Peter Welch actually said...

"Merchants have literally no power individually to be able to negotiate a price."

"I think the exchange went to great lengths to try to change the terms of the cotton contract last year because a lot of people were concerned that the cotton market wasn't working properly."

"One is to make certain that the hedging a benefit is absolutely available at the least possible costs."

"So that market has to be protected, and we have already seen that we have severe problems in the market."