Attached please find a proposed new COMEX Rule 4.36B, "Exchange of Futures for, or in Connection with, Swap Transactions" which would permit the execution of swap transactions in the Grade 1 Copper Futures Contract in the 13th to 24th contract months. The rule language also stipulates that the EFS program in Copper Futures will continue in effect until terminated by the Board of Directors or its designee. The COMEX Governors Committee has been appointed by the Board of Directors as its designee and that upon the recommendation of the COMEX Governors Committee the EFS program in Copper Futures would be terminated.
The proposed New COMEX Rule 4.36B, "Exchange of Futures for, or in Connection with, Swap Transactions" 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). |
