Spot markets for contract settlement purposes.

§ 27.94 Spot markets for contract settlement purposes. The following are designated as spot markets for the purpose of determining as provided in paragraph 15b(f)(3) of the act, the differences above or below the contract price which the receiver shall pay for grades tendered or deliverable in settlement of a basis grade contract: (a) For cotton delivered in settlement of any Cotton No. 2 or World Cotton contract on the Intercontinental Exchange (ICE); the spot markets are Southeastern, North and South Delta, Eastern Texas and Oklahoma, West Texas, and Desert Southwest. (b) [Reserved] [53 FR 29327, Aug. 4, 1988, as amended at 80 FR 63890, Oct. 22, 2015] Price Quotations and Differences