02/11/2002
The main effect of the rule changes is to permit, subject to system capacity constraints, an expansion in the number of authorized terminal users for an Electronic Trader and also to permit an expansion in the number of simultaneous log-ins for an Electronic Trader.
In addition, as detailed below, the rule changes simplify and streamline the process of becoming an Electronic Trader.
Please be advised that, at this time, the restrictions on electronic trading privileges will continue in effect until further notice for COMEX Members and Member Firms as well as for individuals and firms leasing electronic trading privileges from COMEX Members and Member Firms.
A separate notice to members will be distributed shortly that will address the Exchange's pricing policy for NYMEX ACCESS® as well as the treatment of existing leases for NYMEX Division electronic trading privileges.
Non-COMEX Individuals and Firms Already Designated as Electronic Traders
Expanding the Number of Terminal Operators
If you or your firm want to have additional employees serving as terminal operators, Exchange staff will process these requests on an expedited basis by using new procedures that eliminate the need for a formal application and separate financial guarantee for each terminal operator. Please contact the Exchange's Customer Service Center at 1-800-438 8616.
Expanding the Number of Simultaneous Log-Ins
The number of terminal operators logged onto the system at the same time will no longer be strictly limited by the number of electronic trading privileges that you own or have leased.
Instead, you may contact the Customer Service Center at 1-800-438 8616 to request an increase in the number of simultaneous log-ins by making such a request on company letterhead signed by an officer of the company. Such increases are available on a limited basis and so will be determined by the Exchange in its sole discretion as capacity permits.
Non-COMEX Individuals and Firms Not Already Designated as Electronic Traders
If you or your firm is not already designated by the Exchange as an "Electronic Trader," you need only complete the following three steps:
(1) Sign and return to the Customer Service Center the NYMEX ACCESS® System User Agreement;
(2) Sign and have a Clearing Member execute a NYMEX ACCESS® Primary Clearing Guarantee and return it to the Customer Service Center; and
(3) Complete an on-line training program found at www.nymex.com/access.
After those steps are completed and you or your firm is added to the system as an Electronic Trader, you may request additional simultaneous log-ins and additional terminal operators in the same manner and under the same conditions described above.