Are there still 2 quota exchanges run each month?
No, the quota exchange is run once a month on the 7th day of the month, or if the 7th is a non-working day, the next working day after the 7th. The exchange will be cancelled only if all sellers cannot be 100% cleared; then a second exchange will be run within 2 weeks with a Current Exchange Price that has been reduced by $500 per kilogram.
Can anyone in my family sign a quota exchange application?
Quota exchange applications must be signed by the registered quota holder. For quota registered in a corporate name this is the president of the company as filed with the Board. Quota registered in a partnership must be signed by all partners as on file with the Board.
Can I bid to purchase as much as I want?
No, the volume limits policy effective November 1, 2011, is as follows:
- Bid minimum on the exchange for all conventional producers is 0.10 kgs/day per IRMA #.
- Bid maximum on the exchange for all conventional producers is 30.00 kgs/day per IRMA #.
Can I fax in my completed application form?
Quota Exchange Sealed Bid Flexible Secure Option
The BCMMB has made a fax and/or email system available to producers for submitting Quota Exchange applications. KPMG is the administrator of this information which will allow producers to have a flexible secure option to participate on the quota exchange "in addition to mailing or dropping off applications in person." This system will allow a producer to fax or email a completed quota exchange application to a secure system administered by KPMG.
Fax Number: 866.390.8645
*Faxed applications-the only confirmation of the fax being received will be generated by the Producers fax. No Confirmation will be generated from KPMG.
*Emailed applications-a confirmation will be generated from KPMG as follows:
"Thank you for your submission for the BCMMB Quota Exchange. This email is your confirmation that your submission has been received. If you have any questions about the Quota Exchange please contact Kathy Wallis at 604.854.4471 email@example.com."
Please Note: Applications submitted to KPMG will not be made available to the BCMMB until after the Quota Exchange deadline.
Do I have to include a deposit with my application?
A 10% deposit is no longer required by an active producer providing a current bank letter is on file which will cover the full settlement amount. Where the full value of the offer to buy is less than $100,000 and no bank letter is available, a producer can submit an offer to buy accompanied by a deposit cheque, dated the same day as the application, and made payable to the BCMMB, for an amount equal to or in excess of 10% of the full value of the bid. Any offer to buy that has been submitted by a person who is not yet a licenced producer at the time of the offer, must submit a deposit cheque dated the same day as the application, and made payable to the BCMMB, for an amount equal to or in excess of 10% of the full value of the bid.
How many bids can I place on each exchange?
Producers may submit one bid to buy or one offer to sell per Irma # on each exchange. A producer that has submitted an offer to sell is ineligible to submit an offer to buy until the expiry of 6 months from the date of the Quota Exchange in which the offer to sell has been submitted.
What is a PAD?
A PAD is a Pre-Authorized Debit payment option for quota exchange purchases.
Do I have to submit a PAD agreement each time I submit an application?
A PAD agreement form must be completed and received prior to the current exchange deadline, however, once set up it will remain in effect until we are advised in writing to discontinue.
When do I need a bank letter?
A bank letter is required for all bids with a settlement amount of $100,000 or more. A bank letter can also be submitted for bids with a settlement of less than $100,000 if you do not want to include a 10% deposit.
When is the quota exchange deadline?
The application form and bank letter must be received in the BCMMB office or KPMG by 1:00 pm on the 1st working day of the month in which the exchange is to be run.
When will the exchange prices change?
- The Current Exchange Price will increase by $500 when a minimum of 100 kg/day has been sold on 3 exchanges since the last price adjustment.
- An exchange in which only priority participants are settled and no quota is exchanged in the conventional market will not count towards price movement.
- An exchange that does not run will not count towards price movement.
- The offers to buy have been filled to 50% or less
- If sellers are not cleared at 100%, the quota exchange will be cancelled and run again within 2 weeks with a price decrease of $500.00 per daily kg.
Where can I find a Quota Exchange “Buyer” or “Seller” application form?
Quota exchange application forms can be downloaded from our website or picked up from the BCMMB office.