08/18/2000
The approved amendments change the Gold and Silver Futures Options expiration date from the second Friday of the month preceding the option contract month to the fourth business day 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.
The approved rule amendments for both the Gold and Silver Futures Options Contracts are effective for trading in the December 2002 option contract month and beyond.
Copies of the approved rule amendments are attached. Underlining indicates additions and strikeouts indicate deletions.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com
GOLD OPTION EXPIRATION DATES
COMEX Rule 15.08. Expiration and Exercise of Gold Futures Options
UNDERLINE INDICATES ADDITION; STRIKEOUTS INDICATE DELETION
[THE FOLLOWING SUBSECTIONS (a) THROUGH (c) ARE EFFECTIVE FOR OPTION CONTRACT MONTHS LISTED FOR TRADING THROUGH NOVEMBER 2002]
- (a) A Gold futures option in the March expiration cycle, as described in Rule 15.02, shall expire on the second Friday of the calendar month preceding the underlying futures delivery contract month. In the event such Friday is an exchange holiday, the expiration date shall be the immediately preceding business day.
- (b) A Gold futures option in the February expiration cycle, as described in Rule 15.02, shall expire on the second Friday of the calendar month which is two months after the month in which the option is listed. In the event such Friday is an Exchange holiday, the expiration date shall be the immediately preceding business day.
- (c) An option which is subject to automatic exercise shall be exercised in accordance with the rules of the Clearing Association. All other options shall expire unless Notice of Exercise is given to a Clearing Member not later than 3:00 P. M. on the option’s Expiration Date. (Rule 15.08 Amended 01/01/97).
- (a) A Gold futures option 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.
- (b) An option which is subject to automatic exercise shall be exercised in accordance with the rules of the Clearing Association. All other options shall expire unless Notice of Exercise is given to a Clearing Member not later than 3:00 P. M. on the option’s Expiration Date.
SILVER OPTION EXPIRATION DATES
COMEX Rule 16.08. Expiration and Exercise of Silver Futures Options
UNDERLINE INDICATES ADDITION; STRIKEOUTS INDICATE DELETION
[THE FOLLOWING SUBSECTIONS (a) THROUGH (c) ARE EFFECTIVE FOR OPTION CONTRACT MONTHS LISTED FOR TRADING THROUGH NOVEMBER 2002]
- (a) A Silver futures option in the February expiration cycle, as described in Rule 16.02, shall expire on the second Friday of the calendar month preceding the underlying futures delivery contract month. In the event such Friday is an exchange holiday, the expiration date shall be the immediately preceding business day.
- (b) A Silver futures option in the January expiration cycle, as described in Rule 16.02, shall expire on the second Friday of the calendar month which is two months after the month in which the option is listed. In the event such Friday is an Exchange holiday, the expiration date shall be the immediately preceding business day.
- (c) An option which is subject to automatic exercise shall be exercised in accordance with the rules of the Clearing Association. All other options shall expire unless Notice of Exercise is given to a Clearing Member not later than 3:00 P. M. on the option’s Expiration Date. (Rule 16.08 Amended 01/01/97).
- (a) A Silver futures option 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.
- (b) An option which is subject to automatic exercise shall be exercised in accordance with the rules of the Clearing Association. All other options shall expire unless Notice of Exercise is given to a Clearing Member not later than 3:00 P. M. on the option’s Expiration Date.