commiss decis decemb relat proceed articl eec treati iv petroleum exchang london limit english text authent eec commiss european commun regard treati establish european econom commun regard council regul februari regul implement articl treati amend act access spain portug articl thereof regard notif applic neg clearanc submit intern petroleum exchang london limit august relat articl associ rule regul associ regard summari notif publish pursuant articl regul consult advisori committe restrict practic domin posit fact intern petroleum exchang london limit ip commod market establish london commod market regulatori organ run committe manag director member firm select member aid secretariat power member market rule book market regul element supervis bank england increasingli supervis member associ futur broker dealer limit afbd object ip set administ termin market london petroleum base product termin market futur market organ facil conclud contract purchas sale commod deliv name futur date futur market develop primarili enabl person involv commod trade protect risk advers price movement ip market floor trade price make determin technic question allow deliveri month standard contract term procedur provis clear settlement facil trade floor market dealer face bid offer made system open outcri busi ip run director member firm intern futur market london princip market intern commod merchand contribut stabil smooth oper world trade world price mechan ga oil crude oil concern figur shoe rel size ip compar import competitor futur market ga oil crude oil york annual volum trade lot trade ga oil year london york nymex nb lot ip tonn lot nymex barrel tonn barrel annual volum trade lot trade crude oil year london york nb lot barrel main type contract trade ip ga oil contract lot tonn ga oil qualiti specif set detail rule ga oil contract number rule ip contract futur deliveri seller buyer gener barg recogn storag instal refineri amsterdam rotterdam antwerp area seller option dai determin buyer option calendar dai deliveri month trade contract permit consecut calendar month crude oil contract lot barrel crude oil current pipelin export brent crude deliveri sullom voe deliveri area deliveri month trade contract permit period month time ip introduc contract gasolin heavi fuel oil contract administr procedur ident ga oil contract contract lot tonn gasolin heavi fuel oil qualiti contract effect octob contract trade ip regist intern commod clear hous limit icch independ servic compani clear settlement facil ip icch substanti capit reserv wholli own clear bank princip function icch maintain organ daili clear contract trade provid guarante due fulfil contract accord rule ip clear member name contract regist class membership ip class vote member floor member allow trade floor market rule maximum floor member class member vote associ member trade member gener associ member number limit vote member trade ip floor member criteria articl floor member requir applic membership meet financi requir detail statement criteria forc time applic obtain secretari ip applic floor membership firm compani satisfi director ip maintain properli establish offic suffici close citi london control execut busi ip continu interest trade floor ip maintain trade staff floor membership transfer firm compani provid meet criteria membership true membership floor member member icch regist contract icch return fee guarante perform contract applic associ membership meet financi requir standard trade qualifi trade membership applic satisfi director bona fide continu interest product manufactur distribut physic oil oil product qualifi gener associ membership applic satisfi director interest trade oil oil product abil bring oil futur busi market appeal procedur appli director refus applic membership refus grant permiss transfer membership refus approv chang directorship partnership natur busi legal statu benefici ownership member suspend member dai expel member applic member dissatisfi director decis applic member director reconsid decis make represent suppli inform consid relev rule requir member gener member associ futur broker dealer limit afbd requir mandatori member member excus oblig floor member place busi uk engag busi exclus account behalf relat compani fall categori member excus membership afbd afbd afbd regulatori organis sro expect recogn secur invest board sib set anticip financi servic act current bill person allow carri invest busi uk author person exempt person member ip author virtu member afbd order member afbd applic fulfil qualit criteria reflect afbd primari object promot maintain system supervis conduct busi commod financi futur broker dealer view protect interest client criteria relat suitabl member financi busi stand elig respect reliabl train experi financi resourc articl expressli provid regul made consent floor member prevent floor member deal floor member free commiss side regul made ii legal assess notifi articl associ rule regul ip consid agreement mean articl articl rule regul ip drawn take account represent commiss relat termin market london commiss grant neg clearanc respect rule associ commiss decis eec sugar eec cocoa eec coffe eec rubber commiss charg transact conclud ip articl rule regul ip restrict membership ip open criteria applic membership judg object director requir give reason decis affect member right membership adequ appeal procedur public offici journal european commun pursuant articl regul bring represent notifi articl associ rule regul claus constitut appreci restrict competit common market commiss basi fact possess ground action articl commiss issu neg clearanc pursuant articl regul adopt decis articl basi fact possess commiss ground action articl eec treati respect articl associ rule regul intern petroleum exchang notifi august articl decis address intern petroleum exchang london limit regist offic cereal hous mark lane london ec unit kingdom brussel decemb commiss peter sutherland member commiss oj oj oj oj oj oj