Notice to Members
Notice No. 529 11/18/2005
Reminder: NYMEX miNY™ Error Trade Policy
As previously announced, beginning Sunday, November 20, 2005 at 7:00 PM (New York time), the Exchange will commence the first electronic trading session on the NYMEX ClearPort® Trading system for the NYMEX miNYTM futures contracts, QM (NYMEX miNY™ Light, Sweet Crude Oil Futures) and QG (NYMEX miNY™ Henry Hub Natural Gas Futures). Consequently, this notice is to serve as a periodic reminder (to users of either Exchange electronic trading system) of the NYMEX Electronic Trading Error Trade Procedures but also to clarify the application of that policy with respect to the NYMEX miNY™ futures contracts. The complete Electronic Trading Error Trade Procedures can be found in Exchange Rule 11.63 at the NYMEX website, http://www.nymex.com/rule_main.aspx The following bullet points highlight several key features of this error trade policy in relation to the trading of the NYMEX miNYTM contracts on NYMEX ClearPort® Trading: A potential error trade must be brought to the attention of the NYMEX Customer Service Call Center (NCSCC) at 1-800-438-8616 within ten (10) minutes after the trade occurs. Only registered "Users" of the NYMEX ClearPort® Trading System or registered FIX Site Representatives may contact the NYMEX Customer Service Call Center with an error trade. By contrast, if you are a customer of a User and that User utilizes a proprietary or third-party front-end trading application (that provides a FIX connection to NYMEX ClearPort® Trading); please contact your registered FIX Site Representative to communicate on your behalf to NCSCC any error trade that you wish to have reviewed. The NCSCC representatives will only accept calls from and make calls to (1) registered NYMEX ClearPort® Trading Users or (2) registered FIX Site Representatives. A reported NYMEX miNY™ futures contract error will be eligible for review by the Electronic Trading Review Committee if it is six (6) ticks or more away from fair market value, as determined by the NCSCC. Note that one tick in the NYMEX miNY™ Crude Oil contract equals .025 cents and one tick in the NYMEX miNY™ Natural Gas contract equals .005 cents. Therefore, a reported error trade is eligible for error trade review if it is 15 cents or more away from fair market value for the NYMEX miNY™ Crude Oil contract or .03 cents or more away from fair market value for the NYMEX miNY™ Natural Gas contract.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com