Notice to Members
Notice No. 292
07/16/2003
Proposed Amendments to COMEX Rule 13.12 - Delivery of Gold, COMEX Rule 12.16 - Delivery of Silver, Resolution - .10 Interpretation of Term "Bar List", and COMEX Rule 11.45 - Delivery Against Grade 1 Copper Contract
Attached please find proposed amendments to COMEX Rule 13.12 - Delivery of Gold, COMEX Rule 12.16 - Delivery of Silver, Resolution - .10 Interpretation of Term "Bar List", and COMEX Rule 11.45 - Delivery Against Grade 1 Copper Contract be amended to permit deliveries against the COMEX Division's Gold, Silver and Copper Futures Contracts to take place at the Exchange in addition to such location as may be mutually agreed upon by the Clearing Member taking delivery and the Clearing Member making delivery.

In addition, the proposed rule amendments specify that payment will be made by the electronic transfer of federal funds instead of by certified check.

The proposed amendments to COMEX Rule COMEX Rule 13.12 - Delivery of Gold, COMEX Rule 12.16 - Delivery of Silver, Resolution - .10 Interpretation of Term "Bar List", and COMEX Rule 11.45 - Delivery Against Grade 1 Copper Contract affects a "Special Matter" under the terms of the COMEX By-Laws. Accordingly, COMEX Division Members have ten (10) days to submit a petition signed by owners of at least 155 COMEX Division Memberships requesting a vote of the COMEX Division Members to disapprove the amendments, pursuant to the procedures set forth under COMEX By-Law 205(D). If a petition is not received, or if the amendment is not disapproved, it will be submitted to the Commodity Futures Trading Commission (CFTC).

If you have any questions, please contact Dawn Lowe at 212-299-2370, Donna Talamo at 212-299-2372 or Albert J. Getz at 212-299-2608.


Proposed Rule Amendments to Metals Delivery Rules.

(Bold indicates additions; strikethrough indicates deletions)

GOLD FUTURES CONTRACT

COMEX Rule 13.12 – Delivery of Gold

(e) The member to whom delivery is made shall at once make payment to the member making delivery by the electronic transfer of federal funds ("payment"). a certified check drawn upon a bank in the City of New York or, if mutually agreed upon, effect payment by federal funds money wire. Payment shall be made upon the basis of the weight as certified in the weight certificate for the lot and the fineness of such gold up to 9999 fine as stamped on the bars.

(h) Each delivery of gold in fulfillment of an Exchange contract and the delivery of any invoices required in connection herewith shall be made at the Exchange or such location as may be mutually agreed upon by the Short and Long Clearing Members. member making delivery and the member taking delivery. Any delivery pursuant to the previous sentence shall be made and accepted between the hours of 12:00 noon and 2:00 p.m. on the day of delivery. The Exchange shall not be liable or responsible for any failure to make or take delivery at such other location or for any other act or omission which can or may occur in connection therewith.

The remainder of rule is unchanged.


SILVER FUTURES CONTRACT

COMEX Rule 12.16 – Delivery of Silver

(h) Each delivery of silver in fulfillment of an Exchange contract and the delivery of any invoices required in connection herewith shall be made at the Exchange or such location as may be mutually agreed upon by the Short and Long Clearing Members. member making delivery and the member taking delivery. Any delivery pursuant to the previous sentence shall be made and accepted between the hours of 12:00 noon and 2:00 p.m. on the day of delivery. The Exchange shall not be liable or responsible for any failure to make or take delivery at such other location or for any other act or omission which can or may occur in connection therewith.

The remainder of the rule is unchanged.

Resolution - .10 Interpretation of Term "Bar List"

(f) The member to whom delivery is made receiving the warehouse or vault receipt shall at once make payment to the member making delivery by the electronic transfer of federal funds ("payment"). presenting the same, by a certified check drawn upon a bank in the City of New York or, if mutually agreed upon, effect payment by federal funds money wire. Payment shall be made upon the basis of the weight stamped upon the bars delivered. If the material is stamped in kilos and the total weight as shown by the depository on the receipt is in kilos, then the total kilo weight should be converted to ounces for the purposes of determining the billable weight.


COPPER FUTURES CONTRACT

COMEX Rule 11.45 – Delivery Against Grade 1 Copper Contract

(d) When delivery of copper is made outside the City of New York, the documents required by the By-Laws, Rules and Regulations of the Exchange for such delivery shall be delivered by the seller to the buyer at the Exchange or such location as may be mutually agreed upon by the Short or Long Clearing Members. member making delivery and the member taking delivery.

(i) When documents are presented, the buyer shall at once make payment by bankers certified check to the delivery member or, if mutually agreed upon, effect payment by federal funds money wire to the delivery member. The member to whom delivery is made shall at once make payment to the member making delivery by the electronic transfer of federal funds ("payment").

(m) Each delivery of copper in fulfillment of an Exchange contract and the delivery of any invoices required in connection herewith shall be made at the Exchange or such location as may be mutually agreed upon by the Short and Long Clearing Members. member making delivery and the member taking delivery. Any delivery pursuant to the previous sentence shall be made and accepted between the hours of 12:00 noon and 2:00 p.m. on the day of delivery. The Exchange shall not be liable or responsible for any failure to make or take delivery at such other location or for any other act or omission which can or may occur in connection therewith.

The remainder of the rule is unchanged.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com