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New York Board Of Trade Announces Coffee, Sugar And Cocoa Actions

Date 13/06/2002

The New York Board of Trade's (NYBOT®) Coffee, Sugar & Cocoa Exchange, Inc. announced today changes to its Coffee "C" futures and options contracts, rebagging procedures for its COPS system, sugar serial options contract, and cocoa bean count requirements.

Effective Monday, June 17, 2002, a twenty-four month listing cycle will be implemented in the Coffee "C" futures and options contracts. On Monday, June 17, 2002, the delivery months of December 2003, March 2004 and May 2004 will be listed for futures trading so that a complete two-year period is available. On Tuesday, June 18, 2002, the corresponding options contracts will be listed.

Effective immediately, amendments to the procedures concerning the placement of the rebagging indicator on coffee lots in its Commodities Operating Processing System (COPS) are being implemented. The changes to the procedure may be used for the July 2002 Coffee "C" delivery. The amendments permit the warehouse to remove the rebagging indicator, if it receives a written authorization to rebag from the owner. The owner of the coffee is then obligated to the warehouse to pay for the rebagging. Once the rebagging indicator is removed, the coffee lots will then be eligible for delivery under Exchange rules.

Effective with the listing of the November and December 2002 Sugar Serial Options months, a change in the underlying futures contract for such options will be implemented. The underlying futures contract for the November and December serial options will be the March futures contract and not the January futures contract.

The November 2002 Sugar Options contract will be listed on July 1st and will expire on October 11th. The December 2002 Sugar Options contract will be listed on August 1st and will expire on November 8th. Options exercised in the November and December options will be converted to a futures position in the March 2003 contract.

Effective for the July 2004 and all subsequent Cocoa futures contracts, a reduction in the maximum bean count will be permitted for delivery of Class C cocoa from 1,600 beans per kilogram to 1,400 beans per kilogram. In addition, the schedule of discounts for beans in excess of the standard count has been revised to reflect the new 1,400 per kilogram limit. Maximum bean count and discount provisions for Class A and Class B cocoa remain the same.

The New York Board of Trade (NYBOT) is the parent company of the Coffee, Sugar and Cocoa Exchange, Inc. (CSCE) and the New York Cotton Exchange (NYCE). Through its two exchanges and their subsidiaries and divisions NYBOT offers an expanding range of agricultural, currency and index products. Information about the New York Board of Trade can be found at www.nybot.com.