06/24/2003
AMENDMENTS TO CAPP COAL FUTURES CONTRACT PRICE LIMITS RULE
(Deletions have astrikethrough; Additions are bold)
(Deletions have a
260.10 Special Price Fluctuation Limits
There are no price fluctuation limits for this contract.
(B) (1) Triggering Event and Temporary Trading Halt. If a market for any contract month is traded or, is bid in the case of upward price moves or is offered in the case of downward price moves, for five (5) minutes consecutively at the upper or lower price limit, as applicable, then a Triggering Event will be deemed to have occurred.
(2) Except as otherwise provided in this rule, as a result of such Triggering Event, the market will be given notice immediately that in two (2) minutes, there will be a ten (10) minute temporary trading halt in all contract months of that futures contract and the associated option contract ("Temporary Trading Halt"). The market will remain open during this two-minute notice period, and the commencement of the Temporary Trading Halt shall not be affected by market activity occurring during this notice period.
(3) Expansion of Limits Following Temporary Trading Halt. Following the end of the 10-minute Temporary Trading Halt, the market shall reopen in all contract months of this futures contract. When trading resumes, price fluctuation limits for each contract month, except as otherwise provided in this rule, shall be expanded to $24.00 per ton above and below the previous day's settlement price for such contract month.
(4) Continually expanding price fluctuation limits. If a Triggering Event occurs at the expanded trading limits, the procedures outlined in subsections (1), (2) and (3) of this section (B) will be followed to expand the limits by an additional $12.00 per ton above and below the previous expansion. This procedure will be applied for all subsequent Triggering Events, and there shall be no limit on the number of Temporary Trading Halts and subsequent expansion of trading limits that may occur in any one trading session.
(C) Duration of Session Following Temporary Trading Halt. When trading resumes after a Temporary Trading Halt, trading generally shall continue until the regularly scheduled closing time subject to the following exceptions:
(1) Commencing at one-half hour before the close of trading for this contract, there shall be no limits on price fluctuations, and thus no further Triggering Events and Temporary Trading Halts.
(D) Application of Price Fluctuation Limits to NYMEX ACCESS®. The limits described in this rule shall apply to trading on NYMEX ACCESS®, except as provided by NYMEX Rule 6.56 and except that:
(1) if the five-minute Triggering Event is completed at any time during the last ten minutes of a NYMEX ACCESS® trading session, there shall be no Temporary Trading Halt and no expansion of price limits during the remainder of such NYMEX ACCESS® trading session, and
(2) there shall be no Temporary Trading Halt during a NYMEX ACCESS® trading session if, in the opinion of the President of the Exchange or his designee, either the Triggering Event was not reflective of otherwise prevailing market conditions or a Temporary Trading Halt is unwarranted.
(E) Exception for Last Three Trading Days of an Expiring Contract Month. Notwithstanding the preceding sections of this rule, there shall be no limitations on price fluctuations for any Coal futures contract month during the entire RTH, but price fluctuation limits shall remain in effect during NYMEX ACCESS® sessions on these three trading days as provided by this rule.