No L 19/22 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/29.688 — The London Grain Futures Market) (Only the English text is authentic) (87/45/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 Article 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 22 August 1978 relating to the articles of association and the regulations of the London Grain Futures Market, 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 Grain Futures Market (LGFM) was set up and is run under the auspices of the Grain and Feed Trade Association (GAFTA) and is one of many commodity markets established in London. The commodity markets are self-regulatory organi- zations run by committees of management, aided by secretariats and using powers given to them by their members in market rule books. The LGFM Committee consists of 13 members of whom four are elected by the members of the LGFM, seven are nominated by the Council of GAFTA (which is in turn largely elected from among the members of GAFTA), and two are nominated annually by the UK Agricultural Supply Trade Association Limited. Although the markets are self-regulating, there is an element of supervision by the Bank of England and, increasingly, supervision of the members by () OJ No 13, 21. 2. 1962, p. 204/62. () OJ No C 251, 8. 10. 1986, p. 5. ’ @ @) ) the Association of Futures Brokers and Dealers Limited (AFBD). The object of the LGFM is to set up and administer a terminal market in London for grain. 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 movements. The LGFM 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 LGFM compared with its most important competitors is shown below : Annual volumes of trade in barley (1980 to 1985) (metric tonnes) Year London (!) Winnipeg (3 1980/81 5766 230 1981/82 3489183 1982/83 3497718 1983/84 3567 316 9 596 140 1984/85 2276 438 5737 400 - () One tonne contract. () 20 tonnes contract.