Meeting Date:
Wednesday, February 25, 2015
CFTC Staff:
Matthew Hunter, Riva Adriance, Christa Lachenmayr, Scott Mixon, Steve Sherrod
Organization(s):
ICE Futures U.S., Intercontinental Exchange, The Hershey Company, The J.M. Smucker Co, Louis Dreyfus Commodities, Noble Americans Corp.
External Attendees:
Frank Day (The Hershey Company), Taku Kopp (The J.M. Smucker Co.), Joseph Nicosia (Louis Dreyfus Commodities), Bernardo Rodrigues (Noble Americas Corp.), David Behrends (Noble Americas Corp.), Salvatore Penna (Noble Americas Corp.), Ben Jackson (ICE Futures U.S.), Tim Barry (ICE Futures U.S.), Susan Gallant (ICE Futures U.S.), Alex Albert (Intercontinental Exchange)
Additional Information:
Participants discussed comments raised, e.g., in ICE Futures U.S. comment letter no. 60310, Jan. 22, 2015: unfixed price commitments should be basis of bona fide hedges (page 4); anticipatory hedge in softs should be recognized beyond 12 months (pages 6-7); spread exemption restrictions would restrict cash and carry exemptions by exchange (page 8); Sugar No. 11 unique delivery provisions for agricultural contract (pages 6); and aggregation should be based on control (pages 9-10).
