54966 Federal Register / Vol. 74, No. 205 / Monday, October 26, 2009 / Notices 

1The acronym ‘‘PJM’’ stands for Pennsylvania 

New Jersey Maryland Interconnection, LLC (‘‘PJM 

Interconnection’’), and signifies the regional 

electricity transmission organization that 

coordinates the generation and distribution of 

electricity in all or parts of 13 states and the District 

of Columbia. 

2The acronym WH signifies the PJM’s Western 

Hub. 

3The term ‘‘LMP’’ stands for ‘‘locational marginal 

price’’ and represents the additional cost associated 

with producing an incremental amount of 

electricity. LMPs account for generation costs, 

congestion along the transmission lines, and 

electricity loss. 

are now reopening the application 

period to solicit additional applications. 

This notice supplements the notice of 

September 10, 2009. Interested parties 

who have already applied do not need 

to re-apply. 

Candidates are currently being sought 

for membership on the U.S. Section of 

the Forum. Each candidate must be 

Chief Executive Officer or President (or 

have a comparable level of 

responsibility) of a U.S.-owned or 

controlled company that is incorporated 

in and has its main headquarters located 

in the United States and is currently 

doing business in both India and the 

United States. Each candidate also must 

be a U.S. citizen or otherwise legally 

authorized to work in the United States 

and be able to travel to India and 

locations in the United States to attend 

official Forum meetings as well as 

Section meetings on the U.S. side. In 

addition, the candidate may not be a 

lobbyist registered under the Lobbying 

Disclosure Act of 1995, as amended, or 

a registered foreign agent under the 

Foreign Agents Registration Act of 1938, 

as amended. 

Evaluation of applications for 

membership in the U.S. Section by 

eligible individuals will be based on the 

following criteria: 

• A demonstrated commitment by the 

individual’s company to the Indian 

market either through exports or 

investment. 

• A demonstrated strong interest in 

India and its economic development. 

• The ability to offer a broad 

perspective and business experience to 

the discussions. 

• The ability to address cross-cutting 

issues that affect the entire business 

community. 

• The ability to initiate and be 

responsible for activities in which the 

Forum will be active. 

Members will be selected on the basis 

of who best will carry out the objectives 

of the Forum. The U.S. Section of the 

Forum should also include members 

who represent a diversity of business 

sectors and geographic locations. To the 

extent possible, Section members also 

should represent a cross-section of 

small, medium, and large firms. 

U.S. members will receive no 

compensation for their participation in 

Forum-related activities. Individual 

members will be responsible for all 

travel and related expenses associated 

with their participation in the Forum, 

including attendance at Committee and 

Section meetings. It is anticipated that 

the first meeting will be held on 

November 23 in Washington, DC, in 

conjunction with senior level 

government exchanges. The U.S. and 

Indian Sections should be prepared to 

work together ahead of that time to 

prepare recommendations to the U.S. 

and Indian governments. Only 

appointed members may participate in 

official Forum meetings; substitutes and 

alternates will not be designated. U.S. 

members will normally serve for twoyear terms but may be reappointed. 

To be considered for membership, 

please submit the following information 

as instructed in the ADDRESSES and 

DATES captions above: Name and title of 

the individual requesting consideration; 

name and address of company’s 

headquarters; location of incorporation; 

size of the company; size of company’s 

export trade, investment, and nature of 

operations or interest in India; and a 

brief statement of why the candidate 

should be considered, including 

information about the candidate’s 

ability to initiate and be responsible for 

activities in which the Forum will be 

active. Interested parties who have 

already applied pursuant to the 

September 10, 2009, Federal Register 

notice do not need to re-apply. All 

candidates will be notified of whether 

they have been selected. 

Dated: October 20, 2009. 

Linda S. Droker, 

Director of the Office of South Asia and 

Oceania. 

[FR Doc. E9–25710 Filed 10–21–09; 4:15 pm] 

BILLING CODE 3510–DA–P 

COMMODITY FUTURES TRADING 

COMMISSION 

Notice of Intent, Pursuant to the 

Authority in Section 2(h)(7) of the 

Commodity Exchange Act and 

Commission Rule 36.3(c)(3), To 

Undertake a Determination Whether 

the PJM WH Real Time Peak Daily 

Contract; PJM WH Real Time Peak 

Contract; PJM WH Real Time Off-Peak 

Contract; PJM WH Day Ahead LMP 

Peak Daily Contract; and PJM WH Real 

Time Off-Peak Daily Contract, Offered 

for Trading on the 

IntercontinentalExchange, Inc., 

Perform Significant Price Discovery 

Functions 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Notice of action and request for 

comment. 

SUMMARY: The Commodity Futures 

Trading Commission (‘‘CFTC’’ or 

‘‘Commission’’) is undertaking a review 

to determine whether the PJM 1 WH 2

Real Time Peak Daily (‘‘PDP’’) contract; 

PJM WH Real Time Peak (‘‘PJM’’) 

contract; PJM WH Real Time Off-Peak 

(‘‘OPJ’’) contract; PJM WH Day Ahead 

LMP 3 Peak Daily (‘‘PDA’’) contract; and 

PJM WH Real Time Off-Peak Daily 

(‘‘ODP’’) contract, offered for trading on 

the IntercontinentalExchange, Inc. 

(‘‘ICE’’), an exempt commercial market 

(‘‘ECM’’) under Sections 2(h)(3)–(5) of 

the Commodity Exchange Act (‘‘CEA’’ or 

the ‘‘Act’’), perform significant price 

discovery functions. Authority for this 

action is found in Section 2(h)(7) of the 

CEA and Commission rule 36.3(c) 

promulgated thereunder. In connection 

with this evaluation, the Commission 

invites comment from interested parties. 

DATES: Comments must be received on 

or before November 10, 2009. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

• Follow the instructions for 

submitting comments: Federal 

eRulemaking Portal: http:// 

www.regulations.gov. 

• E-mail: secretary@cftc.gov. Include 

PJM WH Real Time Peak Daily (PDP) 

Contract; PJM WH Real Time Peak (PJM) 

Contract; PJM WH Real Time Off-Peak 

(OPJ) Contract; PJM WH Day Ahead 

LMP Peak Daily (PDA) Contract; and/or 

PJM WH Real Time Off-Peak Daily 

(ODP) Contract in the subject line of the 

message, depending on the subject 

contract(s) to which the comments 

apply. 

• Fax: (202) 418–5521. 

• Mail: Send to David A. Stawick, 

Secretary, Commodity Futures Trading 

Commission, Three Lafayette Centre, 

1155 21st Street, NW., Washington, DC 

20581. 

• Courier: Same as mail above. 

All comments received will be posted 

without change to http:// 

www.CFTC.gov/. 

FOR FURTHER INFORMATION CONTACT: 

Gregory K. Price, Industry Economist, 

Division of Market Oversight, 

Commodity Futures Trading 

Commission, Three Lafayette Centre, 

1155 21st Street, NW., Washington, DC 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 74, No. 205 / Monday, October 26, 2009 / Notices 54967 

4 74 FR 12178 (Mar. 23, 2009); these rules became 

effective on April 22, 2009. 

5The Commission may commence this process on 

its own initiative or on the basis of information 

provided to it by an ECM pursuant to the 

notification provisions of Commission rule 

36.3(c)(2). 

6Where appropriate, the Commission may choose 

to interview market participants regarding their 

impressions of a particular contract. Further, while 

they may not provide direct evidentiary support 

with respect to a particular contract, the 

Commission may rely for background and context 

on resources such as its October 2007 Report on the 

Oversight of Trading on Regulated Futures 

Exchanges and Exempt Commercial Markets (‘‘ECM 

Study’’). http://www.cftc.gov/stellent/groups/ 

public/@newsroom/documents/file/pr5403– 

07_ecmreport.pdf. 

7 7 U.S.C. 2(h)(7)(C). 

20581. Telephone: (202) 418–5515. Email: gprice@cftc.gov; or Susan Nathan, 

Senior Special Counsel, Division of 

Market Oversight, same address. 

Telephone: (202) 418–5133. E-mail: 

snathan@cftc.gov. 

SUPPLEMENTARY INFORMATION: 

I. Introduction 

On March 16, 2009, the CFTC 

promulgated final rules implementing 

provisions of the CFTC Reauthorization 

Act of 2008 (‘‘Reauthorization Act’’) 4

which subjects ECMs with significant 

price discovery contracts (‘‘SPDCs’’) to 

self-regulatory and reporting 

requirements, as well as certain 

Commission oversight authorities, with 

respect to those contracts. Among other 

things, these rules and rule amendments 

revise the information-submission 

requirements applicable to ECMs, 

establish procedures and standards by 

which the Commission will determine 

whether an ECM contract performs a 

significant price discovery function, and 

provide guidance with respect to 

compliance with nine statutory core 

principles applicable to ECMs with 

SPDCs. These rules became effective on 

April 22, 2009. 

In determining whether an ECM’s 

contract is or is not a SPDC, the 

Commission will consider the contract’s 

material liquidity, price linkage to other 

contracts, potential for arbitrage with 

other contracts traded on designated 

contract markets or derivatives 

transaction execution facilities, use of 

the ECM contract’s prices to execute or 

settle other transactions, and other 

factors. 

In order to facilitate the Commission’s 

identification of possible SPDCs, 

Commission rule 36.3(c)(2) requires that 

an ECM operating in reliance on section 

2(h)(3) promptly notify the Commission 

and provide supporting information or 

data concerning any contract: (i) That 

averaged five trades per day or more 

over the most recent calendar quarter; 

and (ii)(A) for which the ECM sells price 

information regarding the contract to 

market participants or industry 

publications; or (B) whose daily closing 

or settlement prices on 95 percent or 

more of the days in the most recent 

quarter were within 2.5 percent of the 

contemporaneously determined closing, 

settlement, or other daily price of 

another agreement. 

II. Determination of a SPDC 

A. The SPDC Determination Process 

Commission rule 36.3(c)(3) 

establishes the procedures by which the 

Commission makes and announces its 

determination on whether a specific 

ECM contract serves a significant price 

discovery function. Under those 

procedures, the Commission will 

publish a notice in the Federal Register 

that it intends to undertake a 

determination as to whether the 

specified agreement, contract, or 

transaction performs a significant price 

discovery function and to receive 

written data, views, and arguments 

relevant to its determination from the 

ECM and other interested persons.5

After prompt consideration of all 

relevant information,6 the Commission 

will, within a reasonable period of time 

after the close of the comment period, 

issue an order explaining its 

determination. Following the issuance 

of an order by the Commission that the 

ECM executes or trades an agreement, 

contract, or transaction that performs a 

significant price discovery function, the 

ECM must demonstrate, with respect to 

that agreement, contract, or transaction, 

compliance with the core principles 

under section 2(h)(7)(C) of the CEA 7

and the applicable provisions of Part 36. 

If the Commission’s order represents the 

first time it has determined that one of 

the ECM’s contracts performs a 

significant price discovery function, the 

ECM must submit a written 

demonstration of its compliance with 

the core principles within 90 calendar 

days of the date of the Commission’s 

order. For each subsequent 

determination by the Commission that 

the ECM has an additional SPDC, the 

ECM must submit a written 

demonstration of its compliance with 

the core principles within 30 calendar 

days of the Commission’s order. 

B. PJM WH Real Time Peak Daily 

Contract 

The PDP contract is a daily contract 

that is cash settled based on the 

arithmetic average of hourly, real-time 

LMPs during the specified calendar day 

for the Western Hub, which are 

published by the PJM Interconnection 

for all peak hours during a particular 

date of production. The LMPs are 

published by PJM Interconnection on its 

Web site under the heading, ‘‘Daily 

Real-Time LMP Files.’’ The LMPs are 

derived from power trades that result in 

physical delivery. The size of the PDP 

contract is 800 megawatt hours 

(‘‘MWh’’), and the unit of trading is any 

multiple of 800 MWh. The PDP contract 

is listed for up to 38 consecutive 

calendar days. Based upon a required 

quarterly notification filed on July 27, 

2009 (mandatory under Rule 36.3(c)(2)), 

the ICE reported that, with respect to its 

PDP contract, 48,072 separate trades 

occurred in the second quarter of 2009, 

resulting in a daily average of 751.1 

trades. During the same period, the PDP 

contract had a total trading volume of 

68,586 contracts (which was an average 

of 1,071.7 contracts per day). As of June 

30, 2009, open interest in the PDP 

contract was 1,856 contracts. It appears 

that the ICE PDP contract may satisfy 

the material liquidity and material price 

reference factors for SPDC 

determination. With respect to material 

liquidity, trading in the PDP contract 

averaged over 1,000 contracts on a daily 

basis with more than 750 separate 

transactions each day. In regard to 

material price reference, while it did not 

specifically address the power contracts 

under review, the ECM Study stated 

that, in general, market participants 

view the ICE as a price discovery market 

for certain electricity contracts. Power 

contracts based on actively-traded hubs 

are transacted heavily on the ICE’s 

electronic trading platform, with the 

remainder being completed over-thecounter and potentially submitted for 

clearing by voice brokers. In addition, 

the ICE sells its price data to market 

participants in a number of different 

packages which vary in terms of the 

hubs covered, time periods, and 

whether the data are daily only or 

historical. For example, the ICE offers 

‘‘PJM Power End of Day’’ and ‘‘OTC 

Power End of Day’’ data packages with 

access to all price data or just 12, 24, 36, 

or 48 months of historical data. 

C. PJM WH Real Time Peak Contract 

The PJM contract is a monthly 

contract that is cash settled based on the 

arithmetic average of hourly, real-time 

LMPs during the specified calendar 

mstockstill on DSKH9S0YB1PROD with NOTICES

54968 Federal Register / Vol. 74, No. 205 / Monday, October 26, 2009 / Notices 

month for the Western Hub, which are 

published by the PJM Interconnection 

for all peak hours during the month of 

production. The LMPs are published by 

PJM Interconnection on its Web site 

under the heading, ‘‘Daily Real-Time 

LMP Files.’’ The LMPs are derived from 

power trades that result in physical 

delivery. The size of the PJM contract is 

800 MWh, and the unit of trading is the 

contract size multiplied by the number 

of peak days in the calendar month. The 

PJM contract is listed for up to 110 

consecutive calendar months. 

Based upon a required quarterly 

notification filed on July 27, 2009 

(mandatory under Rule 36.3(c)(2)), the 

ICE reported that, with respect to its 

PJM contract, 7,990 separate trades 

occurred in the second quarter of 2009, 

resulting in a daily average of 124.8 

trades. During the same period, the PJM 

contract had a total trading volume of 

268,489 (which was an average of 

4,195.1 contracts per day). As of June 

30, 2009, open interest in the PJM 

contract was 318,788 contracts. 

It appears that the ICE PJM contract 

may satisfy the material liquidity and 

material price reference factors for SPDC 

determination. With respect to material 

liquidity, trading in the PJM contract 

averaged 4,200 contracts on a daily basis 

with more than 120 separate 

transactions each day. In addition, the 

open interest in the subject contract was 

significant. In regard to material price 

reference, while it did not specifically 

address the power contracts under 

review, the ECM Study stated that, in 

general, market participants view the 

ICE as a price discovery market for 

certain electricity contracts. Power 

contracts based on actively-traded hubs 

are transacted heavily on the ICE’s 

electronic trading platform, with the 

remainder being completed over-thecounter and potentially submitted for 

clearing by voice brokers. In addition, 

the ICE sells its price data to market 

participants in a number of different 

packages which vary in terms of the 

hubs covered, time periods, and 

whether the data are daily only or 

historical. For example, the ICE offers 

‘‘PJM Power End of Day’’ and ‘‘OTC 

Power End of Day’’ data packages with 

access to all price data or just 12, 24, 36, 

or 48 months of historical data. 

D. PJM WH Real-Time Off-Peak Contract 

The OPJ contract is a monthly 

contract that is cash settled based on the 

arithmetic average of hourly, real-time 

LMPs during the specified calendar 

month for the Western Hub, which are 

published by the PJM Interconnection 

for all off-peak hours during the month 

of production. The LMPs are published 

by PJM Interconnection on its Web site 

under the heading, ‘‘Daily Real-Time 

LMP Files.’’ The LMPs are derived from 

power trades that result in physical 

delivery. The size of the OPJ contract is 

50 MWh, and the unit of trading is 

determined by multiplying the contract 

size by the number of off-peak days in 

the calendar month traded. The OPJ 

contract is listed for up to 86 calendar 

months with four complete calendar 

years. Based upon a required quarterly 

notification filed on July 27, 2009 

(mandatory under Rule 36.3(c)(2)), the 

ICE reported that, with respect to its OPJ 

contract, 437 separate trades occurred in 

the second quarter of 2009, resulting in 

a daily average of 6.8 trades. During the 

same period, the OPJ contract had a 

total trading volume of 325,799 

contracts (which was an average of 

5,090.6 contracts per day). As of June 

30, 2009, open interest in the OPJ 

contract was 2,976,492 contracts. 

It appears that the ICE OPJ contract 

may satisfy the material liquidity and 

material price reference factors for SPDC 

determination. With respect to material 

liquidity, trading in the OPJ contract 

averaged over 5,000 contracts on a daily 

basis with more than six separate 

transactions each day. In addition, the 

open interest in the subject contract was 

extremely large. In regard to material 

price reference, while it did not 

specifically address the power contracts 

under review, the ECM Study stated 

that, in general, market participants 

view the ICE as a price discovery market 

for certain electricity contracts. Power 

contracts based on actively-traded hubs 

are transacted heavily on the ICE’s 

electronic trading platform, with the 

remainder being completed over-thecounter and potentially submitted for 

clearing by voice brokers. In addition, 

the ICE sells its price data to market 

participants in a number of different 

packages which vary in terms of the 

hubs covered, time periods, and 

whether the data are daily only or 

historical. For example, the ICE offers 

‘‘PJM Power End of Day’’ and ‘‘OTC 

Power End of Day’’ data packages with 

access to all price data or just 12, 24, 36, 

or 48 months of historical data. 

E. PJM WH Day-Ahead LMP Peak Daily 

Contract 

The PDA contract is a daily contract 

that is cash settled based on the 

arithmetic average of hourly, day-ahead 

LMPs during the specified day for the 

Western Hub, which are published by 

the PJM Interconnection for all peak 

hours during a particular date of 

production. The LMPs are published by 

PJM Interconnection on its Web site 

under the heading, ‘‘Day-Ahead LMP 

Data.’’ The LMPs are derived from 

power trades that result in physical 

delivery. The size of the PDA contract 

is 800 MWh. The PDA contract is listed 

for up to 38 consecutive calendar days. 

Based upon a required quarterly 

notification filed on July 27, 2009 

(mandatory under Rule 36.3(c)(2)), the 

ICE reported that, with respect to its 

PDA contract, 1,063 separate trades 

occurred in the second quarter of 2009, 

resulting in a daily average of 16.6 

trades. During the same period, the PDA 

contract had a total trading volume of 

1,435 contracts (which was an average 

of 22.4 contracts per day). As of June 30, 

2009, open interest in the PDA contract 

was 75 contracts. 

It appears that the ICE PDA contract 

may satisfy the material liquidity and 

material price reference factors for SPDC 

determination. With respect to material 

liquidity, trading in the PDA contract 

averaged over 20 contracts on a daily 

basis with more than 15 separate 

transactions each day. In regard to 

material price reference, while it did not 

specifically address the power contracts 

under review, the ECM Study stated 

that, in general, market participants 

view the ICE as a price discovery market 

for certain electricity contracts. Power 

contracts based on actively-traded hubs 

are transacted heavily on the ICE’s 

electronic trading platform, with the 

remainder being completed over-thecounter and potentially submitted for 

clearing by voice brokers. In addition, 

the ICE sells its price data to market 

participants in a number of different 

packages which vary in terms of the 

hubs covered, time periods, and 

whether the data are daily only or 

historical. For example, the ICE offers 

‘‘PJM Power End of Day’’ and ‘‘OTC 

Power End of Day’’ data packages with 

access to all price data or just 12, 24, 36, 

or 48 months of historical data. 

F. PJM WH Real-Time Off-Peak Daily 

Contract 

The ODP contract is a daily contract 

that is cash settled based on the 

arithmetic average of hourly, real-time 

LMPs during the specified calendar day 

for the Western Hub, which are 

published by the PJM Interconnection 

for all off-peak hours during the 

particular date of production. The LMPs 

are published by PJM Interconnection 

on its Web site under the heading, 

‘‘Daily Real-Time LMP Files.’’ The 

LMPs are derived from power trades 

that result in physical delivery. The size 

of the ODP contract is 50 MWh, and the 

unit of trading is any multiple of 50 

MWh. The ODP contract is listed for up 

to 38 consecutive calendar days. Based 

upon a required quarterly notification 

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 74, No. 205 / Monday, October 26, 2009 / Notices 54969 

8 17 CFR 36, Appendix A. 

9 44 U.S.C. 3507(d). 

10 7 U.S.C. 19(a). 

filed on July 27, 2009 (mandatory under 

Rule 36.3(c)(2)), the ICE reported that, 

with respect to its ODP contract, 723 

separate trades occurred in the second 

quarter of 2009, resulting in a daily 

average of 11.3 trades. During the same 

period, the ODP contract had a total 

trading volume of 7,448 contracts 

(which was an average of 116.4 

contracts per day). As of June 30, 2009, 

open interest in the ODP contract was 

256 contracts. 

It appears that the ICE ODP contract 

may satisfy the material liquidity and 

material price reference factors for SPDC 

determination. With respect to material 

liquidity, trading in the ODP contract 

averaged over 110 contracts on a daily 

basis with more than 10 separate 

transactions each day. In regard to 

material price reference, while it did not 

specifically address the power contracts 

under review, the ECM Study stated 

that, in general, market participants 

view the ICE as a price discovery market 

for certain electricity contracts. Power 

contracts based on actively-traded hubs 

are transacted heavily on the ICE’s 

electronic trading platform, with the 

remainder being completed over-thecounter and potentially submitted for 

clearing by voice brokers. In addition, 

the ICE sells its price data to market 

participants in a number of different 

packages which vary in terms of the 

hubs covered, time periods, and 

whether the data are daily only or 

historical. For example, the ICE offers 

‘‘PJM Power End of Day’’ and ‘‘OTC 

Power End of Day’’ data packages with 

access to all price data or just 12, 24, 36, 

or 48 months of historical data. 

III. Request for Comment 

In evaluating whether an ECM’s 

agreement, contract, or transaction 

performs a significant price discovery 

function, section 2(h)(7) of the CEA 

directs the Commission to consider, as 

appropriate, four specific criteria: Price 

linkage, arbitrage, material price 

reference, and material liquidity. As it 

explained in Appendix A to the Part 36 

rules,8 the Commission, in making 

SPDC determinations, will apply and 

weigh each factor, as appropriate, to the 

specific contract and circumstances 

under consideration. 

As part of its evaluation, the 

Commission will consider the written 

data, views, and arguments from any 

ECM that lists the potential SPDC and 

from any other interested parties. 

Accordingly, the Commission requests 

comment on whether the PDP, PJM, 

OPJ, PDA, and/or ODP contracts 

perform significant price discovery 

functions. Commenters’ attention is 

directed particularly to Appendix A of 

the Commission’s Part 36 rules for a 

detailed discussion of the factors 

relevant to a SPDC determination. The 

Commission notes that comments which 

analyze the contracts in terms of these 

factors will be especially helpful to the 

determination process. In order to 

determine the relevance of comments 

received, the Commission requests that 

commenters explain in what capacity 

are they knowledgeable about the 

subject contracts. Moreover, because 

five contracts are included in this 

notice, it is important that commenters 

identify to which contract(s) their 

comments apply. 

IV. Related Matters 

A. Paperwork Reduction Act 

The Paperwork Reduction Act of 1995 

(‘‘PRA’’) 9 imposes certain requirements 

on federal agencies, including the 

Commission, in connection with their 

conducting or sponsoring any collection 

of information, as defined by the PRA. 

Certain provisions of final Commission 

rule 36.3 impose new regulatory and 

reporting requirements on ECMs, 

resulting in information collection 

requirements within the meaning of the 

PRA; OMB previously has approved and 

assigned OMB control number 3038– 

0060 to this collection of information. 

B. Cost-Benefit Analysis 

Section 15(a) of the CEA 10 requires 

the Commission to consider the costs 

and benefits of its actions before issuing 

an order under the Act. By its terms, 

section 15(a) does not require the 

Commission to quantify the costs and 

benefits of an order or to determine 

whether the benefits of the order 

outweigh its costs; rather, it requires 

that the Commission ‘‘consider’’ the 

costs and benefits of its action. Section 

15(a) further specifies that the costs and 

benefits shall be evaluated in light of 

five broad areas of market and public 

concern: (1) Protection of market 

participants and the public; (2) 

efficiency, competitiveness, and 

financial integrity of futures markets; (3) 

price discovery; (4) sound risk 

management practices; and (5) other 

public interest considerations. 

The bulk of the costs imposed by the 

requirements of Commission Rule 36.3 

relate to significant and increased 

information-submission and reporting 

requirements adopted in response to the 

Reauthorization Act’s directive that the 

Commission take an active role in 

determining whether contracts listed by 

ECMs qualify as SPDCs. The enhanced 

requirements for ECMs will permit the 

Commission to acquire the information 

it needs to discharge its newly 

mandated responsibilities and to ensure 

that ECMs with SPDCs are identified as 

entities with the elevated status of 

registered entity under the CEA and are 

in compliance with the statutory terms 

of the core principles of section 

2(h)(7)(C) of the Act. The primary 

benefit to the public is to enable the 

Commission to discharge its statutory 

obligation to monitor for the presence of 

SPDCs and extend its oversight to the 

trading of SPDCs. 

Issued in Washington, DC on October 14, 

2009 by the Commission. 

David A. Stawick, 

Secretary of the Commission. 

[FR Doc. E9–25238 Filed 10–23–09; 8:45 am] 

BILLING CODE 6351–01–P 

DEPARTMENT OF DEFENSE 

Office of the Secretary 

Charter for the Defense Advisory 

Board for Employer Support of the 

Guard and Reserve 

AGENCY: Department of Defense. 

ACTION: Federal advisory committee 

charter. 

SUMMARY: Under the provisions of the 

Federal Advisory Committee Act of 

1972, (5 U.S.C. Appendix, as amended), 

the Sunshine in the Government Act of 

1976 (5 U.S.C. 552b, as amended), and 

41 CFR 102–3.65, the Department of 

Defense gives notice that it intends to 

renew the charter for the Defense 

Advisory Board for Employer Support of 

the Guard and Reserve. 

FOR FURTHER INFORMATION CONTACT: Jim 

Freeman, DoD Committee Management 

Office, 703–601–6128. 

SUPPLEMENTARY INFORMATION: The 

Defense Advisory Board for Employer 

Support of the Guard and Reserve, 

pursuant to 41 CFR 102–3.50(d), is a 

discretionary Federal advisory 

committee established to provide the 

Secretary of Defense through the Under 

Secretary of Defense (Personnel and 

Readiness) and the Assistant Secretary 

of Defense (Reserve Affairs), with 

independent advice concerning matters 

arising from the military service 

obligations of members of the National 

Guard and Reserve and the impact on 

their civilian employment. 

Pursuant to DoD policy, the Assistant 

Secretary of Defense (Reserve Affairs) is 

authorized to act upon the Board’s 

advice and recommendations. 

mstockstill on DSKH9S0YB1PROD with NOTICES