08/17/2000
Currently, Copper options expire three business days prior to First Notice Day, which is the fourth business day prior to the end of the month preceding the option contract month, whether or not such business day is a Friday or the day prior to an Exchange holiday. The approved amendment stipulates if the expiration date falls on a Friday or the day immediately prior to an Exchange holiday, the expiration date will be the immediately preceding business day.
The approved rule amendment is effective for trading in the March 2002 option contract month and beyond.
A copy of the approved rule amendment is attached. Underlining indicates additions and strikeouts indicate deletions.
GRADE I COPPER OPTION EXPIRATION DATES
Approved Revisions to COMEX Rule 17.09, Expiration and Exercise of Grade I Copper Futures Options
UNDERLINE INDICATES ADDITION; STRIKEOUTS INDICATE DELETION
For option contract months listed for trading through February 2002, a A Copper futures option, as described in Rule 17.03, shall expire at the close of trading three business days prior to the First Notice Day for the underlying futures delivery contract month.
Effective for trading in the March 2002 option contract month and beyond, a Copper futures option, as described in Rule 17.03, shall expire at the close of trading four business days prior to the end of the month preceding the option contract month; provided, however, that (1) if such day is a Friday, the expiration date shall be the preceding business day or (2) if such day is the day immediately prior to an Exchange holiday, the expiration date shall be the preceding business day.
Section (b) remains unchanged.
If you have any questions concerning this matter, please contact exchangeinfo@nymex.com