Notice to Members
Notice No. 165 04/28/2004
Amendments to NYMEX Division Rule 9.27, Expiration and Current Delivery Month Position Limits
The Executive Committee approved revisions to NYMEX Rule 9.27, which modify the position limits for Cash-Settled Natural Gas contracts and two petroleum swap futures contracts to limits which more realistically reflect volume at the underlying delivery points, effective immediately. Note that any customer presently holding positions which conform to previous limits and that are adversely affected by the revised limits will be allowed to adhere to the previous limits for the present expiration period only. 9.27 Expiration and Current Delivery Month Position Limits or Position Accountability (A) No person may own or control a net long position or a net short position in the expiration or current delivery month (as defined in this Rule 9.27 for energy and metals contracts respectively) in excess of the levels set forth in this Rule 9.27. (B) The expiration position limits for energy contracts set forth below are effective on the open of trading of the last three trading days of the futures contract. The expiration position limits shall be calculated on a net futures-equivalent basis. For purposes of this rule, a Crude Oil e-miNY(sm) contract shall be deemed equivalent to .50 of a Crude Oil light sweet future cited below. A Natural Gas e-miNY(sm) shall be deemed equivalent to .50 of a Natural Gas future cited in (x) below. The expiration position limits for energy futures contracts are listed here.
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