The 132nd Ordinary General Assembly of the Bremen Cotton Exchange (BCE) took place on June 29th, 2006 in its 134th year of business. At this years convention time the members decided about changes of the by-laws and rules of the organisation which resolved long lasting negotiations on the harmonisation of trading rules.
The board had filed an application for the amendments, which were the result of the changing environment as well as the globalization of the cotton business.
Two years ago the Bremen Cotton Exchange under President Juerg Reinhart terminated its participation in common European rules and went into a new direction instead. In consideration of the rapid changes of the cotton market in general and the declining European market there was neither seen a necessity nor enough time for the development of a new set of rules but the definit need for worldwide uniform rules.
The principal of closing contracts has been kept however without the formal fixed and relatively short periods. The proceedings including quality and technical arbitration remain unchanged and refer to German law. The draft has received the consent of the German Traders Association as well as the Textile Industry Association IVGT.
The General Assembly decided the adoption unanimously. The new rules will be in force from September 1st for all contracts as from this date. Furthermore, the General Assembly adopted the rendering of accounts and the Board's report of the activities in the 2005 financial year and formally approved the Board of Directors and the Management.
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