• A survey of the status and types of existing and planned commodity futures markets and of the practices and procedures concerning the review by market authorities of contract terms and conditions.

• A survey of ( 1) existing practices and procedures with respect to market surveillance, (2) who is responsible for specific surveillance functions, (3) the types of surveillance information which market authorities may obtain, including end­user information, and (4) who has the authority to collect and to use such information.

• A survey of existing regulatory powers to adopt measures designed to prevent or to inhibit abusive conduct and a survey of the prohibitions of such conduct.

With respect to contract design:

• The development of standards of best practices for the design and/or review of commodity contracts.

With respect to market surveillance:

• The development of guidance on techniques for market surveillance intended to detect and to prevent abusive conduct.

• The development of procedures to identify large exposures, including, where practicable, means to obtain information on the related derivatives, over-the-counter and cash market positions of traders.

With respect to information sharing:

• An examination of existing arrangements, such as the Declaration on Cooperation and Supervision of International Futures Exchanges and Clearing Organisations, to assess the extent to which such arrangements facilitate the sharing of information for purposes of detecting and preventing abusive practices and other disruptions on commodity markets. In conducting this examination, particular reference should be made to the considerable work accomplished by the International Organisation of Securities Commissions in developing principles and methodologies for information sharing among market authorities.

• The support of efforts to categorise and to prioritise the information which market authorities may wish to share during specific market events, such as the possibility of market manipulation, and otherwise to facilitate international information sharing.

• The support of efforts to provide certain up­to­date public information about the contracts, rules and procedures of commodity markets through a vehicle such as the Internet.

• The prompt designation by each market authority of a contact person to communicate necessary surveillance information.

Work Programme

It was agreed that the work will be undertaken immediately by two working parties drawn from the participants in the meeting. The first working party will address issues arising from contract design. The second will address concerns relating to market surveillance and information sharing. The working parties will consult interested parties as necessary. It is the intention that the work will be completed within 12 months and a further meeting will be convened in Japan at that time.