The CFTC presently collects EFS information but does not mandate that Clearing Members supply it. CFTC Staff have clarified that the Commission wants firms to report the EFS information and may eventually pass a regulation mandating that it be supplied to them.

The proposed amendments to COMEX Division Rule 4.46(c) affect a “Special Matter” under the terms of the COMEX By-Laws. Accordingly, COMEX Division Members have ten (10) days to submit a petition signed by owners of at least 155 COMEX Division Memberships requesting a vote of the COMEX Division Members to disapprove the amendments, pursuant to the procedures set forth under COMEX By-Law 205(D). If a petition is not received, or if the amendment is not disapproved, it will be submitted to the Commodity Futures Trading Commission.

COMEX Rule 4.46 - Reporting Requirements.

(Bold indicates additions; Strikethrough indicates deletions)

(a) General. For purposes of position computation and reporting, if any person holds or has a financial interest of 10% or more in or controls the trading (directly or indirectly, by power of attorney or otherwise) in multiple accounts, the positions carried in all such accounts shall be aggregated and considered as a single position. Similarly, positions carried in the accounts of two or more persons acting pursuant to an express or implied agreement or understanding as if the accounts were held by a single person shall be aggregated and considered as a single position. The accounts in which all such positions are carried are referred to herein as "affiliated accounts."

(b) Reporting Levels. All positions which equal or exceed the levels prescribed below ("reportable positions") shall be reported to the Exchange:

# of contracts long or short in any

Future one contract month

Gold 200
Silver 150
Copper 100
Aluminum 25

# of any one type of contract

(long call, short call, long put,

Option short put) in any one expiration

Gold 200
Silver 150
Copper 100

(c) Required Reports.

(1) After a position in an account or affiliated accounts reaches the prescribed reporting level, the clearing member carrying the account(s) shall promptly file with the Exchange a facsimile of the CFTC Form 102 prepared for the account(s). If this form identifies the account(s) numerically, the same numerical account identifier shall be used on all position reports relating to the account(s).

(2) A clearing member shall file a report with the Exchange for each business day on which a position is reportable as well as for the business day on which the position falls below the reporting level. Each such report shall separately identify the reportable position as well as the position in all delivery months of futures contracts for that commodity and in all expirations of options for that commodity, by strike price. In addition, for each reportable customer, each such report shall also include all EFP and EFS transactions cleared for each business day. The reporting of EFP and EFS transactions within the Large Trader file format shall identify the reportable customer who executed the EFP/EFS and the kind and quantity of the futures cleared. During the delivery month of a futures contract, the report also shall specify the number of delivery notices stopped and the number of delivery notices issued as of the close of trading on the business day covered by the report. The Exchange also may require, from time to time, the report of additional information, such as traders' intentions, ownership of stocks, as well as other relevant market data.

(3) An omnibus account shall file a report with the Exchange for each business day on which a reportable position is carried in any constituent account or affiliated accounts within the omnibus account as well as for the business day on which the position falls below the reporting level. A foreign broker shall file such reports for reportable positions in any account it maintains, whether proprietary or for customers. Each report filed by an omnibus account or a foreign broker shall include all of the information described in paragraph (2) above. If an omnibus account or foreign broker fails to file such reports when and as required, the clearing member at which the accounts are cleared shall be required to submit the information with respect to the constituent accounts.

(4) All reports required to be submitted pursuant to section (b) of this rule shall be filed via computer transmission or by such other means as may be authorized by the Director of Market Surveillance by 8:00 a.m. on the next business day following the period covered by the report.

(d) Special Call. Upon special call by the Board or the Control Committee, or the Director of Market Surveillance at the request of either the Board or the Control Committee, a member or member firm shall furnish to the Director of Market Surveillance within the time period and in the form specified in such special call, the identity of the beneficial owner or owners of positions in an account or affiliated accounts and such other information relating to the account(s) as may be requested. In the event a member or member firm fails to supply the information when and as requested by the special call, the Board or, upon request and delegation by the Board, the Control Committee may require the member or member firm to liquidate, in whole or in part, the positions in the account or affiliated accounts, or to take such other actions, within such time period and upon such terms, with respect to such account(s) as the Board or the Control Committee may deem necessary or desirable.