07/18/2001
The proposed amendment to COMEX Rule 15.03, "Strike Prices for Gold Options" affects a "Special Matter" under the terms of the COMEX By-Laws. Accordingly, COMEX Division Members have ten (10) days to submit a petition signed by owners of at least 155 COMEX Division Memberships requesting a vote of the COMEX Division Members to disapprove the amendments, pursuant to the procedures set forth under COMEX By-Law 205(D). If a petition is not received, or if the amendment is not disapproved, it will be submitted to the Commodity Futures Trading Commission (CFTC).
If you have any questions, please contact Dawn Lowe at 212-299-2370 or Albert J. Getz at 212-299-2608.
PROPOSED RULE AMENDMENT
Underlining represents added language, bracketing [ ] represents deleted language.
15.03 - Strike Prices for Gold Futures Options
(a) February and March Expiration Cycles
(1) Strike prices shall be in the following increments per troy ounce of gold during the [three] six nearby trading months:
(A) for strike prices of less than or equal to five hundred dollars ($500), the strike price increments shall be five dollars ($5);
(B) for strike prices greater than five hundred dollars ($500), and up to and including one thousand dollars ($1,000), the strike price increments shall be ten dollars ($10); and
(C) for strike prices greater than one thousand dollars ($1,000), the strike price increments shall be twenty five dollars ($25).
(2) Strike prices shall be in the following increments per troy ounce of gold for all other months than the nearest [three] six.
(D) for strike prices of less than or equal to five hundred dollars ($500), the strike price increments shall be ten dollars ($10);
(E) for strike prices greater than five hundred dollars ($500), and up to and including one thousand dollars ($1,000), the strike price increments shall be twenty dollars ($20); and
(F) for strike prices greater than one thousand dollars ($1,000), the strike price increments shall be fifty dollars ($50).
Subsections (2) through (5) will be renumbered (3) through (6); no other changes are proposed.