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[Federal Register: March 17, 2000 (Volume 65, Number 53)]
[Rules and Regulations]
[Page 14452-14458]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr17mr00-7]

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COMMODITY FUTURES TRADING COMMISSION

17 CFR Parts 15, 16 and 17

RIN 3038-ZA10


Changes in Reporting Levels for Large Trader Reports

AGENCY: Commodity Futures Trading Commission.

ACTION: Final Rulemaking.

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SUMMARY: The Commodity Futures Trading Commission (Commission or CFTC)
periodically reviews its large trader reporting rules to ensure that
the Commission is receiving adequate information to carry out its
market surveillance programs. Based upon the Commission's most recent
review of these rules the Commission is amending, as proposed, Parts
15, 16, and 17 of its rules, 17 CFR Parts 15, 16 and 17. The final
amendments to Part 15 raise the reporting levels at which futures
commission merchants (FCMs), clearing members, foreign brokers,\1\ and
traders must file large trader reports in certain commodities to reduce
the number of required reports. The Commission is also deleting, as
proposed, the requirement that where an independent account controller
trades for a number of commodity pools, the carrying firm must identify
separately each such commodity pool. In addition, the amendments
delete, as proposed, reporting Rule 17.01(c) under which a reporting
firm was required to identify the number and name of other accounts
that the trader controlled or owned that were not included in the
special account.
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    \1\ FCMs, clearing members and foreign brokers are referred to
herein collectively as ``firms.''
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    The Commission is also reorganizing, as proposed, the identifying
information large traders report on CFTC Form 40 ``Statement of
Reporting Trader'' to obtain and present data more useful to the
Commission's market surveillance activities. In addition, the
Commission is deleting the requirement under Part 16, as proposed, that
exchanges provide weekly option large trader data directly to the
Commission. These final amendments streamline the reporting process and
substantially lessen the burden on persons reporting, as well as the
processing workload of the Commission, without compromising the
integrity of the Commission's large trader reporting system, its market
surveillance activities or its oversight responsibilities.

EFFECTIVE DATE: May 16, 2000.

FOR FURTHER INFORMATION CONTACT: Lamont L. Reese, or Kimberly A.
Browning, Assistant Chief Counsel, Division of Economic Analysis, Three
Lafayette Centre, 1155 21st Street, NW, Washington, D.C. 20581,
telephone (202) 418-5600, or electronically [[email protected]] or
[[email protected]].

SUPPLEMENTARY INFORMATION:

I. Background

    The Commission has re-examined its rules regarding its large trader
reporting system. The Commission's large-trader reporting system is an
important Commission oversight tool. These rules require FCMs to report
to the Commission position information of the largest futures and
options traders and require the traders themselves to provide certain
identifying information. Reporting levels are set in the designated
futures and option markets under the authority of sections 4i and 4c of
the Act to ensure that the Commission receives adequate information to
carry out its market surveillance programs. These market surveillance
programs are designed to detect and to deter market congestion and
price manipulation and to enforce speculative position limits. They
also provide information regarding the overall hedging and speculative
use of, and foreign participation in, the futures markets and other
matters of public interest. Generally, the firm carrying the reportable
trader's position files large trader reports.\2\
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    \2\ Specifically, Parts 17 and 18 of the regulations require
reports from firms and traders, respectively, when a trader holds a
``reportable position.'' A reportable position is any open contract
position that at the close of the market on any business day equals
or exceeds the quantity specified in Commission Rule 15.03 in
either: (1) Any one future of any commodity on any one contract
market, excluding futures contracts against which notices of
delivery have been stopped by a trader or issued by the clearing
organization of a contract market; or (2) Long or short put or call
options that exercise into the same future of any commodity on any
one contract market. 17 CFR 15.00 and Part 150. The firms which
carry accounts for traders holding ``reportable positions'' are
required to identify those accounts by filing a CFTC Form 102,
discussed infra, and to report all reportable positions in the
accounts to the Commission. The individual trader who holds or
controls the reportable position, however, is required to report to
the Commission only in response to a special call.

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[[Page 14453]]

II. Proposed Rulemakings

A. Parts 15 and 17 (64 FR 5200)

    Based upon the Commission's re-examination of its large trader
reporting system rules, the Commission published a notice of proposed
rulemaking (proposed rulemaking) to amend Parts 15 and 17 of its rules.
64 FR 5200 (February 3, 1999). Specifically, the Commission proposed to
raise the reporting levels in certain domestic contracts. The
Commission also proposed to modify reporting levels for foreign
currencies. In addition, the Commission proposed to list the reporting
levels for the grains and soybeans in terms of contracts rather than
bushels.
    The Commission also proposed to streamline the reporting process by
deleting those sections of Sec. 17.01 requiring that ``special
account'' \3\ data reflected on CFTC Form 102s must include specific
information on commodity pools and pool operators, as well as ``other
account'' data, described infra, that Sec. 17.01(c) required. In
addition, the Commission proposed to reorganize its Form 40,\4\ to
present data in a more useful manner.
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    \3\ Part 17 of the Commission's regulations requires that firms
report to the Commission when an account first becomes reportable.
When a trade first exceeds a reporting level, the firm labels the
account a special account. The firm assigns a reporting number to
the special account and reports all information to the Commission
using this number. The firm must also file with the Commission Form
102. Commission Rule 17.01, 17 CFR 17.01. CFTC Form 102 identifies
persons who have a financial interest in or trading control of a
special account, informs the Commission of the type of account that
is being reported and gives preliminary information whether
positions and transactions are commercial or noncommercial in
nature. The CFTC Form 102 must also be updated when information
concerning financial interest in, or control of, the special account
changes. 17 CFR 17.02.
    \4\ Under Part 18 of the Commission's regulations, traders who
own or control reportable positions are required to file a CFTC Form
40 on call by the Commission or its delegee disclosing information
about the ownership or control of their futures and option
positions.
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    Two commenters, the Chicago Board of Trade (CBT) and the Chicago
Mercantile Exchange (CME), responded to the notice of proposed
rulemaking. Both CBT and CME objected to the majority of the proposed
amendments. In summary, these two exchanges similarly opined that
through implementation of the proposed amendments, the market
surveillance activities of self-regulatory organizations would be
compromised by ``eliminating the collection of important market data
that [the exchanges rely] upon * * * as part of [their] rigorous
financial and market surveillance programs.'' \5\ In addition, both CBT
and CME expressed the same view that the exchanges, and not the
Commission, should set reporting levels. These comments are discussed
in greater detail below.
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    \5\ See the CBT's letter of April 5, 1999 to the Commission (CBT
letter).
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B. Part 16 (61 FR 37409)

    Separately, in May 1997, the Commission amended its reporting rules
to require that firms file option large trader reports with the
Commission on a daily basis. 62 FR 24026 (May 2, 1997). Although as
part of that rulemaking, the Commission proposed deleting the
requirement under Part 16 that contract markets provide weekly option
large trader data directly to the Commission,\6\ in issuing final
rules, the Commission deferred taking that action until after all firms
began to provide the required daily reports. The Commission explained
that it was in the process of reengineering its market surveillance
software to accommodate the receipt and processing of daily option
large trade data, directly from the firms, and that collection of such
information could begin only after the Commission had completed its
software development and had tested the software jointly with the
firms. The Commission further stated that since the process could be
completed prior to the Commission's deletion of the requirement that
exchanges report larger trader option information under Part 16, it
``will take no enforcement action against an exchange for not providing
weekly option large trader data upon a finding that firms are providing
such data for contract markets on the exchange.'' \7\
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    \6\ See, 61 FR 37409 (July 18, 1996) (Part 16 proposed
rulemaking).
    \7\ 62 FR 24032. The Commission delegated to the Director of the
Division of Economic Analysis (Division), the authority to make the
required findings and determination granting this no-action relief
to the exchanges. Id. For a complete discussion of the comments
received in response to the Commission's Part 16 proposed
rulemaking, see Id.
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III. Final Rules

A. Reporting Levels

    In the proposed rulemaking, the Commission explained that it
``periodically reviews information concerning trading volume, open
interest, and the number and position sizes of individual traders
relative to the reporting levels for each market to determine if
coverage of open interest is adequate for effective market
surveillance.'' 64 FR 5201. The Commission noted that in performing
such periodic reviews, it is also ``mindful of the paperwork burden
associated with these reporting requirements and reviews them with an
eye to streamlining that burden to the extent compatible with its
responsibilities for rigorous surveillance of the futures and option
markets.'' Id. In this regard, the Commission explained that ``its most
recent review of reporting levels indicated that the size of trading
volume, open interest, and position of individual traders would enable
the Commission to raise [certain] reporting levels''. Id.\8\
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    \8\ Specifically, the Commission proposed to raise reporting
levels as follows: (1) Lean Hogs from 50 to 100 contracts, (2) Rough
Rice from 25 to 50 contracts, (3) Goldman Sachs Commodity Index from
25 to 100 contracts, (4) Soybean Oil from 175 to 200 contracts, (5)
Soybean Meal from 175 to 200 contracts, (6) 1-Month LIBOR from 100
to 300 contracts, (7) 30-Day Fed Funds from 100 to 300 contracts,
(8) 3-Month Eurodollars from 850 to 1000 contracts, (9) 3-Month
Euroyen from 25 to 100 contracts, (10) 2-Year US Treasury Notes from
200 to 500 contracts, (11) 5-Year US Treasury Notes from 300 to 800
contracts, (12) 10-Year US Treasury Notes from 500 to 1000
contracts, (13) 30-Year US Treasury Bonds from 500 to 1000
contracts, (14) Municipal Bond Index from 100 to 300 contracts, (15)
Dow Jones Industrial Average Index from 25 to 100 contracts, (16)
NASDAQ 100 Stock Index from 25 to 100 contracts, (17) NIKKEI Stock
Average from 50 to 100 contracts, (18) Russell 2000 Stock Index from
25 to 100 contracts, (19) S&P 400 Midcap Stock Index from 25 to 100
contracts, (20) S&P 500 Stock Index from 600 to 1000 contracts, (21)
Crude Oil from 300 to 350 contracts, (22) Natural Gas from 100 to
175 contracts, and (23) Sugar 11 from 300 to 400 contracts.
    The Commission also proposed to delete Rule 15.03's separate
reference to ``GNMA,'' a contract that is now currently dormant.
See, 17 CFR 5.2(a). The Commission explained that under this
proposal, if trading in GNMAs were to be reactivated, the reporting
level would be 25 contracts.
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    The Commission also proposed modification of the reporting levels
for foreign currencies. In particular, the Commission noted that
``Commission Rule 15.03 does not distinguish among foreign currencies,
setting a uniform standard for all. However, surveillance of contracts
on currencies of the major economies requires fewer large trader
reports than for contracts on the currencies of the emerging markets.''
Id. Accordingly, the Commission proposed to amend Rule 15.03 to
classify the European currency unit (and its successor, the Euro) and
the currencies of Japan, Germany, the UK, France, Italy, Canada,
Australia, Switzerland, Sweden, Belgium, and the Netherlands as ``Major
Foreign Currencies'' and to raise the reporting level applicable to
them to 400 from the then current level of 200 contracts.
    In addition, the Commission proposed to lower the reporting level
for all other foreign currencies to 100 contracts in order to obtain
needed information in surveilling these contracts. In addition,

[[Page 14454]]

the Commission proposed a 100 contract reporting level for any contract
having one of the other foreign currencies as a constituent part of a
crossrate contract. The Commission explained that cross-rate contracts
that are composed of two major currencies would also be considered to
be a major currency. Finally, the Commission also proposed to list the
reporting levels for the grains and soybeans in terms of contracts
rather than bushels.\9\ The Commission estimated that:
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    \9\ As explained in the proposed rulemaking, ``prior to January
1998, it was industry practice to express open interest and volume
data, as well as required position reports, for the grain and
soybean futures contracts, in terms of thousands of bushels.
Beginning in 1998, however, industry practice for the grains and
soybean contracts changed to express data for these contracts in
contract units, which is consistent with the data for all other
futures and option contracts.'' Id. Accordingly, the Commssion
proposed to conform its reporting levels to this practice.

    [T]hese proposed amendments to adjust reporting levels will
decrease the number of daily position reports (i.e., CFTC Series '01
Reports and CFTC Form 102s) required to be filed by reporting firms
by about 14 percent. (The number of CFTC Form 40s required to be
filed by large traders will also decrease). However, the percent of
total market open interest reported through the large trader system
would remain at the level deemed sufficient for rigorous market
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surveillance based upon the Commission's administrative experience.

Id. at 5202.
    Both CBT and CME strongly objected to the Commission's proposal to
raise these reporting levels. Specifically, CME opined that ``given
that contract markets have primary responsibility for surveiling their
markets, it is they, and not the Commission, that are best equipped to
determine what reporting levels are adequate for effective
surveillance.'' \10\ Similarly, CBT recommended that ``[i]nstead of
raising the reportable levels for certain contracts, we recommend that
the Commission consider deferring to the reportable levels adopted by
the exchanges.'' \11\ In addition, both exchanges viewed the
information generated through the prior reporting levels as
``necessary.'' In this regard, CBT indicated that the information from
large trader position reporting is ``extremely valuable'' to their
financial surveillance activities. Further, CME stated that it ``does
not intend to raise its reporting levels to correspond to the proposed
increases. [CME believes that the Commission's projected decrease in
daily position reports required to be filed by reporting firms will not
occur, given that] clearing members will in fact be required to
continue to report at the lower levels set by CME.'' \12\ Similarly,
CBT remarked that it will probably retain the lower reporting levels
currently set in its rules for certain commodities.
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    \10\ See the letter of April 14, 1999 from CME to the Commission
(CME letter) at p. 2.
    \11\ See the CBT letter at p. 2.
    \12\ See the CME letter at p. 2.
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    Based upon thorough and careful consideration of the comments, as
well as the Commission's most recent review of reporting levels, the
Commission finds it appropriate to amend the reporting levels in
certain domestic contracts, as well as modify reporting levels for
foreign currencies, as proposed. These changes will reduce both the
Commission's cost of collecting surveillance data and the cost of data
filers. The exchanges may set their own reporting levels as they deem
appropriate. The Commission is also listing the reporting levels for
the grains and soybeans in terms of contracts rather than bushels, as
proposed.\13\ The Commission is also deleting, as proposed, Rule
15.03's separate reference to ``GNMA.''
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    \13\ As the Commission explained in the proposed rulemaking, it
has been its ``long-standing administrative practice to set
reporting levels by commodity and not by individual contract
market.'' 64 FR 5202. Consistent with this practice, although
contracts on the MidAmerica Commodity Exchange are smaller in size
than those traded on other exchange, the Commission is not adjusting
the reporting level for MACE contracts to compensate for the smaller
bushel-size of its contracts. Therefore, a MACE trader's reporting
level will be set at a lower absolute number of bushels underlying a
reportable position on the exchanges that trade larger-size
contracts.
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B. Final Amendments to Special Account Information (CFTC Form 102)

    Previously, Commission Rule 17.01(b)(3) required that a firm
identify on CFTC Form 102, each pool, the pool's account number and
name, as well as the name and location of the commodity pool for which
the account controller trades. In addition, Commission Rule 17.01(c)
required that a trader identify on a Form 102 the names and account
numbers of all other separate accounts that the reporting trader
controls or in which the trader has a ten percent or greater financial
interest. (``other accounts'').\14\
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    \14\ For example, when an individual shares control of and has a
financial interest in an account with one or more persons, and that
individual also has his or her own account that he or she solely
controls, these accounts would not be reported as a single account
for special account/Form 102 reporting purposes. See, Commission
Rule 17.00(b)(ii).
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    In proposing the amendment of Sec. 17.01 by deleting these
information requirements under 17.01(b)(3) and (c), the Commission
explained that this information is no longer needed for the ``operation
of the Commission's surveillance data systems or by routine report from
firms.'' Id. Specifically, the Commission explained that ``[t]hese
requirements are duplicative of more complete information on account
ownership and control filed by the traders themselves on CFTC Form 40,
as required by Commission Rule 18.04.'' Id.
    Both CBT and CME strongly disfavored the Commission's proposals to
delete the information requirements under 17.01(b)(3) and (c) as
described above. In particular, CBT and CME similarly stated that they
rely on this information to perform effective market and financial
surveillance. In addition, both exchanges pointed out that while this
information may be supplied in the CFTC Form 40, the Form 40, unlike
CFTC Form 102, is filed only with the Commission. Therefore, in
removing the information on commodity pools and pool operators from the
Form 102, the exchanges must obtain this information in some other
manner. In this regard, CBT recommended that if the Commission
implements the proposed changes to Form 102, it concurrently adopt
procedures to provide the exchanges with copies of the Form 40 on a
routine basis. In addition, CBT also questioned the necessity of the
proposed changes to Commission Rule 17.01(b)(3) and Form 102 given that
``the industry has been working on an electronic Form 102 to achieve
the very same objective cited by the Commission of lessening the burden
of reporting requirements.'' \15\
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    \15\ See the CBT letter at p.3.
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    After careful consideration of the comments, the Commission has
determined to amend Sec. 17.01 as proposed. The Commission continues to
believe that these amendments will reduce the reporting burden on the
public and the processing workload of the Commission. The Commission
notes here, as it did in the proposed rulemaking, that the:

[D]eletion of these routine requirements will not in any way affect
the Commission's authority to obtain complete account information
from either or both the firm and the individual trader in those
individual cases where additional information is necessary to the
Commission's conduct of market surveillance or to the enforcement of
its rules. Nor does it affect the manner in which accounts are
aggregated for calculation of compliance with speculative position
limits and for other compliance purposes

64 FR 5202.
    In amending Sec. 17.01 as proposed, the Commission noted the CBT's
and the CME's respective concerns over their

[[Page 14455]]

ability to continue to obtain the information that no longer must be
reported on CFTC Form 102. Accordingly, to ensure that all the
exchanges will continue to have access to this information, the
Commission will provide the exchanges with copies of CFTC Form 40s upon
request.

C. Changes to Statement of Reporting Trader (CFTC form 40)

    The Commission received no comments on its proposals to reorganize
the CFTC Form 40 to present data in a more useful manner. The
Commission believes it appropriate to revise its Form 40 as proposed.
Accordingly, ``Schedule 1'' has been redesigned and now clarifies
information regarding the reporting trader's hedging activities. This
information includes the types of futures or options contracts used to
hedge, the commercial occupations or merchandising activities of
traders and the futures or option markets used for hedging. In
addition, the data reflected on Schedule 1 has been reorganized, as
proposed, to emphasize occupations and merchandising activities of the
traders rather than the markets in which they trade.\16\ In addition,
the Schedule 1 ``Investment Groups'' category has been divided, as
proposed, into the following professionally managed funds
subcategories: hedge funds, college endowments, managed accounts and
commodity pools, trusts, foundations, pension funds, mutual funds and
insurance companies. As the Commission explained in the proposed
rulemaking, ``this reorganization [will] provide information of greater
use for surveillance activities.'' Id. The revised Schedule 1 is
included below.
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    \16\ The Commission also made changes to the list of
merchandising activities to reflect those of greater surveillance
importance to the Commission.
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D. Deletion of Certain Contract Market Reporting Duties Imposed Under
Part 16

    In March 1999, the Commission completed its market surveillance
software development to accommodate the receipt and processing of daily
option large trader data directly from the firms, as well as software
testing jointly with the firms. Also at that time, all firms began
reporting this information directly to the Commission and exchanges
were told that they no longer needed to provide the data to the
Commission.\17\ Accordingly, the Commission is amending Part 16 of its
rules by deleting, as proposed, Commission Rule 16.02, 17 CFR 16.02,
under which each contract market was required to file weekly reports
with the Commission containing the positions of each large trader in
each option on futures contract. Similarly, the Commission is deleting,
as proposed, Commission Rule 16.03, 17 CFR 16.03, under which each
contract market was required to provide the Commission with account
identification information regarding reportable option trader
positions.
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    \17\ In this regard, in March 1999, the Acting Director of the
Division, pursuant to the delegated authority described supra,
issued letters to the exchanges informing them that the Commission
will not take any enforcement action against them for not filing
with the Commission the large option trader information required
under Part 16 of the Commission's rules. All exchanges ceased filing
this data at that time.

BILLING CODE 6351-01-P

[[Page 14456]]

[GRAPHIC] [TIFF OMITTED] TR17MR00.020


BILLING CODE 6351-01-C

[[Page 14457]]

IV. Related Matters

A. The Regulatory Flexibility Act

    The Regulatory Flexibility Act (RFA), 5 U.S.C. 601 et seq.,
requires that agencies consider the impact of their rules on small
businesses. The Commission has previously determined that large traders
and FCMs are not ``small entities'' for purposes of the RFA. 47 FR
18618-18621 (April 30, 1982). The final amendments to reporting
requirements fall mainly upon FCMs. Similarly, foreign brokers and
foreign traders report only if carrying or holding reportable, i.e.,
large positions. In addition, these final amendments relieve a
regulatory burden. Accordingly, the Chairman, on behalf of the
Commission, hereby certifies, pursuant to 5 U.S.C. 605(b), that the
action taken herein will not have a significant economic impact on a
substantial number of small entities.

B. Paperwork Reduction Act

    Commission Rule 15.03 affects the collection requirements of Part
17 and Part 18 rules. Former Commission Rules 16.02 and 16.03 contained
information collection requirements. Commission Rule 17.01 contains
information collection requirements. As the Paperwork Reduction Act of
1995 (Pub. L. 104-13 (May 13, 1996)) requires, the Commission submitted
a copy of these rules and the associated paperwork burden to the Office
of Management and Budget (OMB) for its review (44 U.S.C. 3504(h)) and
requested comments on the paperwork burden from the public. The
Commission did not receive comments addressing this specific associated
paperwork burden. The Commission did receive and address, however,
comments concerning the information that would be collected under the
proposed rules.
    OMB previously approved the collection of information related to
these rules as information collection (3038-0009), Large Trader
Reports. The final rules the Commission adopted, which have been
submitted to OMB for approval, have the following paperwork burden:
    Number of respondents: 5,391.
    Estimated average hours per response: .35.
    Frequency of response: daily.
    Number of responses per year: 70,940.
    Annual reporting burden: 24,829.
    This represents a reduction of 1,426 burden hours as a result of
the rule changes adopted to increase the reporting levels. Persons
wishing to comment on the paperwork burden contained in the final rules
may contact the Desk Officer, CFTC, Office of Management and Budget,
Room 10202, NEOB, Washington, DC 20503, (202) 395-7340. Copies of the
information collection submission to OMB are available from the CFTC
Clearance Officer, 1155 21st Street, NW, Washington, DC 20581, (202)
418-5160.

List of Subjects

17 CFR Part 15

    Brokers, Reporting and recordkeeping requirements.

17 CFR Part 16

    Commodity futures, Reporting and recordkeeping requirements.

17 CFR Part 17

    Brokers, Commodity futures, Reporting and recordkeeping
requirements.

    In consideration of the foregoing, and pursuant to the authority
contained in the Act, and, in particular, sections 4g, 4i, 5 and 8a of
the Act, 7 U.S.C. 6g, 6i, 7 and 12a (1994), the Commission hereby
amends Parts 15, 16 and 17 of Chapter I of Title 17 of the Code of
Federal Regulations as follows:

PART 15--REPORTS--GENERAL PROVISIONS

    1. The authority citation for part 15 continues to read as follows:

    Authority: 7 U.S.C. 2, 4, 5, 6a, 6c, (a)-(d), 6f, 6g, 6i, 6k,
6m, 6n, 7, 9, 12a, 19 and 21; 5 U.S.C. 552 and 552(b).

    2. Sec. 15.03 is revised to read as follows:


Sec. 15.03  Reporting Levels.

    (a) Definitions. For purposes of this section, the term major
foreign currency means the currencies and cross-rates between the
currencies of Japan, Germany, the U.K., France, Italy, Canada,
Australia, Switzerland, Sweden, Belgium, the Netherlands and the Euro.
    (b) The quantities for the purpose of reports filed under Parts 17
and 18 of this chapter are as follows:

------------------------------------------------------------------------
                                                              Number of
                         Commodity                            contracts
------------------------------------------------------------------------
Agricultural:
  Wheat....................................................          100
  Corn.....................................................          150
  Oats.....................................................           60
  Soybeans.................................................          100
  Soybean Oil..............................................          200
  Soybean Meal.............................................          200
  Cotton...................................................           50
  Frozen Concentrated Orange Juice.........................           50
  Rough Rice...............................................           50
  Live Cattle..............................................          100
  Feeder Cattle............................................           50
  Lean Hogs................................................          100
  Sugar No. 11.............................................          400
  Sugar No. 14.............................................          100
  Cocoa....................................................          100
  Coffee...................................................           50
Natural Resources:
  Copper...................................................          100
  Gold.....................................................          200
  Silver Bullion...........................................          150
  Platinum.................................................           50
  No. 2 Heating Oil........................................          250
  Crude Oil, Sweet.........................................          350
  Unleaded Gasoline........................................          150
  Natural Gas..............................................          175

[[Page 14458]]


Financial:
  Municipal Bond Index.....................................          300
  3-month (13-Week) U.S. Treasury Bills....................          150
  30-Year U.S. Treasury Bonds..............................        1,000
  10-Year U.S. Treasury Notes..............................        1,000
  5-Year U.S. Treasury Notes...............................          800
  2-Year U.S. Treasury Notes...............................          500
  3-Month Eurodollar Time Deposit Rates....................        1,000
  30-Day Fed Funds.........................................          300
  1-month LIBOR Rates......................................          300
  3-month Euroyen..........................................          100
  Major-Foreign Currencies.................................          400
  Other Foreign Currencies.................................          100
  U.S. Dollar Index........................................           50
  S&P 500 Stock Price Index................................        1,000
  E-Mini S&P Stock Price Index.............................          300
  S&P 400 Midcap Stock Index...............................          100
  Dow Jones Industrial Average Index.......................          100
  New York Stock Exchange Composite Index..................           50
  Amex Major Market Index, Maxi............................          100
  NASDAQ 100 Stock Index...................................          100
  Russell 2000 Stock Index.................................          100
  Value Line Average Index.................................           50
  NIKKEI Stock Index.......................................          100
  Goldman Sachs Commodity Index............................          100
All Other Commodities......................................           25
------------------------------------------------------------------------

PART 16--REPORTS BY CONTRACT MARKETS

    3. The authority citation for Part 16 continues to read as follows:

    Authority: 7 U.S.C. 6a, 6c, 6g, 6i, 7 and 12a.

    4. Sections 16.02 and 16.03 are removed and reserved.

PART 17--REPORTS BY FUTURES COMMISSION MERCHANTS, MEMBERS OF
CONTRACT MARKETS AND FOREIGN BROKERS

    5. The authority citation for part 17 continues to read as follows:

    Authority: 7 U.S.C. 6a, 6c, 6d, 6f, 6g, 6i, 7 and 12a unless
otherwise noted.

    6. Sec. 17.01 is amended by removing and reserving paragraphs
(b)(3)(ii) and (c) and by revising paragraph (b)(3)(iii) to read as
follows:


Sec. 17.01  Special account designation and identification.

* * * * *
    (b) * * *
    (3) * * *
    (ii) [Reserved].
    (iii) If fewer than ten accounts are under control of the
independent advisor, for each account the account number and the name
and location of each person having a ten percent or more financial
interest in the account; and
    (c) [Reserved].
* * * * *

    Issued in Washington, D.C., this 8th day of March 2000 by the
Commission.
Jean A. Webb,
Secretary of the Commission.
[FR Doc. 00-6345 Filed 3-16-00; 8:45 am]
BILLING CODE 6351-01-P
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