Clearing House Advisory Notices
To | Clearing Member Firms, Attn: Back Office Managers, Delivery Personnel
From | Clearing House Department
Subject | Spot Cheese Rule Changes
Notice Date | 2006-07-10
Notice Number | 06-170
Effective Date | 2006-07-10
Effective immediately, rule changes have been made to Chapter 53S Cheese –Spot Call. Some of these rule changes impact the delivery process. The rule changes are as follows: If elected, the seller or buyer may request a grading of cheese by 3:00 p.m. on the business day following the date of sale. Note: Any party who requests grading and later attempts to waive the requested grade, must have approval from the other party, and both parties must submit to the Clearing House a letter on their companies letterhead, indicating details of the transaction, the reason the grading was waived and that approval was acknowledged and accepted by the other party. Waiving a grading after request for grading has been elected is to be approved by the Clearing House on an exception only basis. If approved both parties must adhere to the standard delivery period timeframe requirements, as if a grading was never elected. For the full text of this advisory. . .