62566 Federal Register / Vol. 62, No. 226 / Monday, November 24, 1997 / Notices

COMMITTEE FOR THE

IMPLEMENTATION OF TEXTILE

AGREEMENTS

Announcement of Import Restraint

Limits for Certain Wool Textile

Products Produced or Manufactured in

the Slovak Republic

November 19, 1997.

AGENCY: Committee for the

Implementation of Textile Agreements

(CITA).

ACTION: Issuing a directive to the

Commissioner of Customs establishing

limits.

EFFECTIVE DATE: January 1, 1998.

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 or call

(202) 927–5850. For information on

embargoes and quota re-openings, 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 import restraint limits for textile

products, produced or manufactured in

the Slovak Republic and exported

during the period January 1, 1998

through December 31, 1998 are based on

limits notified to the Textiles

Monitoring Body pursuant to the

Uruguay Round Agreement on Textiles

and Clothing (ATC).

In the letter published below, the

Chairman of CITA directs the

Commissioner of Customs to establish

the 1998 limits.

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 61 FR 66263,

published on December 17, 1996).

Information regarding the 1998

CORRELATION will be published in the

Federal Register at a later date.

Troy H. Cribb,

Chairman, Committee for the Implementation

of Textile Agreements.

Committee for the Implementation of Textile

Agreements

November 19, 1997.

Commissioner of Customs,

Department of the Treasury, Washington, DC

20229.

Dear Commissioner: Pursuant to section

204 of the Agricultural Act of 1956, as

amended (7 U.S.C. 1854); Executive Order

11651 of March 3, 1972, as amended; and the

Uruguay Round Agreement on Textiles and

Clothing (ATC), you are directed to prohibit,

effective on January 1, 1998, entry into the

United States for consumption and

withdrawal from warehouse for consumption

of wool textile products in the following

categories, produced or manufactured in the

Slovak Republic and exported during the

twelve-month period beginning on January 1,

1998 and extending through December 31,

1998 in excess of the following limits:

Category Twelve-month restraint

limit

410 ........................... 415,456 square meters.

433 ........................... 11,604 dozen.

435 ........................... 17,527 dozen.

443 ........................... 96,940 numbers.

The limits set forth above are subject to

adjustment pursuant to the provisions of the

ATC and administrative arrangements

notified to the Textiles Monitoring Body.

Products in the above categories exported

during 1997 shall be charged to the

applicable category limits for that year (see

directive dated October 25, 1996) to the

extent of any unfilled balances. In the event

the limits established for that period have

been exhausted by previous entries, such

products shall be charged to the limits set

forth in this directive.

In carrying out the above directions, the

Commissioner of Customs should construe

entry into the United States for consumption

to include entry for consumption into the

Commonwealth of Puerto Rico.

The Committee for the Implementation of

Textile Agreements has determined that

these actions fall within the foreign affairs

exception of the rulemaking provisions of 5

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

Sincerely,

Troy H. Cribb,

Chairman, Committee for the Implementation

of Textile Agreements.

[FR Doc. 97–30841 Filed 11–21–97; 8:45 am]

BILLING CODE 3510–DR–F

COMMITTEE FOR THE

IMPLEMENTATION OF TEXTILE

AGREEMENTS

Consolidation and Amendment of

Export Visa Requirements to Include

the Electronic Visa Information System

for Certain Cotton, Wool, Man-Made

Fiber, Silk Blend and Other Vegetable

Fiber Textiles and Textile Products

Produced or Manufactured in Taiwan;

Correction

November 19, 1997.

On page 58945, second column,

Annex I, replace the HTS numbers for

part Category 347–W with the following

HTS numbers:

347–W Men’s and boys’ woven cotton

pants: only HTS numbers

6203.19.1020, 6203.19.9020,

6203.22.3020, 6203.22.3030,

6203.42.4005, 6203.42.4010,

6203.42.4015, 6203.42.4025,

6203.42.4035, 6203.42.4045,

6203.42.4050, 6203.42.4060,

6203.49.8020, 6210.40.9033,

6211.20.1520, 6211.20.3810 and

6211.32.0040.

Troy H. Cribb,

Chairman, Committee for the Implementation

of Textile Agreements.

[FR Doc. 97–30839 Filed 11–21–97; 8:45 am]

BILLING CODE 3510–DR–F

COMMODITY FUTURES TRADING

COMMISSION

Application of FutureCom, LTD. as a

Contract Market in Live Cattle Futures

and Options

AGENCY: Commodity Futures Trading

Commission.

ACTION: Notice of application.

SUMMARY: FutureCom has applied for

designation as a contract market for the

automated internet-based trading of

cash-settled live cattle futures and

options. FutureCom has not previously

been approved by the Commission as a

contract market in any commodity, thus,

in addition to the terms and conditions

of the proposed futures and options

contracts, FutureCom has also

submitted proposed trading rules, rules

of government, and other materials to

meet the requirements for a board of

trade seeking initial designation as a

contract market. Notice of FutureCom’s

application was previously published

for public comment on January 31, 1997

(62 FR 4730). Many comments received

in response to that notice expressed the

opinion that there were insufficient

materials and information available

concerning the applicant, thus

commenters were unable to respond

adequately to the request for comment.

Since the initial publication, the

Commission has received additional

materials and information in support of

the application. Acting pursuant to the

authority delegated by Commission

Regulation 140.96, the Division of

Trading and Markets (‘‘Division’’) has

determined to again publish the

proposal for public comment. The

Division believes that publication of the

proposal for comment at this time is in

the public interest, will assist the

Commission in considering the views of

interested persons, and is consistent
Federal Register / Vol. 62, No. 226 / Monday, November 24, 1997 / Notices 62567

1Every member would be required to register the

computer(s) he/she/it intended to use to enter

orders into FutureCom. Likewise, any intermediary

entering orders on behalf of a member would be

required to have the computer used to enter

Continued

with the purposes of the Commodity

Exchange Act. The Division seeks

comment regarding all aspects of

FutureCom’s application and addressing

any issues commenters believe the

Commission should consider.

DATES: Comments must be received on

or before December 24, 1997.

FOR FURTHER INFORMATION CONTACT:

With respect questions about the terms

and conditions of the proposed futures

and option contracts, please contact

Fred Linse of the Division of Economic

Analysis, Commodity Futures Trading

Commission, at Three Lafayette Centre,

21st Street NW, Washington, DC 20581;

Telephone: (202) 418–5273; Facsimile

number: (202) 418–5527; or Electronic

mail: flinse@cftc.gov. With respect to

questions about the trading rules and

rules of government, please contact Lois

Gregory, Division of Trading and

Markets, at the same address;

Telephone: (202) 418–5483; Facsimile

number: (202) 418–5536; or Electronic

mail: lgregory@cftc.gov.

SUPPLEMENTARY INFORMATION:

I. Description of Proposal

FutureCom, LTD., a limited Texas

partnership, has applied for designation

as a contract market for the automated

trading over the internet of cash-settled

live cattle futures and options.

FutureCom has not been approved

previously by the Commission as a

contract market in any commodity, thus,

in addition to the terms and conditions

of the proposed futures and options

contracts, FutureCom has also

submitted proposed trading rules, rules

of government, surveillance and

compliance procedures, system security

documentation, and other materials and

documents to meet the requirements for

a board of trade seeking initial

designation as a contract market.

Notice of FutureCom’s application

was previously published for public

comment on January 31, 1997 (62 FR

4730). Many comments received in

response to that notice expressed the

opinion that there were insufficient

materials and information concerning

the applicant available at that time, thus

commenters were unable to respond

adequately to the request for comment.

By letter dated June 20, 1997, the

Division informed FutureCom that the

running of the one-year review period

provided in Section 6 of the Commodity

Exchange Act would be stayed with

respect to both the proposed futures and

the proposed option contract until the

Commission received information

which fully addressed several major

subject areas outlined in the letter.

Since the initial publication, the

Commission has received a considerable

amount of additional material and

information in support of the

application. Based on the adequacy of

the information contained in the

submissions received to date, the

Division has determined to lift the stay

of the one-year review period and to

publish again the proposal for public

comment. The Division believes that

publication of the proposal for comment

again at this time is in the public

interest, will assist the Commission in

considering the views of interested

persons, and is consistent with the

purposes of the Commodity Exchange

Act.

FutureCom’s affairs are managed

under the direction of its Board of

Directors and it will operate on a forprofit basis. FutureCom has proposed

Bylaw provisions intended to meet

requirements of various Commission

regulations concerning the composition

of governing boards and disciplinary

committees. The FutureCom Board has

the authority to establish classifications

of membership and the qualifications

that an applicant for membership must

meet.

Each FutureCom member would have

to maintain minimum net worth

requirements applicable to the

member’s FutureCom membership

classification. Every member would be a

clearing member of the Exchange. Any

member not in compliance with

minimum financial requirements would

not be able to engage in transactions

except to close out positions.

FutureCom’s proposed Bylaws also

address trading standards, clearing and

settlement, disciplinary proceedings,

and arbitration. Trades would be

matched in accordance with a trade

matching algorithm based on a pricetime priority. Traders could enter four

types of orders: market, limit, stop, and

market-if-touched. The trading

standards would require each member

to maintain records in accordance with

Commission regulations. Bylaws would

govern exchange of futures for physicals

and position limits. Position limits

would vary by trading level assigned to

each member. Trading levels would be

assigned based upon FutureCom’s

analysis of the credit risks associated

with each applicant.

Each member would enter into an

account and clearing agreement with

FutureCom which would set forth,

among other things, the details of the

clearing arrangement, initial margin,

margin calls, default, liquidation,

trading and clearing fees, and order

entry. All orders entered into the

FutureCom system would be cleared

and settled immediately upon execution

through the First National Bank of

Amarillo (the ‘‘Clearing Bank’’) via a

system of automatic electronic debits

and credits among traders’ accounts.

FutureCom and the Clearing Bank have

entered into a cash settlement

procedures agreement and a custody

agreement. Initial margin for any order

would have to be on deposit with the

Bank before any transaction was

executed. Maintenance margin notices

would be sent by electronic mail and

would specify the date, time and

amount due and members would be

responsible for receiving and assuring

that funds were available to fund an

electronic debit. FutureCom would

liquidate any position or positions upon

any condition of default including

failure of a member to meet any margin

call.

In the event of a trader default on a

margin call, that margin would be

delivered by FutureCom to the Clearing

Bank on the day the default occurred.

FutureCom intends to keep at least one

million dollars in the form of a letter of

credit on hand with the Clearing Bank

for each listed futures and option

contract. The amount would be

increased according to the open interest

in the listed contract to up to eight

million dollars for open interest over

80,000 contracts. Additionally,

FutureCom will accrue a reserve fund to

be held by the Clearing Bank in a

separate reserve fund account and be

available against member defaults. From

the transaction fees assessed in

connection with each trade, the

Exchange will apply $1.00 per contract

to the reserve fund. Losses from trader

defaults exceeding the FutureCom

guarantee would be borne pro rata by all

members according to the number of

outstanding open contracts on the day

of the default.

FutureCom expects that generally, all

members including those members that

otherwise maintain an account with an

FCM, will enter transactions on

FutureCom directly. However, in some

cases, FutureCom members may, for a

variety of reasons, prefer their FCM or

other intermediary, such as their

commodity trading advisor, to enter

orders into the FutureCom system on

their behalf. Any such intermediary, if

not a FutureCom member itself, would

have to be approved and accepted by

FutureCom as an intermediary for the

purpose of entering orders into the

trading system.1 The member would
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.