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ICE Futures US said it will permit block trades for Cotton No 2 futures contracts, with a minimum quantity of 500 contracts, effective with the start of trading on April 1. In a separate notice also posted last week, ICE said it amended rules for hours of open-outcry options trading for Cotton No 2 to 8:15 am 2:15 pm EDT, also effective with the start of trading on April 1.
In a notice on its Web site, the softs futures exchange said all block trades in cotton must comply with exchange and Commodity Futures Trading Commission requirements already in place for such trades. For example, each party to a block trade must be an Eligible Contract Participant (ECP) as defined in the Commodity Exchange Act.
The exchange defines an ECP as futures commission merchants, floor brokers and traders, broker/dealers, financial institutions, insurance companies, pension funds, corporations, commodity pools, investment companies and high net worth individuals who satisfy criteria in Section 1a(12) of the Act.

Copyright Reuters, 2008

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