WINNIPEG (Staff) – Bylaws on disciplinary action aren’t the only things changing at the Winnipeg Commodity Exchange.
President Fred Siemens said the exchange is doing an extensive review of all its operations, which will continue into 1996. It includes:
- Radically changing some contracts, and fine tuning others. Every contract traded will be scrutinized. Rye and Canadian domestic feed barley futures have been dropped. Canola futures have been dramatically changed, and feed wheat futures are soon to follow.
- Adding contracts for new commodities. The exchange is looking at cattle, hogs and natural gas.
- Continually updating the audit system. Video cameras were installed on the floor about six months ago to back up computer programs that keep track of and verify transactions.
- Incorporating. After 109 years as a voluntary association, the exchange will rewrite its bylaws and develop “a corporate structure as opposed to an association of individuals,” Siemens said.
- Navel-gazing. Siemens said the exchange has to examine its mission statement to make sure it is meeting the needs of all participants.
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“In this new deregulated environment, margins are tighter and tighter and tighter. Unless you’re contributing something, unless you’re adding value to the process, you just won’t be there.”
- Being gazed at. The Canadian Grain Commission will soon be asking for public comment on changing the Grain Futures Act. The exchange is currently self-regulated, but the CGC will ask producers and others if they think changes should be made.
