Comment Text:
We believe in convergence and find it a necessity for the cash market to work effectively. We agree with the need to adjust the storage rate to an 8ยข base rate. However, we also believe that this is not likely a one time fix and the non-convergence problem is solved. Therefore we would suggest an annual review process to evaluate whether the current rate is causing convergence. This annual review should be during the same time period each year and could be used to determine if rates need to be adjusted either up or down for the next 12 month period.
Thank you
