The standard form contracts offered by GAFTA, FOSFA, RSA, and the LME are governed by and decided in accordance with English law.GAFTA (N.D.), ‘All Contracts’; LME (2021), ‘London Metal Exchange Rules and Regulations’, 18 March; RSA (2021), ‘Rules and Regulations’, 2 March; FOSFA (N.D.), ‘Contracts’. Therefore, English law is likely to have governed at least $11.6tn of global metals transactions,London Metal Exchange (2020), ‘Guide to the London Metal Exchange’. approximately $92.4bn of global oils and fats transactions,85% of the global trade in oils and fats is traded under FOSFA contracts. Total global trade in oils and fats was $108.7bn in 2020. See FOSFA International (N.D.), ‘FOSFA International: About … Continue reading and $98.2bn of global grains transactions in 2020.80% of the global trade in grain is traded under GAFTA contracts. Total trade in cereals was $122.8bn in 2020. See GAFTA (N.D.), ‘Membership’; United Nations (N.D.), ‘UN Comtrade Database’.
Similarly, the rules and procedures for the arbitration services offered by GAFTA, FOSFA, RSA, and the LME are drawn up under the framework of English law.GAFTA (N.D.), ‘Arbitration’; RSA (2021), ‘Rules and Regulations’, 2 March; LME (N.D.), ‘Arbitration’; FOSFA (N.D.), ‘Arbitration’.
Where commodities are traded on exchanges elsewhere in the world, it may be the case that these transactions are governed by law other than English law. For example, contracts and arbitration services offered by the Shanghai Futures Exchange in China are written in accordance with the law, regulations and judicial interpretations of the People’s Republic of China.Shanghai Futures Exchange (N.D.), ‘General Exchange Rules of the Shanghai Futures Exchange’.