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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

Last Updated: December 10, 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