Notice to Members
Notice No. 94 03/04/2005
Proposed Amendments to COMEX Division Rules 104.62 and 104.63, Add-In Trades or Deletion Requests
At their respective meetings on March 1 and 2, 2005, the Executive Committee and Board of Directors considered and approved a recommendation from the COMEX Governors Committee for proposed amendments to COMEX Division Rules 104.62 and 104.63 pertaining to add-in trades or deletion requests. The amendments would expand the time in which an add-in or deletion request could be accepted on the floor, and procedures for reviewing such requests. More specifically, the amendment to COMEX Rule 104.62 expands to 60 minutes, from 30 minutes, the time frame for approval of an option transaction add-in or deletion, including one which would create a new daily high or low or new open or close high or low. The amendments to COMEX Rule 104.63 specifically outline the procedures for reviewing such requests and, as amended, would permit, under certain conditions, deletions later than 15 minutes for futures transactions and 60 minutes for option transactions. The proposed amendments to COMEX Division Rules 104.62 and 104.63 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. To view these proposed amendments, click here.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com