The Commodity Futures Trading Commission is considering a "fast track" review of futures contract proposals submitted by U.S. exchanges.

Chairwoman Brooksley Born said she hoped the procedures would give exchanges "greater certainty and ease in listing new products while maintaining the commission's authority to review such products and preserving the public's ability to participate in the process."

Under the proposal, the commission could approve in as little as 10 days proposals that do not "raise novel or complex issues." Other contracts could receive expedited reviews in as little as 45 days.

It now takes the commission 90 days on average to approve a new futures contract.

Ms. Born first announced the idea of streamlined contract-designation procedures last month. The proposal is expected to be published shortly in the Federal Register for public comment, the commission said.

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