11/12/2003
Specifically, in Section (B), the number of ticks from market for Electricity under the heading "Products Traded on an Alternative Electronic Trading System" has been increased from 12 ticks to 30 ticks. The specific amount of ticks from market defines a range outside which a trade may be reviewed as a potential error.
RULE 11.63 – Electronic Trading Error Trade Procedures
(bold indicates additions;strikethrough indicates deletions)
(bold indicates additions;
(A) Whenever an Electronic Trader or Authorized Terminal User believes that he or she executed a trade through NYMEX ACCESS® or through an Alternative Electronic Trading System in error as a result of an error ("Error"), the Electronic Trader or Authorized Terminal User or a representative of the firm that is a party to the trade must contact the NYMEX Customer Service Call Center ("NCSCC") immediately. For the purposes of this rule, the term "Alternative Electronic Trading System" shall mean any electronic trading system other than NYMEX ACCESS® on which NYMEX Division or COMEX Division products are traded, but not including GLOBEX®.
(B) If a potential user Error is observed by or brought to the attention of the NCSCC within ten (10) minutes after the trade occurs, the following procedures will apply:
(1) The NCSCC staff will determine whether the trade price is less than the number of ticks set forth below away from the fair market value as determined by the NCSCC. In determining the fair market value, the NCSCC will consider the notional settlement price, the actual settlement price, the last traded price, a better bid or offer price, or any other information the NCSCC staff deems relevant. If the trade price is within the relevant range, then the trade will stand.
| Contract Outrights | # Ticks From Market | Minimum Tick Size | $ per Tick |
| CL | 10 | 0.01 | 10.00 |
| HO | 25 | 0.0001 | 4.20 |
| HU | 25 | 0.0001 | 4.20 |
| NG | 20 | 0.001 | 10.00 |
| PN | 25 | 0.0001 | 4.20 |
| PL | 20 | 0.10 | 5.00 |
| PA | 10 | 0.05 | 5.00 |
| QL | 10 | 0.01 | 15.50 |
| GC | 10 | 0.10 | 10.00 |
| SI | 4 | 0.005 | 25.00 |
| HG | 10 | 0.0005 | 12.50 |
| AL | 5 | 0.0005 | 22.00 |
| JM | 12 | 0.05 | 42.00 |
| Intra-Commodity Spreads | # Ticks From Market | Minimum Tick Size | $ per Tick |
| CL | 4 | 0.01 | 10.00 |
| HO | 10 | 0.0001 | 4.20 |
| HU | 10 | 0.0001 | 4.20 |
| NG | 5 | 0.001 | 10.00 |
| PN | 10 | 0.0001 | 4.20 |
| PL | 10 | 0.10 | 5.00 |
| PA | 5 | 0.05 | 5.00 |
| QL | 10 | 0.01 | 15.50 |
| GC | 5 | 0.10 | 10.00 |
| SI | 10 | 0.001 | 25.00 |
| HG | 2 | 0.0005 | 12.50 |
| AL | 5 | 0.0005 | 22.00 |
| JM | 12 | 0.05 | 42.00 |
| Inter-Commodity Spreads | # Ticks From Market | Minimum Tick Size | $ per Tick |
| CL / HO | 5 | 0.01 | 10.00 |
| CL / HU | 5 | 0.01 | 10.00 |
| HO / HU | 25 | 0.0001 | 4.20 |
Products Traded on an Alternative Electronic Trading System (categorized generically by commodity and by unit size)
| Product (Unit Size) | # Ticks From Market |
| Crude Oil and Crude Products (1,000 Barrels) | 10 |
| Crude Oil and Crude Products (42,000 Gallons) | 24 |
| Natural Gas | 16 |
| Electricity |
(Remainder of the Rule remains the same.)