Notice to Members
Notice No. 148 04/15/2004
Exchange Policy Concerning Disposition of NYMEX Division rule 6.40B (Trading at Settlement (Pilot Program)) TAS Trades in the Event of an Emergency Market Close
Please be reminded that, in the event of an emergency evacuation of the building or other emergency closing of NYMEX Division markets such that no two minute closing range period is provided during the open outcry session on that day, Exchange policy is that all NYMEX Division TAS trades executed during that session will be voided because no official Exchange settlement price would have been determined by the Exchange for that trade date. On the other hand, in connection with such an abbreviated trading session, in the event that the Exchange should determine to generate certain price values for Exchange contracts strictly for purposes of margining and marking to market these values would be identified by the Exchange as "Mark to Market" prices, and would not be deemed by the Exchange to be an official "settlement" price for that trade date. With respect to the eligible futures contracts listed in the TAS rule, the TAS procedure generally is not available for the last day of trading in an expiring contract month in an eligible floor-traded futures contract. In this regard, the Exchange has developed new policies to address establishing settlement prices in the event of an emergency for special valuation days, such as the final day of trading in an expiring futures or options contract month. These new policies will be disseminated shortly to the Exchange membership in a follow-up notice to members.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com