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External Meetings: Meeting w/ICE, Noble, Louis Dreyfus, Cargill
  
    



  Topic:  ICE and users of the Sugar No. 11 futures contract discussed cash market practices. They commented that the contract should not be subject to federal position limits.  In the alternative, additional transactions should be recognized as bona fide hedging positions, including unfixed price commitments, and such hedging positions should be bona fide through the last trading day.  Regarding anticipatory hedges, their view is the restriction of 12 months applicable to annual production agricultural crops is not appropriate for a crop with multiple harvests over a multiple year life cycle. Further, they requested guidance on a process and timeline for consideration of non-enumerated hedge exemptions and requested CFTC adopt accountability levels in lieu of hard limits.-
      
  When
              05/15/2014

  Rulemaking(s)
              Position Limits for Derivatives

  CFTC Staff
              Vincent McGonagleStephen SherrodRiva AdrianceLee Ann DuffyHarold HildChrista Lachenmayr

  Visitor(s)
              Ben Jackson (IFUS)Alex Albert (IFUS)Susan Gallant (IFUS)Tim Barry (IFUS)Salvatore Penna (Noble)Bernardo Rodrigues (Noble)Gloria Wadsworth (Louis Dreyfus)Mike Gorrell (Louis Dreyfus)Bryan Dierlam (Cargill)Patrice Bougault (Cargill)

  Organization(s)
              Intercontinental ExchangeNoble Americas Corp.Louis Dreyfus CommoditiesCargill

  Related Links
          CFTC2014draft-rev3_2283  RELATED LINKS
    

      CFTC2014draft-rev3_2283


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