Amendments to NYMEX/COMEX Rule 703.A. (“Conditions of Approval”) of NYMEX/COMEX Chapter 7 (“Delivery Facilities and Procedures”) – Responsible Sourcing for NYMEX Platinum and Palladium and COMEX Silver

Effective Monday, May 3, 2021, and pending all relevant CFTC regulatory review periods, the New York Mercantile Exchange Inc. (“NYMEX”) and the Commodity Exchange, Inc. (“COMEX”, and collectively the “Exchanges”) will amend Chapter 7 of the Exchanges Rulebook to revise the requirements for responsible sourcing for NYMEX platinum and palladium and COMEX silver deliverable against the respective physically delivered futures contracts listed on the Exchanges (collectively, the “Rule Amendments”). See NYMEX/COMEX Submission No. 21-193.

In addition to the existing conditions for approval of NYMEX platinum and palladium producers, the Rule Amendments are intended to implement additional safeguards by requiring that a producer of platinum or palladium bars also be in compliance with the current London Platinum and Palladium Market (“’LPPM”) Responsible Platinum Guidance and Responsible Palladium Guidance. With regard to COMEX silver, the Rule Amendment is intended to implement additional safeguards by requiring that a producer of silver bars also be in compliance with the current London Bullion Market Association (“LBMA”) Responsible Silver Guidance.

Specifically, the Exchanges are amending Rule 703.A. (“Conditions of Approval”) to render the Exchanges’ standards consistent with international standards for conflict-free platinum, palladium, and silver.  The LPPM Responsible Platinum Guidance and Responsible Palladium Guidance and the LBMA Responsible Silver Guidance are intended to assure investors and consumers that platinum, palladium and silver stocks are conflict-free due to compliance with an audited, conflict-free process.

For the full text of this notice, please see link attached below.