The International Cotton Association has set up a committee to design specifications for a futures contract that would rival Intercontinental Exchange Inc.’s U.S. benchmark, Reuters reported, citing unidentified members of the trade group.

A proposal for the contract may be ready in months, according to the report. Talks may be focused on starting cotton trading on a new exchange or expanding the ICE contract to allow for delivery in locations outside the U.S. Atlanta-based ICE may already be considering adding international delivery locations to its U.S. contract, Reuters said, citing unidentified merchants.

To contact the reporter on this story: Whitney McFerron in London at wmcferron1@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net