Effective September 15, 2014, The Chicago Mercantile Exchange, Inc. (CME), the Board of Trade of the City of Chicago, Inc. (CBOT), the New York Mercantile Exchange, Inc. (NYMEX), and the Commodity Exchange, Inc. (COMEX), notified the Commodity Futures Trading Commission (CFTC) of the adoption of Rule 575 (“Disruptive Practices Prohibited”).
Zimbabwe’s Grain Millers’ Association is challenging the government’s initiative, made earlier this month to set minimum prices, because it’s problematic and will lead to food shortages, the group said.
The CFMA meant different things to different groups and to the Futures Industry Association and the large bank future commission merchants that had come to dominate its leadership, it meant the potential of delinking clearing from exchanges.
Soybeans fell in Chicago, trading near the lowest since 2010, on speculation that rain forecast for the U.S. will ease recent dry weather that threatened to cut yields in the world’s top grower. Corn also declined.
The futures industry has had a tough couple of years, and with each storm there has been a dire warning that people will abandon it in droves. But the futures industry, particularly in Chicago, has faced many challenges and usually comes out the other end stronger through its ability to innovate.