No L 19/18 Official Journal of the European Communities 21. 1. 87 (Acts whose publication is not obligatory) COMMISSION COMMISSION DECISION of 10 December 1986 relating to a proceeding under Article 85 of the EEC Treaty (IV/29.036 — The GAFTA Soya Bean Meal Futures Association) (Only the English text is authentic) (87/44/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 11 April 1975 relating to the articles of association and the rules and regulations of the GAFTA Soya Bean Meal 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 GAFTA () Soya Bean Meal Futures Association Limited (SOMFA) is one of many commodity markets established in London. The commodity markets are self-regulatory organizations run by committees of management selected by members () OJ No 13, 21. 2. 1962, p. 204/62. % OJ No C 251, 8. 10. 1986, p. 10. () ‘GAFTA’ means Grain and Feed Trade Association. @ &) “ 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 SOMFA is to set up and to admi- nister a terminal market in London for soya bean meal. 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 markets have been developed primarily to enable persons involved in commodity trading to protect themselves from the risks of adverse price move- ments. SOMFA 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 SOMFA compared with its most important competitors is shown below :