11/17/2004
(Additions are in boldface.)* * *
NYMEX 2.23 Financial Requirements of Floor Members
(A) Except as otherwise provided in this Rule 2.23, each Floor Member must have, and at all times maintain, fifty thousand dollar ($50,000) equity value in a trading account with the qualifying Clearing Member.
(B) For the purposes of Rule 2.23, 2.27 and 2.30(B), the account equity value requirement of Subsection A of this Rule 2.23 shall be completely waived, for each membership owned and held by such Member; provided, however, that
(i) if the then current membership market value is less than fifty thousand dollars ($50,000), account equity value requirements shall be partially waived to the extent of eighty percent (80%) of the current market value of each membership owned and held by such member, or(C) For the purposes of Rules 2.23, 2.27 and 2.30(B), the account equity value requirements set forth in Subsection (A) of this Rule 2.23 shall be completely waived:
(ii) if the membership owned by a Floor Member is security or collateral for an outstanding loan registered with the Membership Secretary, the Floor Member must have and continuously maintain with the qualifying Clearing Member a trading account with an equity value in an amount equal to that required under the terms of the loan.
(i) for a Floor Member who holds a membership pursuant to a financing agreement, under Rules 2.60 and 2.61 from a member firm only, on a "fully valued Exchange membership" in form approved by the Exchange and filed with the membership secretary; or(D) For purposes of this Rule 2.23 a "fully valued Exchange Membership" shall be defined as (1) one then valued at fifty thousand dollars ($50,000) or (2) where the sum of eighty percent (80%) of the then current market value plus the equity value in the holder's trading account at a qualifying Clearing Member, shall equal or exceed fifty thousand dollars ($50,000).
(ii) for a Floor Member who maintains bona fide full time employment with a Member Firm meeting the capital requirements of Rule 2.14, which agrees in form approved by the Exchange and filed with the Membership Secretary, to guarantee any obligations of the employee Floor Member to the Exchange or otherwise arising out of the transaction of business on the Exchange.
(E) For purposes of this Rule 2.23, a person who is only a holder of a NYMEX Europe Trading Permit as provided for in Rule 2.74 and does not otherwise qualify for membership must have, and at all times maintain, twenty-five thousand dollar ($25,000) equity value in a trading account with the qualifying Clearing Member.
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