03/14/2001
Currently, the above-mentioned contracts require payment by certified check only. These amendments will offer added flexibility through an additional option to the clearing members upon mutual consent. The amendments for the relevant contracts are attached for your review.
(underlining indicates additions)
span class="bold">COMEX Gold:
Rule 13.12(e) – Delivery of Gold
(e) The member to whom delivery is made shall at once make payment to the member making delivery by a certified check drawn upon a bank in the City of New York or, if mutually agreed upon, effect payment by federal funds money wire. Payment shall be made upon the basis of the weight as certified in the weight certificate for the lot and the fineness of such gold up to 9999 fine as stamped on the bars.
span class="bold">COMEX Silver:
span class="bold">Resolution - .10 Interpretation of Term “Bar List”
(f) The member receiving the warehouse or vault receipt shall at once make payment to the member presenting the same, by a certified check drawn upon a bank in the City of New York or, if mutually agreed upon, effect payment by federal funds money wire. Payment shall be made upon the basis of the weight stamped upon the bars delivered. If the material is stamped in kilos and the total weight as shown by the depository on the receipt is in kilos, then the total kilo weight should be converted to ounces for the purposes of determining the billable weight.
span class="bold">COMEX HG Copper:
span class="bold">Rule 11.45(i) – Delivery of Copper
(i) When documents are presented, the buyer shall at once make payment by bankers certified check to the delivery member or, if mutually agreed upon, effect payment by federal funds money wire to the delivery member.