• Black Sea Wheat Futures – Delivery Compliance

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6355
      • Notice Date
      • 13 August 2012
      • Effective Date
      • 13 August 2012
    • September 2012 is the first delivery month for the Black Sea Wheat futures contract. As such, all participants in delivery are hereby reminded that they are subject to the following obligations attendant to delivery:
                      
      CBOT Rule 33102   “Trading Specifications”, subsection H.   “Contract Modifications”
       
      Specifications shall be fixed as of the first day of trading of a contract except that all deliveries must conform to all applicable government regulations in force at the time of delivery.
       
      In addition, CBOT Rule 981 (“Anti-Money Laundering and Economic Sanctions Compliance”) details requirements for Clearing Members to have in force, among other things, programs for Economic Sanctions compliance.
       
      Please note that the delivery process under Chapter 33 (“Black Sea Wheat Futures”) does not allow for the nomination of a vessel whose designated destination is a prohibited person, entity or destination in contravention of any of the laws noted in the CBOT Rule 981 and, in addition to sanctions under applicable law and CBOT rules, any non-compliance with the above-noted provisions will result in declaration of a “Failure to Perform” pursuant to CBOT Rule 33108.B.
       
      For information concerning the economic sanctions administered and enforced by the Office of Foreign Assets Control of the U.S. Department of the Treasury, please feel free to consult the following web site: 
       
       
      Questions related to this notice may be directed to Christopher Bowen, Managing Director, Chief Regulatory Counsel, at 212-299-2200, Joe Hawrysz, Executive Director, Market Regulation, at 312-341-7750, or Fred Seamon, Senior Director, Commodity Research and Development, at 312-634-1587.
       
       

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