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:
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.
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.
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