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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
    December 6, 2007

     

    The Changing Roles of U.S. and Global Markets:
    Speculation, Hedging and Global Competitiveness

    9:00 a.m.

    Welcome
    Commissioner Michael V. Dunn
    Acting Chairman Walter Lukken
    Commissioner Jill E. Sommers
    Commissioner Bart Chilton

    9:10 – 9:30 a.m.

    Changes in Price Discovery and Market Structure: Mike Gorham, Illinois Institute of Technology

    9:30 – 10:45 a.m.

    Panel 1— Role of Speculation in the Agricultural Futures Markets

     

    CFTC Experience with Revised COT and Regulatory Issues Related to Commodity Index Traders, David Kass, DMO

    Proposed Rulemaking to Increase Federal Speculative Position Limits, John Fenton, DMO

    Proposed Rulemaking Concerning an Exemption from Federal Speculative Position Limits for Certain Risk Management Positions,

    • Don Heitman, DMO

    Presentation of CBOT White Paper, David Lehman, CME-Group

    10:45 – 11:15 a.m.

    Break

    11:15 – 12:00 p.m.

    Panel 2— Industry Discussion

     

    Tom Erikson, Bunge

    Tom Coyle, National Grain and Feed Association

    Dan Brophy, Commodity Markets Council

    • Additional Discussion by Committee Members

    12:00 – 1:15 p.m.

    Lunch

    1:15 – 2:15 p.m.

    The Role of Agricultural OTC Markets

     

    Summary of Legal Landscape, Don Heitman, DMO

    Agricultural Swaps Presentation, David Lehman, CME-Group

    Agricultural Swaps Presentation, Tom Farley, ICE Futures

    • Discussion by Committee Members

     

    Questions for Discussion may include:

    • Should the CFTC issue a formal definition of an agricultural commodity to provide greater certainty of regulatory treatment?

    • What makes a commodity agricultural: its origins as something that is grown and cultivated; its primary usage (e.g., food, clothing); other factors?

    • Should the by-products of agricultural products be considered agricultural commodities?

    • Is ethanol an agricultural commodity?

    • Should the treatment of agricultural swaps be made to conform more closely to the treatment of non-agricultural swaps (i.e., permit them to be fungible, standardized, and cleared)?

    • Would such treatment be consistent with Congress’ decision to not establish an exclusion/exemption for agricultural swaps in the CFMA?

    2:15 – 3:15 p.m.

    Global Carbon Markets

     

    William M. Ferretti, Chicago Climate Exchange

    Dave Miller, Iowa Farm Bureau Federation

    Doug Sombke, South Dakota Farmers Union

See Also:

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