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United Kingdom
United Kingdom
Key definition
Commodities definition What does Commodities mean? In legal practice, commodities describes fungible raw materials and primary products—such as crude oil, natural gas and power, metals (ferrous and non‑ferrous) and agricultural products—standardised for physical and derivatives trading. The term is descriptive and used across multiple legal contexts, rather than having a single statutory definition. However, in financial regulation, commodity derivatives are defined and regulated under retained UK MiFID and UK EMIR, and in Ireland under EU MiFID II and EMIR, with related rules under UK MAR/EU MAR for market abuse in commodity and related derivatives markets. Key legal features include standard specifications of quality/grade, delivery terms (often via...
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Commodities trade association arbitration: GAFTA, FOSFA and others—procedure, arbitrators, trade representatives, time bars, appeals and enforcement (England and Wales)
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Practice notes
An introduction to Commodities arbitration
In commodities Disputes, arbitration conducted pursuant to trade association Rules is a defining feature. In some markets, sale contracts almost invariably stipulate that disagreements will be settled by arbitration under a trade association’s rules. This, in turn, supplies association arbitration departments with a steady flow of cases and supports a flourishing community of arbitrators, lawyers and trade representatives working within those bodies. A trade association is a membership organisation created to bring together the leading participants in a particular trade. For instance, the Grain and Feed Trade Association (GAFTA) is made up of traders, brokers, superintendents, analysts, fumigators, arbitrators and other professionals active in the international grain trade.
Note: guidance on arbitration under the GAFTA Arbitration rules No. 125 is available in the following Practice Notes:
- Gafta—commencing an arbitration under Gafta Arbitration Rules No. 125
- Gafta—the arbitration process under Gafta Arbitration Rules No. 125
- Gafta—appeals under Gafta Arbitration Rules No. 125
As part of their service to members, trade associations provide a framework for resolving disputes by arbitration, usually set out in a set of ‘Arbitration Rules’. The associations also offer a pool of trade...
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Web page updated on 29/05/2026
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