11/03/2000
1) Platinum Futures Contract Rules: 90.02, "Contract Unit"; 90.03, "Grade and Quality Specifications"; 90.08, "Delivery Procedure"; 90.10, "Depository Receipt"; 90.11, "Inspection"; 90.14, "Rights and Obligations in a Delivery"; 90.18, "Transition of 99.5 Contract to 99.9 Contract"; 90.18A, "Transition Rules" and Supplement No.5, "Approved Brands Acceptable on the London Platinum and Palladium Market" and
2) Palladium Futures Contract Rules: 100.02, "Contract Unit"; 100.03, "Grade and Quality Specification"; 100.04, "Packaging and Marking"; 100.08 "Delivery Procedure"; 100.10, "Depository Receipt"; 100.11, "Inspection"; 100.14, "Rights and Obligations in a Delivery"; 100.17, "Transition of 99.8 Contract to 99.9 Contract"; 100.17A, "Transition Rules" and Supplement No.5, "Approved Brands Acceptable on the London Platinum and Palladium Market".
The proposed amendments:
increase the weight tolerance on the platinum and palladium ingots/plate delivered from five (5) percent to seven (7) percent; expand the list of approved brands acceptable for delivery against the respective Exchange contracts by adding all of the brands of platinum and palladium acceptable on the London Platinum and Palladium Market ("LPPM") as of September 18, 2000; permit the delivery of approved brands of platinum and palladium to an Exchange approved depository directly from the vaults of Credit Suisse First Boston and UBS Warburg in Zurich, Switzerland, which are delivery locations for the London Platinum and Palladium Market, by an Exchange approved carrier without the requirement for an assay certificate; eliminate the transition rules which were applicable when the contract’s quality specifications were transitioned to the current 99.95% pure specification; and establish procedures and safeguards for the buyer in the event the metal being delivered does not meet the quality specifications of the contract. Pending approval by the Commodity Futures Trading Commission, the Exchange proposes to implement the proposed Rule amendments effective for deliveries in the December 2000 Palladium Futures Contract and in the January 2001 Platinum Futures Contract. The Exchange Membership will be notified when CFTC approval is received.
Proposed Rule Amendments
Underlining indicates additions; [ ] indicates deletions.
PALLADIUM FUTURES CONTRACT
Rule 100.01. SCOPE
The provisions of these rules shall apply to all palladium bought or sold for future delivery on the Exchange.
Rule 100.02. CONTRACT UNIT
The contract unit shall be 100 troy ounces. The seller shall deliver 100 troy ounces of palladium, weighed to the nearest thousandth of a troy ounce, or the equivalent weight in grams, of homogeneous cast ingot or plate, with a weight tolerance of 7 [ 5 ]% either higher or lower. Each contract unit may consist of more than one piece of plate and/or ingot, with no individual piece weighing less than 10 ounces, or the equivalent weight in grams.
Rule 100.03. GRADE AND QUALITY SPECIFICATIONS
[ Except as provided for in Rules 100.17 and 100.17A, ] P[p]alladium delivered under this contract shall be a minimum of 99.95% pure.
Rule 100.04. PACKAGING AND MARKING [ (Effective As To Palladium Assayed On And
After October 1, 1979) ]
(A) Palladium may be delivered in packaged or unpackaged form.
(B) If palladium is delivered in packaged form, the palladium shall be in a single package sealed by an Exchange approved assayer or producer of an approved brand so that the package may not be opened without destruction of the seal. The package must bear the lot or bar number; weight; grade; the name or logo of the Exchange approved assayer or mark of the producer of an approved brand, and the symbol identifying the metal. If there is more than one plate or ingot in the package, each plate or ingot must be incised with the lot or bar number, and weight.
(C) If palladium is delivered in unpackaged form, each plate or ingot shall be incised with the lot or bar number; weight; grade; the name or logo of the Exchange approved assayer or mark of the producer of an approved brand, and the symbol identifying the metal.
Rule 100.05. DELIVERY MONTHS
Trading shall be conducted in contracts providing for delivery in the months of March, June, September, December and such other months as may be determined by the Board of Directors. The Clearing House Committee or the Board of Directors shall determine when trading in the delivery months shall commence.
Rule 100.06. PRICES AND FLUCTUATIONS
[(A)] Prices shall be quoted in dollars and cents per ounce. The minimum price fluctuation shall be $.05 per ounce. There shall be no maximum limit on price fluctuation.
Rule 100.07. TERMINATION OF TRADING
Trading in the current delivery month shall cease at the close of business on the fourth business day prior to the end of the delivery month.
Rule 100.08. DELIVERY PROCEDURE
(A) Initiation of Deliveries
A Notice of Intention to Deliver may be given by the seller to the Clearing House by 5:00 p.m. on the last business day of the month preceding the delivery month or any subsequent business day but no later than the third business day prior to the end of the delivery month.
(B) Settling Price
The settling price at the close of business on the day the Notice of Intention to Deliver is given to the Clearing House shall be the basis for delivery.
(C) Notice of Intention to Deliver
The Notice of Intention to Deliver shall be on the form prescribed by the Clearing House, which shall be properly completed, signed and delivered to the Clearing House. The Notice of Intention to Deliver shall indicate the amount to be paid by the buyer. The seller shall not issue a Notice of Intention to Deliver unless he has in his possession the corresponding depository receipt and, unless such receipt was issued pursuant to Rule 100.10(A)(5), [or] (6) [,] or (7) an assay certificate.
(D) Notice Day
The Clearing House shall pass the Notice of Intention to Deliver to the buyer on the morning of the next business day prior to the opening of trading. The day the buyer receives the Notice of Intention to Deliver shall be referred to as the Notice Day.
(E) Allocation of Notices Intention to Deliver
The Clearing House shall allocate Notices of Intention to Deliver for a given day by using a percentage of Notices Intention to Deliver received compared with the outstanding long position that day.
(F) Non-Transferable
The buyer who receives a Notice of Intention to Deliver from the Clearing House shall be deemed to have agreed to accept delivery. Notices of Intention to Deliver are not transferable.
(G) Delivery Day
The buyer who receives a Notice of Intention to Deliver shall present it before 12:00 noon of the following business day at the office of the seller by whom it was issued with a certified check for the amount payable as shown on the Notice of Intention to Deliver. Upon the receipt of the certified check, the seller shall give the buyer a depository receipt and, unless such receipt was issued pursuant to Rule 100.10(A)(5), [or] (6) [,] or (7), an assay certificate which corresponds to the Notice of Intention to Deliver. The seller must endorse the depository receipt and set forth the date of endorsement. The day the buyer receives the stated documents shall be referred to as the Delivery Day.
Rule 100.09. VALIDITY OF DOCUMENTS
The Exchange makes no representation respecting the authenticity, validity or accuracy of any Notice of Intention to Deliver, assay certificate, depository receipt, check or of any document or instrument delivered pursuant to these rules.
(A) Each depository receipt shall be a negotiable receipt in the form approved by the Exchange and shall be for one contract unit of palladium. It shall be numbered and no two receipts issued by any one depository shall bear the same number. It shall contain the information set forth in the assay certificate, incised on the bar, or clearly identified on the package; provided, however, that the weight shall be expressed in troy ounces. If the weight incised on the bar or set forth on the assay certificate is in grams, it shall be converted to troy ounces by dividing the weight in grams by 31.1035 and rounding to the nearest thousandth of a troy ounce. The depository receipt shall certify that the lot was:
(1) Received directly from an Exchange approved assayer or assayer/refiner by means of an Exchange approved carrier or carriers, or
(2) Received directly from an Exchange approved assayer/refiner by means of the approved assayer/refiner's own transport, and/or an Exchange approved carrier or carriers, or
(3) Received directly from another Exchange approved depository by means of an Exchange approved carrier or carriers, provided, however, that the lot has been previously certified for Exchange delivery, or
(4) Sampled and weighed by an Exchange approved assayer or assayer/refiner while on deposit at an approved depository.
(5) An approved brand, meeting the grade and quality specifications of Rule 100.03, received directly from its producer by means of an Exchange approved carrier or carriers, or
(6) An approved brand, meeting the grade and quality specifications of Rule 100.03, received directly from its producer by means of the producer's own transport and/or an Exchange approved carrier or carriers, or
(7) An approved brand, meeting the grade and quality specifications of Rule 100.03, shipped directly from those storage vaults of Credit Suisse First Boston or UBS Warburg, located in Zurich, Switzerland, which are delivery locations for the London Platinum and Palladium Market, by means of an Exchange approved carrier, to an Exchange approved depository. Upon request of the depository the seller must provide to the Exchange approved depository a proforma invoice and a bar list issued by either Credit Suisse First Boston or UBS Warburg.
The depository receipt shall be issued by a depository approved by the Exchange.
(B) For the purposes of Rule [90] 100.10, assayer/refiner shall mean an assayer approved by the Exchange which engages in the refining of palladium group metals as a normal part of its business and produces at its own facilities items that are deliverable in satisfaction of the Exchange palladium contract.
(C) For the purpose of these rules, the term approved brand shall mean a brand of metal produced by a refiner of recognized reputation and financial standing in the metals industry at a specified refinery location, bearing the brand mark of the producer, meeting the grade and quality specifications of Rule 100.03, delivered directly from 1) the producer of such brand or 2) those storage vaults of Credit Suisse First Boston or UBS Warburg located in Zurich, Switzerland, which are delivery locations for the London Platinum and Palladium Market to an Exchange approved depository, by an Exchange approved carrier and approved by the Exchange for delivery under Exchange contracts.
Rule 100.11. INSPECTION
(A) Except for palladium delivered pursuant to Rule 100.10(A)(5), [or] (6) [,] or (7) , an inspection shall be made by an assayer approved by the Exchange who shall issue an assay certificate in the form approved by the Exchange. Each assayer certificate shall report the lot or bar number, weight, grade, the name of the Exchange approved assayer, the symbol identifying the metal and the date of inspection.
(B)
(i) Every lot inspected must bear on the package the lot number, seal number, date of inspection, weight, grade, and the name of the Exchange approved assayer who made the inspection. (Effective as to palladium assayed prior to October 1, 1979.)
(ii) Every lot inspected, if packaged, must bear on such package the lot or bar number; weight; grade; the name or logo of the Exchange approved assayer and the symbol identifying the metal. If more than one plate or ingot is in the package, then each piece must be incised with the lot or bar number, and weight. Each plate or ingot inspected, if unpackaged, must be incised with the lot or bar number; weight in troy ounces; grade; the name or logo of the Exchange approved assayer, and the symbol identifying the metal. (Effective as to palladium assayed on and after October 1, 1979).
(C) Except as provided in Section (D) below, assay certificates for palladium meeting the minimum specification of the contract are valid provided the palladium covered thereby is placed in an Exchange approved depository. [ Assay certificates for palladium certified prior to the last delivery date under the 99.8 contract as meeting the minimum grade and quality specifications under the 99.8 contract are valid for 15 years from date of issuance or until 99.8 pure metal is no longer deliverable against the contract, whichever is sooner.] The bearer of a depository receipt may, without affecting the validity of an assay certificate, effect the transfer of a lot of palladium from one Exchange approved depository to another Exchange approved depository provided such lot passes directly from one depository to another by means of an Exchange approved carrier and is not surrendered to the bearer.
[ Assay certificates for palladium certified prior to the last delivery date as set forth in Rule 100.17A under the 99.9 contract as meeting the minimum grade and quality specifications under the 99.9 contract are valid for 36 months from the month and date established pursuant to Rule 100.17A for the commencement of delivery against the 99.95 contract.]
(D) If a lot of palladium is surrendered to the bearer of a depository receipt, or if the seal is broken, the assay certificate for such lot is no longer valid and such lot must be reinspected and redeposited before it may be delivered; provided, however, that if such lot is retained at the approved depository having issued the depository receipt, under the sole and uninterrupted control of such depository, the lot need not be reinspected and redeposited prior to the issuance of a new depository receipt.
(E) The costs of inspection, delivery to the depository, charges of the depository, and all other expenses, if any, to place the palladium in deliverable form shall be paid by the seller.
Rule 100.12. HANDLING AND STORAGE CHARGES
All palladium must be delivered to the buyer with handling charges paid up to and including the Delivery Day and storage charges paid through the end of the delivery month. The buyer may require the seller to furnish satisfactory proof of such payment.
Rule 100.13. TRADING IN SPREADS
A spread shall consist of the simultaneous purchase of one future month and sale of another future month at a stated price difference. The purchase and the sale shall be for one account. Floor brokers executing spreads shall properly record them in writing so as to permit the identification of the transactions and the parties thereto. All spread trading must be made by open outcry. All spread trading must be in line with current spread differentials. (i) If both of the respective months have traded in a price range during the day, and the differential is such that the price for both months may be within such ranges, then the price for both months must be within such range for each of the months; (ii) if both months have had a price range and the differential for the spread falls outside such ranges, then the prices for the respective months shall be fixed within the range of one month and within the permissible price limits of the other month; (iii) if one month involved in the transaction has had no price range for the day, the prices for the respective months shall be fixed within the range of the month that has had a price range for the day and within the permissible daily price limits of the other month; (iv) if neither month has had a price range, prices shall be fixed within the permissible daily price limits of the months involved in the transaction so long as prices so fixed are consistent with the differential and the trading range in the nearest active month. The seller in each contract must report on a pit card the spread price and differential to the Floor Supervisor. Spread transactions shall be recorded on special spread sales panels. The ticker shall record and publish a spread differential only. Spread transactions shall not set off stops in any contract except for spread stops.
Rule 100.14. RIGHTS AND OBLIGATIONS IN A DELIVERY
(A) A buyer and seller shall perform their respective obligations under the contract in a commercially reasonable manner.
(B) In the event a buyer or seller fails to perform an obligation relating to delivery or payment under this contract, the non-performing buyer or seller shall be liable to the other party for actual damages caused by his failure to perform. Within a reasonable time of non-performance, but not later than 5:00 p.m. on Delivery Day, a buyer or seller claiming that the other party has failed to perform an obligation relating to delivery or payment, shall, by written notice delivered to the office of the other party, with a copy to the Exchange, inform such other party of his claim of non-performance. A buyer or seller providing notice of non-performance shall act to mitigate his damages.
(C) Any claims for damages arising under this Rule for failure to perform an obligation relating to delivery or payment shall be resolved and enforced by arbitration under the Rules of the Exchange, provided however, that such claims shall be submitted for arbitration within 15 days from the day of non-performance; any claim not filed within the prescribed time shall be deemed to be waived.
(D) A buyer or seller who fails to perform an obligation relating to delivery or payment under this contract shall be subject to disciplinary action for a Rule violation under the provisions of Chapter 8 of the Rules of the Exchange.
(E) In the event of a notice of non-performance or any claim as a result of non-performance, the Exchange shall retain delivery margins held on deposit at the Clearing House relating to the contracts in dispute until the claim has been waived or final action pursuant to Chapters 5 and 8 has been concluded.
(F) By the tender of a depository receipt (warrant) for palladium duly endorsed for delivery in fulfillment of an exchange contract, the seller shall be deemed to warrant that the palladium meets the deliverable metal specifications set forth in Rule 100.03. Such warranty shall remain in effect through successive endorsements of the receipt for delivery on exchange contracts. The warranty shall continue for the benefit of a member of the Exchange who shall have taken delivery of the palladium in fulfillment of the exchange contracts, or in favor of such member’s immediate customer.
(G) In the event that an Exchange member or customer shall claim a breach of such warranty, the palladium shall be immediately submitted for sampling and assaying to an assayer licensed by the Exchange. The expense of sampling and assaying shall, in the first instance, be borne by the claimant. If the assayer shall determine a deficiency in quality, the claimant shall have the right to recover the difference in the sampling and assaying and any cost of replacement of the palladium. The claimant may, at his option, proceed directly against the original seller of the depository receipt upon an Exchange delivery without seeking recovery from the immediate seller to him of the Exchange contract. If the original seller of the depository receipt satisfies the claim, intervening sellers will be thereby discharged from liability to the claimant. If the claimant seeks recovery from the immediate seller to him and his claim is satisfied by such seller, the Party thus satisfying the claim will have a similar option to claim recovery directly from the original seller of the depository receipt or from his immediately preceding seller. Such claims as are in dispute between members of the Exchange shall in each case be submitted to arbitration under the rules of the Exchange.
(H) The liability of a seller of a depository receipt as provided herein shall not be deemed to limit the rights of such seller against any person or party for whose account the seller acted in making delivery on an Exchange contract. If it shall be determined in such arbitration proceeding that any seller of a depository receipt or the person or party for whom such seller acted was aware of the breach of warranty or was involved in a plan or arrangement with the original seller (or his customer) to place such inferior palladium in licensed store for use in deliveries upon Exchange contracts, such sellers shall not be entitled to recover from any prior seller for the breach of warranty.
Rule 100.15. MARGINS-Deleted effective March 21, 1994.
Rule 100.16. REFERENCES TO SELLER AND BUYER
References in these rules to the "seller" and the "buyer" shall mean the short Clearing Member and the long Clearing Member respectively.
[ Rule 100.17. TRANSITION OF 99.8 CONTRACT TO 99.9 CONTRACT
It is the purpose of this rule to phase out trading in the 99.8 contract so that all trading will be done in the 99.9 contract.
(A) The Board of Directors shall fix a delivery month in 1985 for delivery under the 99.9 contract (hereinafter referred to as "the transition delivery month") and shall also fix a date when trading shall commence originally in the 99.9 contract.
(B) The last month for delivery under the 99.8 contract shall be a month prior to the transition delivery month as fixed by the Board of Directors and the last day for trading in the 99.8 contract shall be the fourth business day prior to the end of said last delivery month.
(C) Assay Certificates may continue to be issued for delivery under the 99.8 contract as long as delivery may be made under such contract.
(D) Assay certificates to be used for delivery under the 99.9 contract shall certify to the minimum grade and quality required for delivery under said contract subject to the exception set forth in subsection (E) hereof.
(E) Palladium certified prior to the last delivery date under the 99.8 contract (March 26, 1985) as meeting the minimum grade and quality under the 99.8 contract may be delivered under the 99.9 contract at a discount of $6.00 per ounce provided, however, that the assay certificates are valid as provided in 100.11(C) above.
(F) This Rule shall cease to be effective 36 months following the last day of trading in 1992 of the 99.9 contract, pursuant to Rule 100.17A. ]
[ Rule 100.17A TRANSITION RULES
(A) The Board of Directors shall establish a palladium delivery month contract no earlier than sixteen months following the effective date of this rule, beginning with which only 99.95% pure palladium may be delivered at par.
(B) For all contract months expiring prior to the contract month established pursuant to subsection (A) of this Rule, 99.8 and 99.9 palladium may be delivered in accordance with, and with the discount set forth in Rule 100.17.
C) For 36 contract months following the expiration of the contract month established pursuant to subsection (A) of this Rule, palladium of 99.8 and 99.9 purity may be delivered at the discounts set forth below. Thereafter, only palladium of 99.95% purity may be delivered.
(D) Palladium assayed and certified prior to March 26, 1985 as 99.8 purity or better may be delivered during the time period set forth in subsection (C) of this Rule, at a discount of $13.50 per ounce.
(E) Palladium assayed and certified prior to the expiration of the contract month established pursuant to subsection (A) of this Rule as 99.9 purity or better may be delivered during the time period set forth in subsection (C) of this Rule, at a discount of $7.50 per ounce. ]
Rule 100.18. TIME REFERENCES
For purposes of these Rules, unless otherwise specified, times referred to herein shall refer to and indicate New York time.
ALL NEW
NYMEX PALLADIUM FUTURES CONTRACT
Suppplement No. 5
Approved Brands Acceptable on
the London Platinum and Palladium Market
the London Platinum and Palladium Market
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FORMER REFINERS
The following organizations have ceased the production and refining of good delivery material or have changed the markings of their ingots or plates. However, previously produced ingots and plates continue to be accepted as good delivery.
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Rule 90.01. SCOPE
The provisions of these rules shall apply to all platinum bought or sold for future delivery on the Exchange.
Rule 90.02. CONTRACT UNIT
The contract unit shall be 50 troy ounces. The seller shall deliver 50 troy ounces of platinum, weighed to the nearest thousandth of a troy ounce, or the equivalent weight in grams, of homogeneous cast ingot or plate, with a weight tolerance of 7 [5]% either higher or lower. Each contract unit may consist of more than one piece of plate and/or ingot, with no individual piece weighing less than 10 troy ounces, or the equivalent weight in grams.
Rule 90.03. GRADE AND QUALITY SPECIFICATIONS
[Except as provided for in Rules 90.18 and 90.18A,] P[p]latinum delivered under this contract shall be a minimum of 99.95% pure.
Rule 90.04. PACKAGING AND MARKING
(A) Platinum may be delivered in packaged or unpackaged form.
(B) If the platinum is delivered in packaged form, the platinum shall be in a package sealed by an Exchange approved assayer or producer of an approved brand so that the package may not be opened without destruction of the seal. The package must bear the lot or identification number of the ingot or plate; weight; grade; the name or logo of the Exchange approved assayer or mark of the producer of an approved brand, and the symbol identifying the metal.
(C) If platinum is delivered in unpackaged form the platinum shall be incised with the lot or identification number of the ingot or plate; weight; grade; the name or logo of the Exchange approved assayer or mark of the producer of an approved brand, and the symbol identifying the metal.
Rule 90.05. DELIVERY MONTHS
Trading shall be conducted in contracts providing for delivery in the months of January, April, July, October, and such other months as may be determined by the Board of Directors. The Clearing House Committee or the Board of Directors shall determine when trading in the delivery months shall commence.
Rule 90.06. PRICES AND FLUCTUATIONS
(A) Prices shall be quoted in dollars and cents per ounce. The minimum price fluctuation shall be $.10 per ounce. The maximum permissible price fluctuation (the "basic maximum fluctuation") in any one day shall be $50.00 per ounce above or below the preceding day's settlement price.
(B) If the settlement price for any month shall move by the basic maximum fluctuation in either direction, the maximum permissible fluctuation in either direction for all months during the next business session shall be 150% of the basic maximum fluctuation.
(C) An expanded maximum permissible fluctuation of 150% of the basic maximum fluctuation shall remain in effect for all subsequent business sessions until the business session next following two (2) consecutive trading sessions at which the settlement price for no month shall move by the basic maximum fluctuation in either direction. At such next business session the maximum permissible fluctuation in either direction for all months shall be the basic maximum fluctuation.
(D) If the settlement price for any month for a business session for which the maximum permissible fluctuation is 150% of the basic maximum fluctuation shall move by said expanded maximum permissible fluctuation in either direction, the maximum permissible fluctuation in either direction for all months during the next business session shall be 200% of the basic maximum fluctuation.
(E) An expanded maximum permissible fluctuation of 200% of the basic maximum fluctuation shall remain in effect for all subsequent business sessions until the business session next following two (2) consecutive trading sessions at which the settlement price for no month shall move by 150% of the basic maximum fluctuation in either direction. At such next business session the maximum permissible fluctuation in either direction for all months shall be 150% of the basic maximum fluctuation.
(F) There shall be no maximum limit on price fluctuations during;
(1) the current delivery month,
(2) the immediately following nearby month of January, April, July or October, and
(3) any months traded between those months specified in (F)(1) and (F)(2).
Rule 90.07. TERMINATION OF TRADING
Trading in the current delivery month shall cease at the close of business on the fourth business day prior to the end of the delivery month.
Rule 90.08. DELIVERY PROCEDURE
(A) Initiation of Deliveries
A Notice of Intention to Deliver may be given by the seller to the Clearing House by 5:00 p.m. on the last business day of the month preceding the delivery month or any subsequent business day but no later than the third business day prior to the end of the delivery month.
(B) Settling Price
The settling price at the close of business on the day the Notice of Intention to Deliver is given to the Clearing House shall be the basis for delivery.
(C) Notice of Intention to Deliver
The Notice of Intention to Deliver shall be on the form prescribed by the Clearing House, which shall be properly completed, signed and delivered to the Clearing House. The Notice of Intention to Deliver shall indicate the amount to be paid by the buyer. The seller shall not issue a Notice of Intention to Deliver unless he has in his possession the corresponding depository receipt and, unless such receipt was issued pursuant to Rule 90.10(A)(5), [or] (6)[,] or (7) an assay certificate.
(D) Notice Day
The Clearing House shall pass the Notice of Intention to Deliver to the buyer on the morning of the next business day prior to the opening of trading. The day the buyer receives the Notice of Intention to Deliver shall be referred to as the Notice Day.
(E) Allocation of Notices of Intention to Deliver
The Clearing House shall allocate Notices of Intention to Deliver for a given day by using a percentage of Notices to Intention to Deliver received compared with the outstanding long position that day.
(F) Non-Transferable
The buyer who receives a Notice of Intention to Deliver from the Clearing House shall be deemed to have agreed to accept delivery. Notice of Intention to Deliver are not transferable.
(G) Delivery Day
The buyer who receives a Notice of Intention to Deliver shall present it before 12:00 noon of the following business day at the office of the seller by whom it was issued with a certified check for the amount payable as shown on the Notice of Intention of Deliver. Upon the receipt of the certified check, the seller shall give the buyer a depository receipt and, unless such receipt was issued pursuant to Rule 90.10(A)(5), [or] (6)[,] or (7), an assay certificate which corresponds to the Notice of Intention of Deliver. The seller must endorse the depository receipt and set forth the date of endorsement. The day the buyer receives the stated documents shall be referred to as the Delivery Day.
Rule 90.09. VALIDITY OF DOCUMENTS
The Exchange makes no representation respecting the authenticity, validity or accuracy of any Notice of Intention to Deliver, assay certificate, depository receipt, check or of any document or instrument delivered pursuant to these rules.
Rule 90.10. DEPOSITORY RECEIPT
(A) Each depository receipt shall be a negotiable receipt in the form approved by the Exchange and shall be for one contract unit of platinum. It shall be numbered and no two receipts issued by any one depository shall bear the same number. It shall contain the information set forth in the assay certificate, incised on the bar, or clearly identified on the package; provided, however, that weight shall be expressed in troy ounces. If the weight incised on the bar or set forth on the assay certificate is in grams, it shall be converted to troy ounces by dividing the weight in grams by 31.1035 and rounding to the nearest thousandth of a troy ounce. The depository receipt shall certify that the lot was:
(1) Received directly from an Exchange approved assayer or assayer/refiner by means of an Exchange approved carrier or carriers, or
(2) Received directly from an Exchange approved assayer/refiner by means of the approved assayer/refiner's own transport, and/or an Exchange approved carrier or carriers, or
(3) Received directly from another Exchange approved depository by means of an Exchange approved carrier or carriers, provided, however, that the lot has been previously certified for Exchange delivery, or
(4) Sampled and weighed by an Exchange approved assayer or assayer/refiner while on deposit at an approved depository.
(5) An approved brand, meeting the grade and quality specifications of Rule 90.03, received directly from its producer by means of an Exchange approved carrier or carriers, or
(6) An approved brand, meeting the grade and quality specifications of Rule 90.03, received directly from its producer by means of the producer's own transport and/or an Exchange approved carrier or carriers.
(7) An approved brand, meeting the grade and quality specifications of Rule 90.03, shipped directly from those storage vaults of Credit Suisse First Boston or UBS Warburg, located in Zurich, Switzerland, which are delivery locations for the London Platinum and Palladium Market, by means of an Exchange approved carrier, to an Exchange approved depository. Upon request of the depository the seller must provide to the Exchange approved depository a proforma invoice and a bar list issued by either Credit Suisse First Boston or UBS Warburg.
The depository receipt shall be issued by a depository approved by the Exchange.
(B) For the purpose of Rule 90.10, assayer/refiner shall mean an assayer approved by the Exchange which engages in the refining of platinum group metals as a normal part of its business and produces at its own facilities items that are deliverable in satisfaction of the Exchange platinum contract.
(C) For the purpose of these rules, the term approved brand shall mean a brand of metal produced by a refiner of recognized reputation and financial standing in the metals industry at a specified refinery location, bearing the brand mark of the producer, meeting the grade and quality specifications of Rule 90.03, delivered directly from 1) the producer of such brand or 2) those storage vaults of Credit Suisse First Boston or UBS Warburg located in Zurich, Switzerland_which are delivery locations for the London Platinum and Palladium Market to an Exchange approved depository, by an Exchange approved carrier and approved by the Exchange for delivery under Exchange contracts.
Rule 90.11. INSPECTION
(A) Except for platinum delivered pursuant to Rule 90.10(A)(5), [or] (6)[,] or (7), an inspection shall be made by an assayer approved by the Exchange who shall issue an assay certificate in the form approved by the Exchange. Each assay certificate shall report the lot or bar number, weight, grade, the name of the Exchange approved assayer, the symbol i[n]dentifying the metal and the date of inspection.
(B)
(i) Every lot inspected must bear on the package the lot number, seal number, date of inspection, weight, grade, and the name of the Exchange approved assayer who made the inspection. (Effective as to platinum assayed prior to October 1, 1979.)
(ii) Every lot inspected, if packaged, must bear on such package the lot or bar number; weight; grade; the name or logo of the Exchange approved assayer and the symbol identifying the metal. Every lot inspected, if unpackaged, must be incised with the lot or bar number, weight in troy ounces; grade; the name or logo of the Exchange approved assayer, and the symbol identifying the metal. (Effective as to platinum assayed on and after October 1, 1979.)
(C) Except as provided in (D) below, assay certificates for platinum meeting the minimum specification of the contract are valid provided the platinum covered thereby is placed in an Exchange approved depository. [Assay Certificates for platinum certified prior to October 29, 1982, the last delivery date under the 99.5 contract, as meeting the minimum grade and quality specifications under the 99.5 contract are valid for 15 years from date of issuance or until 99.5% pure metal is no longer deliverable against the contract pursuant to Rule 90.18A, whichever is sooner.] The bearer of a depository receipt may, without affecting the validity of an assay certificate, effect the transfer of a lot of platinum from one Exchange approved depository to another Exchange approved depository provided such lot passes directly from one depository to another by means of an Exchange approved carrier and is not surrendered to the bearer.
[Assay certificates for platinum certified prior to the last delivery date as set forth in Rule 90.18A under the 99.9 contract as meeting the minimum grade and quality specifications under the 99.9 contract are valid for 36 months from the month and date established pursuant to Rule 90.18A for the commencement of delivery against the 99.95 contract.]
(D) If a lot of platinum is surrendered to the bearer of a depository receipt, or if the seal is broken, the assay certificate for such lot is no longer valid and such lot must be reinspected and redeposited before it may be delivered; provided, however, that if such lot is retained at the approved depository having issued the depository receipt, under the sole and uninterrupted control of such depository, the lot need not be reinspected and redeposited prior to the issuance of a new depository receipt.
(E) The costs of inspection, delivery to the depository, charges of the depository, and all other expenses, if any, to place the platinum in deliverable form shall be paid by the seller.
Rule 90.12. HANDLING AND STORAGE CHARGES
All platinum must be delivered to the buyer with handling charges paid up to and including the Delivery Day and storage charges paid through the end of the delivery month. The buyer may require the seller to furnish satisfactory proof of such payment.
Rule 90.13. TRADING IN SPREADS
A spread shall consist of the simultaneous purchase of one future month and sale of another future month at a stated price difference. The purchase and the sale shall be for one account. Floor brokers executing spreads shall properly record them in writing so as to permit the identification of the transactions and the parties thereto. All spread trading must be made by open outcry. (i) If both of the respective months have traded in a price range during the day, and the differential is such that the price for both months may be within such ranges, then the price for both months must be within such range for each of the months; (ii) if both months have had a price range and the differential for the spread falls outside such ranges, then the prices for the respective months shall be fixed within the range of one month and within the permissible price limits of the other month; (iii) if one month involved in the transaction has had no price range for the day, the prices for the respective months shall be fixed within the range of the month that has had a price range for the day and within the permissible daily price limits of the other month; (iv) if neither month has had a price range, prices shall be fixed within the permissible daily price limits of the months involved in the transaction so long as prices so fixed are consistent with the differential and the trading range in the nearest active month. The seller in each contract must report on a pit card the spread price and differential to the Floor Supervisor. Spread transactions shall be recorded on special spread sales panels. The ticker shall record and publish a spread differential only. Spread transactions shall not set off stops in any contract except for spread stops.
Rule 90.14. RIGHTS AND OBLIGATIONS IN A DELIVERY
(A) A buyer and seller shall perform their respective obligations under the contract in a commercially reasonable manner.
(B) In the event a buyer or seller fails to perform an obligation relating to delivery or payment under this contract, the non-performing buyer or seller shall be liable to the other party for actual damages caused by his failure to perform. Within a reasonable time of non-performance, but not later than 5:00 p.m. on Delivery Day, a buyer or seller claiming that the other party has failed to perform an obligation relating to delivery or payment, shall, by written notice delivered to the office of the other party, with a copy to the Exchange, inform such other party of his claim of non-performance. A buyer or seller providing notice of non-performance shall act to mitigate his damages.
(C) Any claims for damages arising under this Rule for failure to perform an obligation relating to delivery or payment shall be resolved and enforced by arbitration under the Rules of the Exchange, provided however, that such claims shall be submitted for arbitration within 15 days from the day of non-performance; any claims not filed within the prescribed time shall be deemed to be waived.
(D) A buyer or seller who fails to perform an obligation relating to delivery or payment under this contract shall be subject to disciplinary action for a Rule violation under the provisions of Chapter 8 of the Rules of the Exchange.
(E) In the event of a notice of non-performance or any claims as a result of non-performance, the Exchange shall retain delivery margins held on deposit at the Clearing House relating to the contracts in dispute until the claim has been waived or final action pursuant to Chapters 5 and 8 has been concluded.
(F) By the tender of a depository receipt (warrant) for platinum duly endorsed for delivery in fulfillment of an exchange contract, the seller shall be deemed to warrant that the platinum meets the deliverable metal specifications set forth in Rule 90.03. Such warranty shall remain in effect through successive endorsements of the receipt for delivery on exchange contracts. The warranty shall continue for the benefit of a member of the Exchange who shall have taken delivery of the platinum in fulfillment of the exchange contracts, or in favor of such member’s immediate customer.
(G) In the event that an Exchange member or customer shall claim a breach of such warranty, the platinum shall be immediately submitted for sampling and assaying to an assayer licensed by the Exchange. The expense of sampling and assaying shall, in the first instance, be borne by the claimant. If the assayer shall determine a deficiency in quality, the claimant shall have the right to recover the difference in the sampling and assaying and any cost of replacement of the platinum. The claimant may, at his option, proceed directly against the original seller of the depository receipt upon an Exchange delivery without seeking recovery from the immediate seller to him of the Exchange contract. If the original seller of the depository receipt satisfies the claim, intervening sellers will be thereby discharged from liability to the claimant. If the claimant seeks recovery from the immediate seller to him and his claim is satisfied by such seller, the Party thus satisfying the claim will have a similar option to claim recovery directly from the original seller of the depository receipt or from his immediately preceding seller. Such claims as are in dispute between members of the Exchange shall in each case be submitted to arbitration under the rules of the Exchange.
(H) The liability of a seller of a depository receipt as provided herein shall not be deemed to limit the rights of such seller against any person or party for whose account the seller acted in making delivery on an Exchange contract. If it shall be determined in such arbitration proceeding that any seller of a depository receipt or the person or party for whom such seller acted was aware of the breach of warranty or was involved in a plan or arrangement with the original seller (or his customer) to place such inferior platinum in licensed store for use in deliveries upon Exchange contracts, such sellers shall not be entitled to recover from any prior seller for the breach of warranty.
Rule 90.15. MARGINS-Deleted effective March 21, 1994.
Rule 90.16. CLEARING FEES (Deleted-See Rule 41.14)
Rule 90.17. REFERENCES TO SELLER AND BUYER
References in these rules to the "seller" and the "buyer" shall mean the short Clearing Member and the long Clearing Member respectively.
[ Rule 90.18. TRANSITION OF 99.5 CONTRACT TO 99.9 CONTRACT
It is the purpose of this Rule to phase out trading in the 99.5 contract so that all trading will be done in the 99.9 contract.
(A) The Board of Directors shall fix a delivery month in 1982 for delivery under the 99.9 contract (hereinafter referred to as "the transition delivery month") and shall also fix a date when trading shall commence originally in the 99.9 contract.
(B) The last month for delivery under the 99.5 contract shall be a month prior to the transition delivery month as fixed by the Board of Directors and the last day for trading in the 99.5 contract shall be the fourth business day prior to the end of said last delivery month.
(C) Assay certificates may continue to be issued for delivery under the 99.5 contract as long as deliveries may be made under such contract.
(D) Assay certificates to be used for delivery under the 99.9 contract shall certify to the minimum grade and quality required for delivery under said contract, subject to the exception set forth in subsection (E) hereof.
(E) Platinum certified prior to the last delivery date under the 99.5 contract (October 29, 1982) as meeting the minimum grade and quality under the 99.5 contract may be delivered under the 99.9 contract at a discount of $7.50 per ounce provided, however, that the assay certificates are valid as provided in 90.11(C).
(F) This Rule shall cease to be effective 36 months following the last day of trading in 1992 of the 99.9 contract, pursuant to Rule 90.18A. ]
[ Rule 90.18A TRANSITION RULES
(A) The Board of Directors shall establish a platinum delivery month contract no earlier than sixteen months following the effective date of this rule, beginning with which only 99.95% pure platinum may be delivered at par.
(B) For all contract months expiring prior to the contract month established pursuant to subsection (A) of this Rule, 99.5 and 99.9 platinum may be delivered in accordance with, and with the discount set forth in Rule 90.18.
(C) For 36 contract months following the expiration of the contract month established pursuant to subsection (A) of this Rule, platinum of 99.5 and 99.9 purity may be delivered at the discounts set forth below. Thereafter, only platinum of 99.95% purity may be delivered.
(D) Platinum assayed and certified prior to October 29, 1982 as 99.5 purity or better may be delivered during the time period set forth in subsection (C) of this Rule, at a discount of $16.50 per ounce.
(E) Platinum assayed and certified prior to the expiration of the contract month established pursuant to subsection (A) of this Rule as 99.9 purity or better may be delivered during the time period set forth in subsection (C) of this Rule, at a discount of $9.00 per ounce. ]
Rule 90.19. TIME REFERENCES
For purposes of these Rules, unless otherwise specified, times referred to herein shall refer to and indicate New York time.
NYMEX PLATINUM FUTURES CONTRACT
Supplement No. 5
Approved Brands Acceptable on the
London Platinum and Palladium Market
London Platinum and Palladium Market
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FORMER REFINERS
The following organizations have ceased the production and refining of good delivery material or have changed the markings of their ingots or plates. However, previously produced ingots and plates continue to be accepted as good delivery.
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