Proposed Revision of the Commission's Procedure for the Review of Contract Market Rules

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As part of an ongoing program of regulatory reform, the Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing to revise its procedures for the review of contract market rules and rule amendments. Subject to stated conditions, the proposed rulemaking would permit contract markets to place new rules and rule amendments into effect on the business day following their submission to and receipt by the Commission.