The first Futures delivery month and associated Option expiry month for the revised Contract will be November 2008.

In response to developments in the physical trade of Robusta coffee, the Exchange determined to update the Contract with the following key changes:

• an increase in the Contract size from 5 to 10-tonnes to better reflect transactions in the underlying physical market and to allow improved economies of scale in trading and delivery;
• the ability to deliver Robusta coffee from all origins;
• revised quality specifications which allow for delivery of a broader range of Robusta coffee under a new 'Class' system with the introduction of a 'Premium Class' to recognise and reward quality;
• changes to the grading procedures including the adoption of a weight test for defects and foreign matter, a revised screen test, an olfactory (smell) test, the adoption of a single grading result, i.e. no re-grading will be permitted, and a revised age discount structure;
• inclusion of the option to deliver Robusta coffee re-bagged from bulk; and
• revised sampling procedures which include the option to grade as 'grouped lots', samples from up to five, 10-tonne lots.

The November 2008 and January 2009 futures delivery months of the revised Contract will be listed in parallel with the November 2008 and January 2009 months of the existing Contract. During this period, members will have the option to combine existing 5-tonne lots with Valid Grading Results for delivery against the revised 10-tonne Contract, without further grading, in accordance with requirements outlined in Notice No. 2986 issued by the Exchange on 27 December 2007. Robusta Coffee may be submitted for grading under the terms of the 5-tonne Contract until either the last business day of the January 2009 delivery month or until the last business day of the last Contract month in which there are open positions under the 5-tonne Contract, whichever comes first.

It is envisaged that LCH Clearnet Ltd will provide margin offsets in respect of offsetting long and short positions held in the existing and revised Contracts. Further information on this and in respect of grading and tender fees applicable to the revised Contract will be published by the Exchange in due course.

Ian Dudden, Director of Commodity Derivatives at Liffe said: "Liffe's Robusta Coffee Contract has for many years been the price benchmark for the underlying physical market, and has demonstrated considerable growth in traded volume over recent years. These changes will help to ensure that the contract maintains its key position as a hedging vehicle for commercial users, and will also underline the appeal of the contract to the growing number of users from the proprietary trading and managed fund communities."