Notice to Members
Notice No. 436 12/14/2001
EXCHANGE ELIMINATES LIMITS ON NUMBER OF ELECTRONIC TRADING PRIVILEGES
The board of directors of the New York Mercantile Exchange, Inc., voted this morning to eliminate the limit on the number of participants that can hold electronic trading privileges on NYMEX ACCESS® internet-based electronic trading platform. All users will still be required to register with the Exchange and obtain a guarantee from an Exchange clearing member. The Exchange is examining means of distributing revenue directly associated with NYMEX ACCESS® trading to share-holders. The right to participate directly in COMEX Division markets must be approved by the COMEX Division members, subject to the terms of the 1994 NYMEX/COMEX merger. Currently, the number of NYMEX ACCESS® participants is limited to the number of seats on each division of the Exchange and electronic trading privileges must be leased from the seat owner. This will enable the Exchange to expand the number of direct market participants which will grow increasingly important as the product mix is broadened to meet the needs of various over-the-counter market players. NYMEX ACCESS® volume is up 23% since trading was introduced over the internet and an annual volume record was already set on the system before the end of November.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com