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Old 24-05-2011, 11:42 PM posted to alt.coffee,rec.food.drink.coffee
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Default Effective with the start of trading for trade date Monday, May 23,2011, the Exchange will implement revisions to the Exchange?s Guidelinesfor Treatment of Short-Term Spikes for the Coffee ?C? and Russell StockIndex futures contracts.

Effective with the start of trading for trade date Monday, May 23, 2011,
the Exchange will implement revisions to the Exchange?s Guidelines for
Treatment of Short-Term Spikes for the Coffee ?C? and Russell Stock Index
futures contracts.




The Guidelines are intended to share with the trading community the kinds
of factors considered relevant by the Exchange in determining whether a
shortterm price spike has occurred and what actions IFUS might take in such
circumstances.



The revised Guidelines are as follows (changes from the prior iteration
of the Guidelines are shown in bold):

For purposes of this guidance, a ?Price Spike? occurs when:

-- The price of a commodity rises and then falls (or falls and then rises)
within 90 seconds or fewer;

-- There is neither widely available news that clearly precipitated the
spike nor similar trading patterns on related products;

-- Each trade during the Price Spike occurs within the No-Cancellation
Range as defined in the ICE Futures U.S. Rulebook;

-- There is not an apparent error that caused or exacerbated the Price
Spike; and

-- The peak (or trough) of the price spike is more than a predefined number
of points away from the Equilibrium Price (described below) determined by
IFUS at the end of the Price Spike:

When a Price Spike has occurred, IFUS will determine an Equilibrium
Price, which is the level at which price movement stabilizes at the end of
the Price Spike. In doing so, it will consider the prices of trades matched
in the platform for the relevant contract at that time, resting bids and
offers in that contract at that time, trades/bids and offers in other
months of the same contract at that time and market data from comparable
products listed for trading on other venues.


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