Notice to Members
Notice No. 216 08/06/2002
EFM Reminder
NYMEX Rule 6.21E established a procedure for an exchange of NYMEX futures for NYMEX e-miNY futures (or "EFM"). The EFM allows two parties to simultaneously offset e-miNY and Big positions through a non-competitive, negotiated transaction. EFM's must be executed in the established 5:2 ratio and can be arranged and executed in two ways. 1. Your Clearing Member can assist in finding a counterparty and then direct the counterparties to one another or 2. The desire to execute an EFM can be openly expressed in the trading pit and a counterparty can be located through the open outcry method. Please remember that while EFM's are always executed in the pit, they MUST be brought to the NYMEX Trade Processing Area. DO NOT SUBMIT EFM PIT CARDS TO THE PIT.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com