Notice to Members
Notice No. 47
02/11/2002
Trading at Settlement ("TAS") - Operational Procedures
Beginning Friday, March 1, 2002, NYMEX will introduce Trading at Settlement (TAS) in the Heating Oil and Unleaded Gasoline Futures contract under a 60 day pilot program. Trades submitted to the Exchange as TAS transactions will receive the end of day settlement price as trade price immediately after the spot month has been settled.

The following operational procedures will be in effect during the TAS trading:

Trade Execution

  • TAS trades must be executed utilizing open outcry by bidding or offering openly to the crowd in the ring.


  • TAS trading will only be permitted in the spot month, from 10 a.m. to 2:30 p.m.


  • The Pilot Program will begin on Friday, March 1, 2002 and terminate on Monday, April 29, 2002.


    • Trade Submission

  • Traders must denote the letters TAS in the price column box of the trading card line where the TAS trade appears (see e.g. A-1).


  • The Exchange will keypunch and display each TAS transaction on the TMS ATrade Inquiry@ and ATrade Allocation@ screens using a special trade type of AM@ on each TAS transaction.


    • Trade Prohibitions

  • TAS CROSS TRADES WILL NOT BE PERMITTED.


  • TAS WILL NOT BE PERMITTED ON THE LAST DAY OF TRADING OF THE SPOT CONTRACT MONTH.


  • CROSS TRADES IN THE CLOSING RANGE WILL NO LONGER BE PERMITTED IN ALL CONTRACT MONTHS, WITH THE EXCEPTION OF THE LAST TRADING DAY OF THE SPOT CONTRACT WHERE THERE WILL BE NO TAS.


    • TAS Volume Summaries

  • TAS trade volume will be available for review as a static display on TMS workstations. A requested feature will be added that will post the most current TAS volume on screen. To update the TAS volume totals on TMS the request feature must be reactivated.


  • A wallboard display will be provided on the trading floor, which will show the total TAS volume for a selected commodity.


    • Duration of Trial Period

  • The TAS 60 day pilot program is scheduled to automatically terminate on Monday, April 29, 2002, unless prior to that date and after receiving feed back from the appropriate committees the Board of Directors determines to extend the program.


    • Attachment
    Should you have any questions or require any further information, please contact exchangeinfo@nymex.com