London Corn Trade Association London Grain Futures Association

The London Corn Trade Association was established in 1878 by members of the corn trade in order to protect their interests. Specifically, they aimed to ensure the adoption of uniform forms of contract, to be drawn up by the association, and the settlement of disputes between buyers and sellers by arbitration rather than by legislation. LCTA forms of contract required the referral of disputes to arbitration in London, each party appointing an arbitrator, who could himself appoint an umpire if a settlement could not be reached. The association was empowered to appoint an arbitrator if one of the parties failed to do so. It also laid down quality standards for use in arbitrations, and heard appeals. Initially, meetings of the association were held in the offices of one of the members, Edward Power, at 118 Bishopsgate Within, whilst additional office space at 22 Leadenhall Street was acquired in the 1880s. In 1886, the year of incorporation of the association, it moved to 2 Lime Street Square where it remained until its move to the Baltic Exchange Chambers, St Mary Axe in 1903. In 1969, talks were commenced with the Cattle Food Trade Association (formerly known as the London Cattle Food Trade Association) regarding a merger between the two associations. The new joint association, the Grain and Feed Trade Association, was formed in 1971 and the London Corn Trade Association was finally wound up on 15 May 1972.

The London Grain Futures Association was established in 1929 by the London Corn Trade Association to oversee the setting up and regulation of the London Grain Futures Market on the floor of the Baltic Exchange. Official quotations were declared daily by the LCTA clearing house, which had been established in 1921 to register contracts. The grain futures market principally dealt in Manitoba and Argentine wheat until 1933, when a second grain futures market was created in maize. Both markets were closed from 1939 to 1953 as a result of the Second World War and its aftermath. When reopened, in 1954, they dealt exclusively in barley and maize. In 1970, the London Grain Futures Association was wound up and its functions assumed by the London Corn Trade Association.