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