08/03/2006
Amendment to Exchange Rule 3.20 Floor Committee
[Bold/Italics indicates additions.]
(A) The Floor Committee shall be a Regular Committee and shall consist of such number of Floor Members and NYMEX staff members as the Chairman may appoint, subject to the approval of the Board.
(B) The Floor Committee shall:
(i) Resolve any disputes arising out of bids or offers by action of any member of the Committee without notice to other members of the Committee.
(ii) Supervise practices relating to bids or offers and take steps to avoid disruptive practices or practices inconsistent with orderly trading procedures.
(iii) Supervise the conduct of members and others on the Floor of the Exchange and maintain good order and decorum.
(iv) Have such other powers as may be set forth in the Bylaws and Rules and such other functions as may be delegated to it by the Board.
(C) The Chairman of the Floor Committee shall designate a Ring Chairman for each trading ring on the Exchange. The Ring Chairman for all Class A Member products will be a Class A Member. The Ring Chairman for all COMEX Division products will be a COMEX Division Member. With respect to service on the Floor Committee by Floor Members, the Ring Chairman will recommend to the Chairman of the Committee members to serve in each trading ring. Although NYMEX staff members on the Floor Committee may not serve as a Ring Chairman, such staff members nonetheless shall be permitted to attend and to vote at Ring Chairman meetings, as well as at regular meetings of the full Floor Committee. Where a decision of the Floor Committee is contested, in those markets where the Floor Committee includes members of Staff, Staff members on the Floor Committee will have the authority to review and modify or uphold decisions made by the Floor Committee, in accordance with procedures established by the Floor Committee.