Notice to Members
Notice No. 276 07/02/2003
Approved Amendments to NYMEX Rules 6.21 and 6.21A and to the Final Settlement Rules of the Exchange's Cash-Settled Natural Gas Basis Contracts
The Exchange has determined to implement rule amendments that are now in effect to the following rules NYMEX Rule 626.07: ("Final Settlement") (for the Exchange's NGPL LA Basis Swap (Platts IFERC) natural gas basis futures contract; NYMEX Rule 6.21 ("Exchange of Futures for, or in Connection with, Product"); and NYMEX Rule 6.21A ("Exchange of Futures for, or in Connection with, Swap Transactions (Pilot Program)"). Briefly, the amendments to Rule 6.26.07 provide that whenever the reference price used by the Exchange for final settlement of this contract is not available, the NYMEX President (or the President's designee) shall determine a final settlement price for that contract based upon the best information available at that time. The amendments to NYMEX Rules 6.21 and 6.21A NYMEX Rules 6.21 and 6.21A extend the deadline for execution of EFP and EFS transactions in each cash-settled natural gas basis contract by allowing such transactions to be posted until 2:30 pm on the second business day following the last trade date. In addition to the rule amendments that are now in effect, the Exchange is making amendments to the final settlement rules of every cash-settled natural gas basis contract other than the NGPL LA Basis swap futures contract. The amendments to the settlement rules of these other basis contracts are parallel to the amendments made to the final settlement rule for the NGPL LA Basis contract, and all of these other amendments will become effective tomorrow, Thursday, July 3, 2003.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com