Two floor brokers quickly bought a total of 155,000 bushels for their customers at that price. A total of 61 contracts, representing 305,000 bushels, traded at those extraordinarily high prices. Under CBT rules, after the regular close of the market, another two minute session can be held. Trading during the Modified Closing Call can take place only within a narrow price range determined by the pit committee specifically for that session. The Commission was briefed by its staff immediately after this highly unusual episode.
Several questions remain to be answered.
I want to assure you on behalf of all of the Commissioners that these events will be promptly and thoroughly investigated and resolved in a fair manner. All of these questions and others are being explored in the CBT's investigation and the CFTC's independent investigation. When markets are volatile, it becomes especially important to maintain market integrity and customer confidence. Therefore, it is imperative that the CFTC and the Exchange promptly ascertain whether any rules were violated, and if so, take appropriate action. The CBT staff has conducted an expeditious investigation.