No L 19/26 Official Journal of the European Communities 21. 1. 87 COMMISSION DECISION of 10 December 1986 relating to a proceeding under Article 85 of the EEC Treaty (IV/30.176 — The London Potato Futures Association Limited) (Only the English text is authentic) (87/46/EEC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, Having regard to Council Regulation No 17 of 6 February 1962, First Regulation implementing Articles 85 and 86 of the Treaty (), as last amended by the Act of Accession of Spain and Portugal, and in particular Article 2 thereof, Having regard to the notification and application for negative clearance submitted on 16 September 1980 relating to the articles of association and the regulations of the London Potato Futures Association Limited, Having regard to the summary of the notification published (3 pursuant to Article 19 (3) of Regulation No 17, After consulting the Advisory Committee on Restrictive Practices and Dominant Positions, Whereas : I. FACTS (1)  The London Potato Futures Association Limited (LPFAL) is one of many commodity markets estab- lished in London. The commodity markets are self- regulatory organizations run by committees of management selected by members from amongst themselves, aided by secretariats, and using powers given to them by their members in market rule books. Although the markets are self-regulating, there is an element of supervision by the Bank of England and, increasingly, supervision of the members by the Association of Futures Brokers and Dealers Limited (AFBD). () The object of the LPFAL is to set up and to administer a terminal market in London for pota- toes. A terminal market, or a futures market, provides organized facilities for concluding contracts for the purchase and sale of a commodity to be delivered at named future dates. Futures () OJ No 13, 21. 2. 1962, p. 204/62. () OJ No C 251, 8. 10. 1986, p. 7. @) “ ) markets have been developed primarily to enable persons involved in commodity trading to protect themselves from the risks of adverse price move- ments. The LPFAL provides a market floor for trading and price-making, determines various technical ques- tions such as allowable delivery months and stan- dard contract terms, and procures the provision of clearing and settlement facilities. Trading is done on the floor of the market where dealers face each other in a ring, making bids and offers through the system known as ‘open outcry’. The International Futures Markets in London are among the principal markets used in international commodity merchandising and they contribute to the stability and smooth operation of world trade and to world pricing mechanisms. The relative size of the LPFAL compared with its most important competitors is shown below : Annual volumes of trade (tonnes traded) in potatoes 1982 to 1985 Year London (!) New York (3 Paris/Lille (%) 1982 113125 1983 230 204 1984 196 581 26 595 123 320 1985 116 819 16 903 294 240 (") This data relates to the 40-tonnes contract mentioned below, as the 10-tonnes contract only started trading in February 1986. () One lot is currently 50 000 Ibs. (®) One lot is currently 20 tonnes. There are currently two contracts being traded on the LPFAL: (a) The potato contract, which is for one or more lots of 40 tonnes of potatoes in closed bags of a variety, quality and condition specified in detail in Rules 8.04 and 8.04 A of the rules of the LPFAL, for delivery from a store registered with the LPFAL nominated by the seller, on the mainland of Great Britain ;