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Agricultural Advisory Committee

  • Meeting of the CFTC’s Agricultural Advisory Committee
    Three Lafayette Centre
    1155 21st Street, NW
    Washington, DC 20581

    July 29, 2008

    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

See Also:

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