07/26/2006
Please be reminded that Membership privileges such as discounted Clearing & Exchange fees and margin rates only pertain to trading accounts that are owned 100% by a NYMEX and/or COMEX Division Member. Set forth below are the requirements relative to certain types of trading accounts:
- Trading accounts of wholly or partially owned subsidiaries, affiliates or parents of Member Firms are considered non-member accounts unless such subsidiary, affiliate or parent are also Member Firms.
- Corporate accounts where the corporation is owned by a sole shareholder that is a Member are considered non-member accounts unless such corporations are also Member Firms.
- Partnership accounts in which a partner or partners are Members are considered non-member accounts unless such partnership is also a Member Firm.
- Omnibus accounts initiated by a Member Firm are considered non-member accounts except to the extent that the applicable Clearing Member can demonstrate that the contracts being cleared are for the sole benefit of Members.
- Joint accounts in which any party to said account is not a member are considered non-member accounts.
- NYMEX Equity Holder accounts (Members who lease their original membership) are considered non-member accounts.
- COMEX Option Member accounts are considered non-member with respect to all futures contracts cleared for such accounts.
- NYMEX Lessees and COMEX Licensees that fail to maintain $50,000 and $25,000 in net liquidating equity, respectively, are considered non-member accounts with respect to any contracts executed off the floor.
- Trust Accounts are considered non-member accounts unless the Beneficiary is a Member.