Meeting Date:
Thursday, May 15, 2014
CFTC Staff:
Matthew Hunter
Stephen Sherrod
Riva Adriance
Harold Hild
Christa Lachenmayr
Organization(s):
Noble Americas Corp.
External Attendees:
Salvatore Penna (Noble)
De'Ana Dow (Capital Counsel)
Additional Information:
Topic: Noble discussed its commercial business as a sugar producer, processor, and merchant. Noble commented that additional transactions should be recognized as bona fide hedging positions, including cash and carry derivative positions (e.g., long front month in futures, short next deferred month in futures), anticipatory merchandising, and fixed vs. floating basis positions. Such anticipatory transactions should be recognized as bona fide through the last trading day. Noble commented position accountability levels are preferred to hard limits.
