Notice to Members
Notice No. 441
11/25/2003
Approved Amendment to COMEX Rule 12.11, "Weighing of Silver Bars Bearing Approved Brands" of the Silver Futures Contract.
The Exchange has complied with regulatory requirements by filing with the Commodity Futures Trading Commission notification of amendments to COMEX Rule 12.11, “Weighing of Silver Bars Bearing Approved Brands” of the Silver Futures Contract. The approved amendments require that Licensed Weighmasters weighing silver bars for delivery against the Silver Futures Contract inscribe its identification stamp on the silver bar, thereby creating a permanent record indicating the name of the Licensed Weighmaster. Silver bars placed in tenderable condition prior to the effective date of the rule amendment with a separate bar number incised thereon will continue to be acceptable for delivery.

The approved amendment, which is effective Monday, December 1, 2003, is below.

APPROVED AMENDMENTS TO
COMEX RULE 12.11: WEIGHING OF SILVER BARS BEARING APPROVED BRANDS
(Underlining indicates additions/strike through indicate deletions)


Any lot of silver which does not have the bar weights stamped or incised on the bars by the refiner, and which is identified by a refiner’s bar list without indicating or specifying the bar weights, but which is otherwise qualified for delivery on Exchange contract, may be put in tenderable condition for such delivery by the following procedure:

(a) The silver must be weighed by an Exchange licensed weighmaster.

(b) The weight of each bar and a separate bar and a separate bar number the identification stamp of the licensed weighmaster must be incised thereon with an appropriate tool which will create a permanent record on each bar.

(c) The weight so marked on each bar shall be to the nearest 1/10th of an ounce.

(d) The weighmaster shall prepare a certificate stating the procedures which he has followed, and said certificate shall be attached to the itemized bar list identifying the bars by number and weights of each.

(e) In all cases in which weighmaster’s certificate is attached to the bar list, the owner of the silver shall add a notation to the bar list giving the name of the weighmaster and stating that the numbers and weights of the bars shown thereon were determined by said weighmaster whose certificate has been attached to the bar list.

(f) The bar list, supplemented by the weighmaster’s certificate, shall be deemed in compliance with the requirements of Rule 12.16(b) on a delivery of the lost of silver on a Commodity Exchange, Inc. contract.

(g) For all silver placed in tenderable condition prior to (the effective date of the amended rule), a separate bar number incised there on with an appropriate tool will be acceptable in lieu of the identification stamp of the licensed weighmaster.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com