07/22/2003
GENERAL OPERATIONAL PROCEDURES
All Clearing Members and Qualified Floor Traders that carried an options position as of the close of business day prior to the expiration day, or engaged in trading activity on Expiration Day in the expiring options contract will be required to have a knowledgeable, duly authorized on-line trade entry ("OLTE") system trained representative available until released by the Exchange staff. All adjustments and/or corrections, must be accompanied by relevant supporting documentation prior to being incorporated into expiration processing, in essence making the expiration processing an extension of the afternoon trade resolution procedures.
Exchange Clearing (299-2110) and Trade Processing (299-2465 and 299-2044) personnel will be available to assist with the processing of notices of Exercise and Abandonment, position transfers, trade corrections and other questions or problems you may have.
Failure by any Clearing Member or qualified Floor Trader to comply with procedures as outlined herein may result in severe disciplinary action by the Exchange and potential financial liability to customers or members for failure to exercise diligence in the processing of information.
TRADING FLOOR OPERATIONAL PROCEDURES
Trading in the August 2003 Copper, Aluminum, Silver and Gold Options Contracts will cease at 1:00 P.M., 1:10 P.M., 1:25 P.M. and 1:30 P.M. respectively on July 28, 2003.
On Monday, July 28, 2003, all Brokers and Clearing Members must have a duly authorized, On-Line Trade Entry ("OLTE") system trained representative available to review/correct their respective Unmatched, DKed and Spot Month trades; until such time as the Exchange deems necessary.
NOTE: After 3:30 P.M. all expiring option trade data must be inputted on special "OLTE" terminals located in the Trade Processing Room. Any other means of submission will be rejected by the Exchange. Members will be able to submit all other trade data until 4:00 P.M.
A final review of all submissions will be made. The Supervisor of the Trade Processing Room will detain only those Clearing Members and/or Broker representatives involved. All final corrections will be made at this time and upon determination of the Supervisor that all option processing is complete, all representatives will be released.
Exchange Reports based on Monday's submissions and processing will be available on Tuesday morning, July 29, 2003.
CLEARING DEPARTMENT OPERATIONAL PROCEDURES
The Option Expiration process is a screen based process for which all information is provided on the screens on C21 terminals. No Option Expiration Reports will be provided. The following screens will assist you through the Option Expiration process:
OPTION EXPIRATION INQUIRY
Contains position, trade, exercise and do not exercise submission information for each option series.
REVIEW ACCEPT REJECT TRANSFERS
Contains all position transfers "TO" your firm and the status of each transfer.
REVIEW SUBMITTED TRANSFERS
Contains all position transfers "FROM" your firm and the status of each transfer.
EXERCISE NOTICE SUBMISSION
Contains your available long position and an input field to enter the number of long positions you wish to exercise.
DO NOT EXERCISE SUBMISSION
Contains your available long position and an input field to enter the number of long positions you wish to abandon.
POSITION CHANGE SUBMISSION
PCS may be submitted either by manual input or by electronic transmission. Any PCS input on a Clearing 21 terminal will be the input processed by the system. This input may be made at any time prior to 6:45 p.m. Any PCS input via transmission for that contract series will be disregarded.
ALL POSITIONS ARE DEEMED FINAL
Upon completion of all PCS input, all positions will be deemed final.
EXERCISE/ASSIGNMENT INFORMATION
Will be available to you on the Single Position Maintenance window by contract series or the Assignment List window which contains all your Assignments on one window. You will be notified of its availability by C21 E-Mail and by NYMEX Information System. This should occur within 1 hour of the last PCS input.
All Clearing Members are required to have an authorized representative(s) at their C21 workstations in preparation for any communication during the expiration process.
NYMEX INFORMATION SYSTEM
Clearing Members should call the NYMEX Information System at 212-299-2309, Option 2 for messages advising Members of the event status.
Clearing Members should read their C21 E-Mail messages immediately to be aware of event status.
| The standard event NYMEX Information System and/or E-mail messages and the sequence in which they will be announced are: | ||||||||||||||||||||||||||||||||
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| NYMEX Expiration Day Processing Overview of Member Requirements |
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