09/18/2003
The migration of accounts:
Since accounts in NYMEX ACCESS® do not have an owner firm attached to them and since the Enterprise Account Manager, which NYMEX ClearPortsm applications use for account maintenance, requires an account owner for each account, the Exchange has developed a strategy to have each clearing member's accounts "owned" by a fictitious firm that resembles a public customer firm. In other words, for each clearing member, the Exchange has created a mirror public firm with the name "
Changing the owner of a NYMEX ACCESS® account once it has been migrated:
If the account is actually for the benefit of a public customer who does not need direct access to the system for the entry of orders and thus would not be seeking to register as a trading firm on CPT, then there is no reason to change the "owner" of the account from the clearing member holding company designation. The clearing member's customer holding firm can continue to be listed in the Enterprise Account Manager as the owner of the account and any brokerage done for the account will be billed at the non-member public customer rate.
If an account is instead for the benefit of a member of NYMEX or COMEX, then, in order to get the benefit of member rates, the member must register for CPT and the account must be changed in the Enterprise Account Manager to be owned by the member. This must happen even if the member does not intend to trade directly on the system because the Exchange looks to the member status of the owner firm of an account to determine the proper billing fee that would apply to any trades done for an Enterprise Account Manager account.
Finally, if the owner of an account, e.g., a non-member firm, would like to trade on the CPT system directly for the benefit of that firm's account and such a firm registers with the Exchange as an authorized CPT "User", then the migrated NYMEX ACCESS® account must have its ownership changed to the registered CPT firm in order that the "user agents" of the registered CPT firm can trade for the account. If both of these steps do not happen (registration as a CPT user and change of ownership of the account in the Enterprise Account Manager database), then only the clearing member granting the account would be able to broker for the account and the actual owner of the account would not have trading rights to the account.
Accounts, limits and product permissions that will or will not be migrated:
- If an account is marked deleted in NYMEX ACCESS® , it will not be migrated;
- If an account is a duplicate of an account that already exists in the Enterprise Account database, it will not be migrated;
- If an account is marked inactive in NYMEX ACCESS® , it will be migrated;
- If an account is permissioned to trade a product in NYMEX ACCESS® , then that product permission will be migrated to the Enterprise Account Manager;
- If an account has position limits associated to products in NYMEX ACCESS® , those position limits will be migrated to the Enterprise Account Manager; and
- If an account is migrated from NYMEX ACCESS® to the Enterprise Account Manager, its dollar RAV limit also will be migrated.
Should you have any questions or need assistance, please contact the Exchange Customer Service Call Center toll-free at 1-800-438-8616 or 212-299-2670, or via email at custcare@nymex.com