Notice to Members
Notice No. 153 04/07/2005
Matched Orders - Proposed Amendment to COMEX Rule 104.42(c)
At its meeting on March 23, 2005, the COMEX Governors Committee reviewed a request from the Non-Ferrous Metals Advisory Committee to reverse an amendment to COMEX Rule 104.42(c) previously approved by the COMEX Governors Committee. The Board of Directors, on April 7, 2005 approved the recommendation to reverse the Committees’ prior decision, thus maintaining the 29-minute time period wherein an MO can be executed (see paragraph (c) below). All other amendments to Rule 104.42 previously approved remain the same and will be implemented upon the end of the petition period. The proposed amendments to COMEX Division Rule 104.42 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. * * * * * Proposed Amendment to COMEX Division Rule 104.42 - Matched Orders COMEX Division Rule 104.42, Matched Orders (c) Matching of Orders. Subject to sections (a) and (f) of this Rule, a floor member intending to purchase or sell a contract at the market price during the closing period may enter into a transaction, either by trading with another floor member or, subject to Rule 104.24, by means of a cross trade, for which the execution price will be determined as provided in section (d) of this Rule. Any such trading or cross trade (collectively referred to as a "matched order" or "MO") shall be made by open outcry during the five (5) minute period prior to the commencement of the closing period in aluminum futures and during the twenty-nine (29) minute period prior to the commencement of the closing period in copper futures.
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