He said he would be asking questions about wheat price convergence and ICE Futures US’s Cotton No 2 Futures contract, because “it is important that exchanges periodically review contract specifications and make sure they are keeping up with changing markets”.

“For example, it is important that exchanges review delivery points so that they best reflect the changing characteristics of the physical marketplace,” he said.

Gensler also wants advice on how rules should best be written for agricultural swaps.

He wants to investigate the lack of convergence between physical and futures prices in the Chicago Board of Trade wheat market. The exchange recently changed storage rates on its wheat contract to address this.

Gensler said: “This lack of convergence has significant implications for hedgers and goes to the core of our markets. Without convergence, hedgers lose confidence in the marketplace.”