European Commodities Exchange




adopted by the Extraordinary General Assembly in Rotterdam on 16th October 1997 (supplemented by the Extraordinary General Assembly of 6th October 2016 in Turin).




Article 1

  • The Association named the "EUROPEAN COMMODITIES EXCHANGE" has been registered in the Associations Register of the Tribunal d’Instance of Strasbourg and is governed by articles 21 to 79 of the Local Civil Code kept in force by the law introducing French civil legislation of 1 June 1924 and by these statutes.
  • It has its headquarters at STRASBOURG (67000), Hôtel Consulaire, 10, Place Gutenberg.Its duration is unlimited.
  • Its principal purpose is to promote an "Exchange Day", which is an itinerant Exchange dealing with cereals, livestock foodstuffs and all agricultural products or derivatives or transformed products, which takes place annually on the occasion of the General Meeting, preferably in October in accordance with established tradition.
  • The European Commodities Exchange Association appoints the Exchange responsible for organising the Exchange Day.
  • Such Exchange Day may only be organised by an Exchange which has been a member of the Association for at least six years.
  • The nature of the itinerant Commodities Exchange does not exclude it from being held in the same city several times if necessary.
  • The European Commodities Exchange Association may furthermore need to be aware of shared problems of interest to the Commodities Exchanges regarding agricultural products, the harmonisation of rules and usages in the countries of the member Exchanges and the continuation of traditions unique to the Exchanges.
  • It recommends the principles of an economic ethic common to the member Exchanges.


Article 2

2.1.   The Association is open to all Commodities Exchanges and comparable professional organisations based in Europe, in accordance with the terms and conditions hereinafter.

2.2.   To become a member, the applicant Exchange shall present the Secretariat with a written membership application to be forwarded to the President and fulfil certain terms and conditions set by the General Meeting.

2.3.   The decision on membership is the responsibility of the Association’s General Meeting.

2.4.   Each member Exchange makes the undertaking to abide by these statutes, which shall be forwarded to it upon its application to become a member of the Association.


Article 3 Cessation of the quality of member

3.1.   The quality of member is ended by the resignation or cancellation of membership on the decision of the Ordinary General Meeting.

3.2.   Exclusion is possible when the terms and conditions of membership, as stipulated in article 2, paragraph 2, are no longer met or in the event of serious violation of the statutes.



Article 4

4.1.   The Association is directed by a President, a Vice President and a Treasurer elected by the General Meeting for two years, who together constitute the Executive (Board of Directors).

4.2. The President may not be reappointed to his functions. The incumbent Vice President succeeds the President.

4.3.   The General Meeting may, depending on needs, set up a Working Committee, composed of the President, the Vice President, the Treasurer and two or four other members.

4.4.   The President, Vice President, Treasurer and members of the Working Committee shall each be selected from a different country.

4.5.   The Executive is assisted in the implementation of its decisions and the fulfilment of general in house administrative work by a general secretariat appointed by the Executive, which performs its business at the Association’s headquarters.

4.6.   The financial year runs from 1 July to 30 June.


Article 5 Ordinary General Meeting

5.1.   The Association’s General Meeting includes all members.

5.2.   It meets once a year in October.

5.3.   Minutes of the meetings are kept. The minutes are signed by the President and the General Secretary.

5.4.   The Annual General Meeting approves the President’s annual business report and the Treasurer’s financial report.

5.5.   The annual business report and the financial report are forwarded annually to all member Exchanges prior to the General Meeting.

5.6.   The decisions of Ordinary General Meetings are taken on a simple majority vote of members in attendance or represented.

5.7.   Each member has one vote.

5.8.   Each member may present a written proxy from a single other member.

5.9.   In the event of tied voting, the President’s vote counts as double.


Article 6 Information meeting

6.1.   In spring, members are invited to an information meeting, generally in the city organising the Exchange Day, in which the organisers of the previous Exchange Day and the subsequent Exchange Day should take part insofar as possible.


Article 7 Extraordinary General Meeting

7.1.   Any change to the statutes requires a decision to be taken in Extraordinary General Meeting.

7.2.   For decisions to be valid, the Extraordinary General Meeting shall include at least half plus one of members with voting rights.

7.3.   If such proportion is not achieved, the Extraordinary General Meeting is reconvened. It may then deliberate regardless of the number of members in attendance.

7.4.   Decisions are taken on a three-quarters majority of members in attendance or represented.

7.5.  Each member has one vote.


Article 8 Disciplinary committee

8.1       The Association has a Disciplinary Committee, which is composed of 3 people. The members of this Commission must be representatives of the members of the European Commodities Exchange and come from 3 different countries. One member of this commission must be a jurist / lawyer.

8.2       The members of the Disciplinary Committee are elected by the members of the European Commodities Exchange for 3 years. If new elections do not take place on time, the elected members remain in office until the new elections.

8.3       The Disciplinary Committee meets only at the request of the Board or at the request of at least 10% of the members; it cannot decide by itself to meet.

8.4       The Disciplinary Committee takes decisions independently on all disciplinary measures against members. The Disciplinary Committee must in this case undertake the necessary research to establish the facts and to grant sufficient listening to the members concerned. Decisions are made with simple majority. Moreover, the Disciplinary Committee is free to define the procedure. The Disciplinary Committee has the discretion to determine the penalty.

8.5       An appeal against the Disciplinary committee is not allowed.

8.6       A member of the Disciplinary Committee does not have the right to sit for a procedure concerning a member Exchange to which she/he belongs. In this case, it is necessary to elect a substitute member.

8.7       The Disciplinary committee reports to the Board and the members.



Article 9

9.1.   All members of the European Commodities Exchange pay an annual subscription set by the General Meeting for each financial year.

9.2.   Only members up-to-date with their subscription may exercise their voting right.

9.3.   The Exchange organising an Exchange Day bears all the costs and expenses of such Exchange Day and funds it entirely by its own means.

9.4.   It also pays the General Secretariat a one-off sum set beforehand by the Ordinary General Meeting.

9.5.   It may not claim compensation from other members of the Association.



Article 10

The Association shall inform the Tribunal d’Instance of Strasbourg, where the Association has its headquarters, within three months of all changes made to the administration or management of the Association and of all modifications made to its statutes.

Article 11

The dissolution of the Association may only be ordered by Extraordinary General Meeting especially convened for such purpose.

Article 12

The General Meeting appoints one (or more) official receiver(s). The budget surplus from liquidation of the Association is paid out pursuant to the legislation mentioned in article 1 of these statutes.