Regulacje rynkowe · 4.11.1997
Trade Options on the Enumerated Agricultural Commodities
Generally, the offer or sale of commodity options is prohibited except on designated contract markets. One of several specified exceptions to the general prohibition on off-exchange options is for ``trade options.'' Trade options are defined as off-exchange options ``offered by a person having a reasonable basis to believe that the option is offered to'' a person or entity within the categories of commercial users specified in the rule, where such commercial user ``is offered or enters into the transaction solely for purposes related to its business as such.'' Trade options, however, are not permitted on the agricultural commodities which are enumerated in the Commodity Exchange Act (Act). The Commodity Futures Trading Commission (Commission or CFTC) is proposing to remove the prohibition on off-exchange trade options on the enumerated agricultural commodities pursuant to a three-year pilot program. The Commission is proposing initially to permit agricultural trade options which, if exercised, will result in delivery of the commodity and which may not be resold, repurchased, or otherwise cancelled other than through the exercise or natural expiration of the contract. The Commission