I.

Introduction

9:00 - 9:15 a.m.

II.

Convergence and Basis

9:15 – 10:45 a.m.

• History and Current Fundamentals of Convergence and Basis Problems

David Kass, Division of Market Oversight, CFTC

Tom Buis, National Farmers Union

Terry Reinhart, Advance Trading

Tom Coyle, National Grain and Feed Association

Roger Cryan, National Milk Producers Federation

• Exchange Presentations

David Lehman and Julie Winkler, CME Group

Mark G. Bagan, Minneapolis Grain Exchange

• Open Discussion

Break

10:55 - 11:15 a.m.

III.

Settlement Prices, Margin Requirements, and Credit

11:15 – 12:45 p.m.

• Settlement Prices in Times of High Volatility

Tom Farley, ICE Futures U.S.

• Coordinating Actions on Price Limits

Jeff Borchardt, Kansas City Board of Trade

• Margin Credit Swaps

Steve Hurst, Merchants’ Exchange

• Role of Exchanges and Clearinghouse in Setting Margin Requirements

Dan Brophy, Commodity Markets Council

• Issues with Margin Credit

Phil DiPofi, Co-Bank

Sam Miller, American Bankers Association

• Open Discussion

Lunch

12:45 - 1:45 p.m.

IV.

Agricultural Swaps

1:45 – 2:45 p.m.

• History and Current Policy on Agricultural Swaps | Agricultural Trade Options

Don Heitman, Division of Market Oversight, CFTC

• Benefits of Clearing Agricultural Swaps

Tom Farley, ICE Futures U.S.

David Lehman and Julie Winkler, CME Group

• Open Discussion

V.

Ongoing Research

2:45 - 3:45 p.m.

• Policy Issues with Identifying and Managing Commodity Bubbles

Eric Juzenas, Office of Commissioner Dunn, CFTC

• Summary of Ongoing Interagency and CFTC Research

Jeff Harris, Office of Chief Economist, CFTC

• Experiences with Particular Markets

Julie Winkler, CME Group