Notice to Members
Notice No. 596 12/29/2005
Addition of Exchange Staff to COMEX Gold Options Settlement Committee
On December 28, 2005, the COMEX Governors Committee elected to install Staff to serve as a voting member with veto authority over the daily settlement prices in the Gold Options market, effective Tuesday, January 3, 2006. The inclusion of Staff on the Gold Options Settlement Committee is in addition to its participation in High Grade Copper Futures, also effective January 3, 2006, and Silver Options which has been in place since November 8, 2004. The inclusion of Staff in the settlement processes of COMEX markets has previously been approved by the NYMEX Board of Directors dependent upon staffing and approval by the COMEX Governors Committee. *       *       *       * (Additions are italicized in bold; Deletions are in bold strikethrough) COMEX Division Rule 104.89, Settlement Price Committee (A) The Settlement Price Committee, which shall be a Regular Committee, shall consist of such members and permittees as the Chairman may appoint with the consent of the Board. Additionally, one (1) Exchange employee will be a voting member of the Committee in the Silver and Gold Options Contracts, and High Grade Copper Futures. The Exchange employees shall have final authority in all instances to veto and override price determinations made by the Committee. The Committee shall be divided into sub-committees for each futures and options contract traded. To the extent possible, each sub-committee shall consist of at least six (6) Members, at least one of whom shall be a Floor Broker, one of whom shall be a Floor Trader, and one of whom shall represent trade interests (either personal, of his employer, or of a substantial customer base). (B) At the conclusion of the RTH trading session on the Exchange Floor each day, settlement prices shall be determined for every contract listed. (C) The Settlement Price Committee, or any subcommittee thereof, shall have the authority to request from any member representing that certain market information should be considered in the determination of a settlement price, such documentation as it deems appropriate including, but not limited to, trading cards and order tickets.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com