Chicago Board of Trade Futures Contracts in Corn and Soybeans; Draft Proposed Revisions to Delivery Specifications

摘要

The Commodity Futures Trading Commission (Commission) on November 7, 1997, issued an Order changing and supplementing under section 5a(a)(10) of the Commodity Exchange Act (Act), 7 U.S.C. 7a(a)(10), the delivery terms of the corn and soybean futures contracts of the Board of Trade of the City of Chicago (CBT). The CBT previously had submitted proposed changes to the delivery specifications of its corn and soybean futures contracts in response to a December 19, 1996 notification to the CBT by the Commission that the CBT corn and soybean futures contracts no longer accomplish the objectives of that section of the Act. The Commission in its November 7 Order changed and supplemented the CBT proposal for its soybean futures contract by making changes relating to the delivery locations proposed by the CBT and for both its soybean and corn futures contracts by making changes relating to the locational price differentials proposed by the CBT, to a contingency rule proposed by the CBT and to a minimum net worth requirement for eligibility to issue shipping certificates proposed by the CBT. The November 7 Order also provided that the CBT was not precluded ``from submitting for Commission rev