Chicago Board of Trade Futures Contracts in Corn and Soybeans; Order To Designate Contract Markets and Amendment Order of November 7, 1997, as Applied to Such Contracts

Summary

The Commodity Futures Trading Commission (CFTC) initiated a proceeding in 1996 to address concerns about the delivery specifications of the Chicago Board of Trade's (CBT) corn and soybean futures contracts, which were deemed insufficient to prevent price manipulation and market congestion. The CBT subsequently submitted alternative contract terms for review and drafted applications for contract market designation, starting with the year 2000.