Deliverable supply
Article 12
1. Competent authorities shall calculate the deliverable supply for an agricultural commodity derivative or a critical or significant commodity derivative by identifying the quantity of the underlying commodity that can be used to fulfil the delivery requirements of the commodity derivative. 2. Competent authorities shall determine the deliverable supply for a commodity derivative referred to in paragraph 1 by reference to the average monthly amount of the underlying commodity available for delivery based on the most recent available data covering: (a) a 1-year period immediately preceding the determination for a critical or significant commodity derivative; (b) a 1 to 5-year period immediately preceding the determination for an agricultural commodity derivative. 3. In order to identify the quantity of the underlying commodity meeting the conditions of paragraph 1, competent authorities shall take into account the following criteria: (a) the storage arrangements for the underlying commodity; (b) the factors that may affect the supply of the underlying commodity.