Notice to Members
Notice No. 291 08/16/2000
Rule Amendment to the Propane Contract
The Exchange has received approval from the Commodity Futures Trading Commission (CFTC) to delete Rule 230.14(B)(1) of the Liquefied Propane Gas Contract. This rule previously required that the customer post the full purchase price of the product on the third business day following termination day. This rule amendment will become effective beginning with deliveries against the October 2000 contract month for the Propane Contract. RULE AMENDMENT (Underlining represents an addition, and strikethrough a deletion) NYMEX Liquefied Propane Gas Futures Contract Rule 230.14. DELIVERY MARGINS AND PAYMENT A. SETTLEMENT PRICE The last settlement price shall be the basis for delivery. B. MARGINS (1) The long clearing member shall require its customer to post with it the full purchase price of all product to be purchased on the third business day following the last day of trading. (1) The seller shall obtain from its customer margin in an amount fixed, from time to time, by the Board. Subsection (C) remains unchanged. If you have any questions concerning this matter, please contact exchangeinfo@nymex.com
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com