03/22/2006
Last November, the Exchange began allowing users who had been granted direct access (Users) to the NYMEX ClearPort® Trading (CPT) system by the Exchange to have connectivity to that platform through a front-end trading application based upon standard FIX protocol. Such FIX front-end trading applications are not provided directly by the Exchange itself. This method of connectivity has provided a complementary alternative to the other means of connecting to CPT through the front-end trading application or graphical user interface, which has been provided directly by NYMEX (the NYMEX GUI).
Since allowing the new means of connecting to CPT, the Exchange has observed that use of FIX GUIs has become the predominant means of connecting to the system.
Accordingly, as part of NYMEX's ongoing efforts to increase the efficiency of its electronic trading systems, the purpose of this notice is to announce that, as of April 23, 2006, NYMEX will: (1) no longer provide and will cease supporting the NYMEX GUI for trading purposes; and (2) similarly no longer provide and will cease supporting risk credit filter or risk allocation value (RAV) functionality for CPT.
A NYMEX-provided RAV filter will continue to be available for NYMEX ACCESS® and for trades executed off-exchange that are submitted to the Exchange for clearing through the NYMEX ClearPort® Clearing Services.
New CPT UsersEffective immediately, the Exchange will only accept Users for the CPT service who will be connecting to CPT through a FIX GUI.
Current CPT UsersThe Exchange has amended the applicable documentation in the Exchange User License Agreement and its Schedules and Appendices (collectively, the "Agreement"). The new version of this documentation has now been posted on the Exchange’s website.
For informational purposes, a link should be found immediately below to a PDF file that provides a blackline comparison of the amendments that have been made to the Agreement:
www.nymex.com/media/user_agre.pdfAs of April 23, 2006, all Users of CPT will need to have FIX-based connectivity to CPT (either through the User's own certified trading application or through a Clearing Member's or ISV's certified trading application) and Clearing Members must utilize a proprietary or ISV provided credit/risk system. (After April 23, 2006, the NYMEX GUI will be available only for administrative functions of CPT users.)
As noted, NYMEX has amended the Agreement to reflect the decommissioning of the NYMEX GUI to CPT (except for administrative functions) and the elimination of RAV for CPT. As a note, the Agreement consists of a main body of general terms and Schedules that pertain to specific services selected by the User.
- CPT Users that are not Clearing Members and previously chose to use RAV will need to execute the PCM Guaranty now contained in Appendix 1 to Schedule A-2 and submit to Customer Service, the Exchange’s service support department for electronic programs at the Exchange.
For informational purposes, a link should be found immediately below to a PDF file:www.nymex.com/media/CPT_PCM_guarantee.pdf
- CPT Users that are not Clearing Members and that wish to continue to utilize the NYMEX GUI to CPT for administrative purposes will need to execute electronically new Schedule A-3 on the NYMEX website.
- Beyond these two steps, Users that are not Clearing Members and that have already established FIX connectivity to CPT do not need to take any other actions.
- By contrast, Users that are not Clearing Members and who have not yet established FIX connectivity to CPT will need to obtain such FIX connectivity and will need to execute electronically Schedule A-2 on the NYMEX website.
Finally, as noted previously, a NYMEX-provided RAV filter will continue to be available for NYMEX ACCESS® and for trades executed off-exchange that are submitted to the Exchange for clearing through the NYMEX ClearPort® Clearing Services.
Further notices will follow detailing the decommission.
If you should have any inquiries please contact Third Party Services at 1-800-275-6215 or via e-mail at thirdpartyservices@nymex.com.