Citrus Associates of the New York Cotton Exchange: Proposed Amendments to the Frozen Concentrated Orange Juice-2 (FCOJ-2) Futures Contract Providing for Delivery of FCOJ Originating in Florida and Brazil Only, Changing the Contract's Quality Specifications and Providing for Trading of the FCOJ-2 Futures Contract at a Price Differential to the Existing FCOJ-1 Futures Contract

Résumé

The Citrus Associates of the New York Cotton Exchange (CANYCE or Exchange) has proposed amendments to the Exchange's dormant frozen concentrated orange juice-2 (FCOJ-2) futures contract. The proposed amendments would provide for the delivery of FCOJ originating in Florida and Brazil only, make the contract's quality specifications conform to the quality specifications of the FCOJ-1 futures contract, amend the contract's speculative position limits, and provide for the trading of the FCOJ-2 futures contract as a differential price spread to the FCOJ-1 futures contract. The Exchange also proposes to recommence trading in this dormant contract pursuant to the provisions for Commission Regulation 5.2. The proposed amendments were submitted under the Commission's 45-day Fast Track procedures which provides that, absent any contrary action by the Commission, the proposed amendments may be deemed approved on September 27, 1999--45 days after the Commission's receipt of the proposals. The Acting Director of the Division of Economic Analysis (Division) of the Commission, acting pursuant to the authority delegated by Commission Regulation 140.96, has determined that the proposed amendments a