commiss decis juli relat proceed articl eec treati iv baltic intern freight futur exchang 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 decemb baltic intern freight futur exchang limit articl rule regul associ regard summari notif publish pursuant articl regul consult advisori committe restrict practic domin posit fact baltic intern freight futur exchang limit biffex incorpor januari anderson man cargil investor serviec colei harper merril lynch pierc fenner amp smith broker dealer purpos establish run market deal freight futur contract london facil shipown charter user ship transport gener protect advers price movement freight rate biffex enabl agre bui sell standard freight futur contract agreement made exchang base settlement price fix refer baltic freight index index compris import dry bulk cargo freight rout charter intern market continu calcul measur world freight rate movement weight reflect rel import voyag includ dai panel baltic exchang member submit spot rate applic voyag relev cargo secreci inform fixtur rate includ panel member unawar contribut computer assess inform daili index reflect dai spot market rate movement contract trade market ocean freight rate dry cargo contract introduc februari suspend indefinit period decemb year base baltic tanker index similarli compil take number medium size dirti tanker voyag bid offer quot index point lot contract price multipl minimum price fluctuat half index point physic deliveri underli cash commod contract liquid offset purchas sale date prior matur posit held contract matur automat settl cash base averag relev baltic index trade dai month biffex offer market trade open outcri method addit advantag perform transact conclud floor guarante clear hous contract trade biffex regist intern commod clear hous limit icch independ servic compani clear settlement facil biffex icch substanti capit reserv wholli own clear bank princip function icch maintain organ daili clear contract trade provid guarante due fulfil contract accord rule biffex clear member name contract regist figur annex set comparison trade volum dry cargo contract trade biffex intex intern futur exchang situat bermuda volum tanker freight contract oper exchang administ board director respons supervis member function exchang pass resolut respect technic matter board appoint committe respons admiss rule associ market subject surveil bank england class membership biffex class member floor member number exce floor member trade floor class ordinari member maximum detail statement criteria class membership forc obtain secretari biffex order qualiti floor membership applic firm compani meet financi requir maintain properli establish offic suffici close citi london control execut busi biffex continu interest trade floor maintain suffici trade staff floor extent requir board director ordinari member financi requir impos member firm compani individu continu interest activ exchang fulfil relev criteria continu monitor member transfer membership provid transfere elect member propos directorship member circumst effect chang control member notifi accept board appeal procedur appli board refus applic membership refus grant permiss transfer membership refus approv chang directorship partnership natur busi legal statu benefici ownership member board request reconsid decis case confirm applic member appeal commission appoint director baltic exchang list person suitabl qualifi list includ chairmen stock exchang committe london clear banker exclud person connect trade carri member member associ london commod exchang compani limit member biffex grain feed trade associ limit board expel suspend member exercis power accompani safeguard mention independ rule accord english law member remain free bring proceed ordinari court floor member entitl board requir appli trade licenc valid calendar year contract made floor licens floor member clear member parti clear agreement term clear member guarante perform contract made clear floor member oblig respect contract made floor alloc member clear member applic icch board provid satisfi specif requir net worth clear member regist contract icch deposit icch amount fix open contract margin continu adjust consider trade posit licens floor member nomin individu floor trader subject approv membership rule committe possibl appeal board contract execut floor duli appoint floor trader major member biffex ship compani ship broker compani involv commod busi member biffex account act broker client repres section intern freight ship industri shipown charter side board limit trade licens floor member transact licens floor member member net worth exce amount contract client rise match contract floor condit commiss charg client member ii legal assess notifi articl rule regul baltic intern freight futur exchang limit consid agreement mean articl eec treati clear criteria membership requir disciplinari power board member maintain confid financi busi stand dissatisfi member applic possibl request consider appeal decis contest ultim resort appel recours ordinari court english law order maintain abil clear hous guarante perform transact carri floor licens floor member enter exchang contract clear member parti standard clear agreement standard clear agreement cover matter relat remuner transact member member member commiss freeli negoti public offici journal european commun pursuant articl regul bring represent parti 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 rule regul baltic intern freight futur exchang limit articl decis address baltic intern freight futur exchang limit regist offic st mari ax london ec bu unit kingdom brussel juli commiss peter sutherland member commiss oj oj