Effective Monday, May 5, 2014, for trade date Tuesday May 6, 2014, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) and the Commodity Exchange, Inc. (COMEX or Exchange) will implement amendments to NYMEX/COMEX Chapter 7 in order to incorporate the terms and conditions for delivery of the new COMEX Aluminum futures contract which will be listed for trading on CME Globex and the COMEX trading floor and for submission for clearing through CME ClearPort on May 6, 2014. The amendments to Chapter 7 also include certain administrative, non-substantive changes.
A summary of the significant changes is provided below for your convenience. Chapter 7 in its entirety is set forth in Exhibit A, with additions underscored and deletions overstruck.
In addition, with the declaration of regularity of a Shed for the storage of aluminum deliverable against the COMEX Aluminum futures contract, the Exchange shall designate a primary conveyance and an alternate conveyance, if applicable, for the Shed. Primary conveyance shall mean the conveyance which shall be subject to the minimum guaranteed daily load out rate as prescribed in NYMEX Chapter 7, Rule 703.C.3.b., contingent on any pending conveyance orders submitted prior to the primary conveyance order. Alternate conveyance shall mean the conveyance which shall be subject to Rule 107103 (“Alternate Load-Out Instructions”) of the Aluminum futures contract, contingent on any pending conveyance orders submitted prior to the alternate conveyance order.
At all times, the Shed shall be required to meet a cumulative minimum guaranteed daily load out rate as prescribed in NYMEX Chapter 7, Rule 703.C.3.b. for all pending load out orders, on a first come first served basis.
A party may elect to load out at the approved Shed by an alternate conveyance, if available. In electing an alternate conveyance, the minimum guaranteed daily load out rate for the alternate conveyance as published under the Interpretations & Special Notices Related to Chapter 7 shall apply absent any pending conveyance orders submitted prior to the alternate conveyance order.
No Shed shall be approved without a designated primary conveyance. The handling out fees for the primary and alternate conveyances shall be published under the Interpretations & Special Notices Related to Chapter 7.
Pending all relevant CFTC regulatory review periods, the proposed amendments to Chapter 7 and the listing of the Aluminum futures contract shall be effective for trade date May 6, 2014.
Please refer questions on this subject to:
Products: Nadine Brown Nadine.Brown@cmegroup.com (212) 299-2223
Registrar: Terry Gehring Terry.Gehring@cmegroup.com (312) 435-3644