06/19/2002
NOTIFICATION OF AMENDMENTS TO NYMEX RULE 6.40B
["TRADING AT SETTLEMENT (PILOT PROGRAM)"]
["TRADING AT SETTLEMENT (PILOT PROGRAM)"]
(Bold indicates additions; strike-outs indicate deletions.)
Rule 6.40B. TRADING AT SETTLEMENT (PILOT PROGRAM)
(A) Trading at Settlement Procedure. A floor member may enter into a transaction at the settlement price through open outcry with another floor member in any futures contract and delivery month specified in Section
(B) Prohibition on TAS Cross Trades. A Floor Member who has in hand buy and sell TAS orders of different principals for the same eligible commodity for future delivery in the same eligible delivery month shall not execute such orders directly between such principals.
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NOTIFICATION OF AMENDMENTS TO NYMEX RULES 6.57 AND 6.57A
(Bold indicates additions; strike-outs indicate deletions.)
Rule 6.57. POST-CLOSE TRADING SESSION
Fifteen (15) minutes after the close of trading in all energy futures contracts except electricity futures, which are traded on NYMEX ACCESSâ only, or five (5) minutes after the closing range is established for all applicable contract month other than contract months in the Sour Crude Oil futures contract, whichever is later, trading shall resume for a period of two (2) minutes (the "Session") in all energy and metals futures contracts, subject to the following conditions:
(A) Trading during the Session shall be limited to the first twelve (12) listed delivery months;
(B) Except as provided in Paragraph (C) below, trades occurring during the Session for a particular contract month of a futures contract shall be executed openly and competitively at a price within the daily trading range of the applicable contract month for that futures contract and as further expanded above the daily high and below the daily low only for the contracts listed below provided however that no such expanded trading range may exceed the price fluctuation limits in effect for the applicable contract as of the end of the RTH session:
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(C) During the Session, Floor Members, Floor Brokers and their customers may participate in the same manner as trading occurring during the regular RTH session, except that any order submitted during the RTH session, including but not limited to resting orders such as stop orders, limit orders and good until cancelled (GTC) orders, will be deemed to have expired as of the end of RTH for purposes of this Session. Accordingly, in the event that a market participant with such an expired order seeks to participate in the Session, a new order must be submitted.
(D) Prices for trades executed during the Session shall be reported on public ticker services as current market prices and trades executed during the Session shall not be considered in determining any settlement price; and
(E) Floor Members executing trades during the Session shall mark a line across their trading cards prior to the entry of a Session trade.
(F) Prohibition on Cross-Trades. A Floor Member who has in hand at any time in the post-close session buy and sell orders of different principals for the same commodity for future delivery in the same delivery month shall not execute such orders directly between such principals.
Rule 6.57A. END OF WEEK TRADING SESSION
On the last trading day of the calendar week, and, in any week when an Exchange holiday falls on a Tuesday, Wednesday or Thursday on the trading day preceding such midweek Exchange holiday, there shall be no post-close trading session provided on the trading floor pursuant to Rule 6.57. Instead, on such dates, an end of week trading session (the "End of Week Session'') shall commence on the trading floor pursuant to this rule and subsequent to the close. Except as otherwise provided by the President or the President's designee for a particular trade date, such End of Week Session shall commence twenty (20) minutes after the close of trading in such NYMEX Division futures contracts as designated by the Board and shall continue for a period of five (5) minutes in such futures contracts, subject to the following conditions:
(A) Trading during the End of Week Session shall be limited to the first twelve (12) listed delivery months;
(B) Trades occurring during the End of Week Session for a particular contract month of a futures contract shall be executed openly and competitively at a price within the daily trading range of the applicable contract month for that futures contract and as further expanded above the daily high and below the daily low only for the contracts listed below provided however that no such expanded trading range may exceed the price fluctuation limits in effect for the applicable contract as of the end of the RTH session:
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(C) During the End of Week Session, Floor Members, Floor Brokers and their customers may participate in the same manner as trading occurring during the regular RTH session, except that any order submitted during the RTH session, including but not limited to resting orders such as stop orders, limit orders and good until cancelled (GTC) orders, will be deemed to have expired as of the end of RTH for purposes of this End of Week Session. Accordingly, in the event that a market participant with such an expired order seeks to participate in the End of Week Session, a new order must be submitted;
(D) Prices for trades executed during the End of Week Session shall be reported on public ticker services;
(E) Current market prices and trades executed during the End of Week Session shall not be considered in determining any settlement price; and
(F) Floor Members executing trades during the End of Week Session shall mark a line across their trading cards prior to the entry of an End of Week Session trade.
(G) Prohibition on Cross-Trades. A Floor Member who has in hand at any time in the end-of-week session buy and sell orders of different principals for the same commodity for future delivery in the same delivery month shall not execute such orders directly between such principals.