Applications of the Chicago Mercantile Exchange for Designation as a Contract Market in Futures and Options on Three Month Eurodallar FRAs

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The Chicago Mercantile Exchange (CME or Exchange) has applied for designation as a contract market in futures and options on three- month Eurodallar FRAs (forward rate agreements). Following Commission receipt of the applications in July 1998, the Director of the Division of Economic Analysis (Division) of the Commission, acting pursuant to the authority delegated by Commission Regulation 140.96, published those proposals for public comment (63 FR 42617). That comment period ended on September 9, 1998. In a supplemental submission dated October 2, 1998, the CME proposed to amend the original application to provide that positions in the proposed three-month Eurodallar FRA futures contract would not be offset. The Commission has determined that an additional period for public comment on the proposals will assist the Commission in considering the views of interested persons, and is consistent with the purposes of the Commodity Exchange Act.