Notice to Members
Notice No. 380 09/29/2003
NYMEX Board Extends COMEX Division Proprietary Fee Reduction Program Through December 31, 2003
At its meeting on September 14, 2003, the NYMEX Board of Directors determined to extend the COMEX Division Proprietary Fee Reduction Program ("Program") through December 31, 2003. The Program was originally scheduled to expire on July 31, 2003 and was subsequently extended to September 30, 2003. Please note that the Program will expire on December 31, 2003. COMEX Division Member Firms and individual members who own or ABC Full seats will have their COMEX Division fees reduced by 12 cents per round turn (6 cents per trade side). The aggregate amount to be paid under the program for the period October 1, 2003 through December 31, 2003 is capped at $100,000. In the event that the number of transactions eligible for the program causes the cap to be exceeded, the actual fee reduction per transaction side will be reduced from 6 cents to an amount that causes the aggregate payment under the program to equal $100,000. Because of the aggregate cap, payments to members under the Program can not be made until the actual rate per transaction side is determined. It is therefore estimated that payments for the period October 1, 2003 through December 31, 2003 of Program will be made by January 31, 2004. Accordingly, Clearing Members who clear Member Firm trades should NOT adjust their billing systems. NYMEX will issue payment to such Clearing Members either through a credit to their clearing bill or through a check, whichever is deemed more expeditious when the actual amount of the rate per transaction side is determined. Clearing Members clearing floor members' accounts also should NOT adjust their billing systems for such individual members. NYMEX issues payments directly to individual members based upon their trading activity.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com