United States Code,

specifically subparagraphs (1) and (4)

thereof.

For further information, contact the

HQ USAF Scientific Advisory Board

Secretariat at (703) 697–8404.

Barbara A. Carmichael,

Alternate Air Force Federal Register Liaison

Officer.

[FR Doc. 97–30713 Filed 11–21–97; 8:45 am]

BILLING CODE 3910–01–P

DEPARTMENT OF EDUCATION

Notice of Proposed Information

Collection Requests

AGENCY: Department of Education.