Uncovered cart before the horse?

摘要

International Cotton trading places well deserved reliance on fair play within a world of contractual rules. But what if an underlying basis changes drastically without a corresponding rule change? Such a "cart before the horse" is precisely what has occurred in the shipping world with the recent adoption of the new ISM mandates. The resultant impact to the cotton trade? Governance has yet to be made and must be made universally.