Notice to Members
Notice No. 273 07/08/2005
Revision to Rule 300.08 – Notice of Exercise
Although the procedures for submitting an option notice of exercise was modified to conform to revisions to the Exchange's trading hours, the underlying rule has never been modified and still reflects the cut-off time which governed before September 11, 2001. The correct cut-off time – 4:30 PM – is published each month in a Notice to Members. At its meeting on July 6, 2005, the Board of Directors approved the revision to Rule 300.08 to correctly reflect the actual procedural cut-off time of 4:30 PM. * * * * * Proposed Amendment to Exchange Rule 300.08 (Italics in bold indicate addition; strikethrough in bold indicates deletion) NYMEX Rule 300.08, Notice of Exercise (A) A notice of exercise shall be effective if it is delivered by a Clearing Member to the NYMEX Clearing House not later than 5:30 4:30 PM, or 45 minutes after the price of the option being exercised or the underlying futures settlement price is posted, whichever is later, on any business day on which an option contract is trading up to and including the expiration date. Notice of exercise shall be given to the Clearing House in such form and manner as the Clearing House shall prescribe. Paragraphs (B) through (H) remain unchanged.
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