Please be advised that the Exchange has determined to implement amendments to
NYMEX Rule 9.21 ("Minimum Capital Requirements") and to COMEX Clearing Association Rule 20 ("Minimum Capital Requirements"), which are attached below. The amendments further enhance the financial integrity of the Exchange's Clearing Houses by raising the minimum capital requirements applicable to all Clearing Members from $2 million to $5 million. The amendments will go into effect on June 30, 2001.
NYMEX Rule 9.21. MINIMUM CAPITAL REQUIREMENTS
(Bold indicates additions; Strikethrough indicates deletions)
(B) Financial Requirements
Each clearing member registered with the Commission as a futures commission merchant shall have and maintain working capital equal to or in excess of the greater of $2,000,000 $5,000,000 or the amount prescribed in Commission Regulation 1.17. Except as provided in Rule 9.02(K), all other Clearing Members shall have and maintain minimum working capital of $2,000,000 $5,000,000.
CCA Rule 20. MINIMUM FINANCIAL REQUIREMENTS
(Bold indicates additions; Strikethrough indicates deletions)
(a)(ii) A Clearing Member must have and maintain at all times an adjusted net capital or working capital, as the case may be, of not less than the amount set forth in Rule 20(b)...
(b)(i) For a Clearing Member which is a Futures Commission Merchant registered as such with the Commission {and which is a U.S. person,} the minimum amount of adjusted net capital shall be Two Million ($2,000,000) Dollars $5,000,000.
(b)(ii) For a Clearing Member which is a Futures Commission Merchant registered as such with the Commission and which is a non-U.S. person, the minimum amount of adjusted net capital shall be Two and One Half Million ($2,500,000) Dollars of which at least One Million ($1,000,000) Dollars...
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