Takeaways

• The Intercontinental Exchange is analogous to a bank, making money from fees, services, and interest.
• Only certain countries can tender coffee to the exchange, some at the C price ("at par"), some at a premium, and some at a discount.
• There are Exchange licensed warehouses in several U.S. cities and four cities in Europe. Some of these warehouse also come at a premium or a discount. 
• Buyers do not get to choose what coffee they will receive when they buy coffee from The Exchange. 
• High prices incentivize coffee being tenders to the exchange to become certified stock.   

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