08/28/2000
Rule 8.21 provides, among other things, that the Exchange’s Floor Committee, any Member of the Committee and certain other Exchange officials may summarily impose warning letters or fines of not more than $5,000 for each violation of any Rule relating to decorum or attire. Rule 8.21 also provides that any fine or warning letter issued pursuant to the Rule may be appealed to the Floor Committee.
In order to streamline the review process, the amendment to Rule 8.21 provides that the Chairman of the Floor Committee may appoint, in his sole discretion, a subcommittee consisting of himself, the Vice Chairman and any Ring Chairman to hear appeals of any such warning letter or fines instead of a quorum of the entire Floor Committee.
The amendment takes effect immediately.
If you have any questions concerning this matter, please contact exchangeinfo@nymex.com