01/31/2001
On December 12, 2000, the Exchange issued Notice to Members #421, which consisted of a reminder to Members of an Exchange Resolution in effect that concerned Exchange price fluctuation limit rules as those rules apply to trading on NYMEX ACCESS® That notice stated that the Resolution would continue until February 1, 2001, unless Members were notified otherwise by the Exchange.
The purpose of this Notice is to advise Members that the Exchange has extended this Resolution, which is attached below, for another six months. Thus, this Resolution will continue through August 1, 2001, unless Members are notified otherwise by the Exchange.
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APPROVED RESOLUTION OF THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS REGARDING PRICE FLUCTUATION LIMITS FOR EXCHANGE CONTRACTS
The Executive Committee of the Board of Directors hereby
Resolves that, until further notice, the price fluctuation limit rules for each futures contract that is listed for trading on NYMEX ACCESS® and that has such applicable rules shall continue in effect except as amended below with regard to market activity occurring on NYMEX ACCESS®.
The initial and subsequent price fluctuation limits (for each Exchange futures contract that has such limits) shall be expanded to 200% of the initial and subsequent price fluctuation limits applicable to the first two contract months of that futures contract that have price limits under the applicable rule.
This expanded limit (200% of the limits for the first two months with limits) shall be applicable to all contract months for that futures contract.
In the event that such a price fluctuation limit is reached by a bona fide bid at the high price fluctuation limit or a bona fide offer at the low price fluctuation limit, trading on NYMEX ACCESS® shall be halted immediately except as directed otherwise by the President or the President's designee. Following resumption of trading, the price limits in effect shall be 200% of the limits applicable to RTH trading. In the event that a limit is touched during the last 90 minutes of a NYMEX ACCESS® session, the market shall be halted briefly, and price limits shall be expanded thereafter.
In addition, in the event that a contract trading on NYMEX ACCESS® traded for five minutes during the NYMEX ACCESS® session at a price fluctuation limit applicable to the Regular Trading Hours session, then the RTH session shall open with expanded price fluctuation limits as provided under the applicable rule, even though no temporary cessation of trading occurred during the NYMEX ACCESS® trading session.