Notice to Members
Notice No. 588 11/13/2006
Addition of Exchange Staff to COMEX Gold and Silver Futures Settlement Committees
Effective Tuesday, November 14, 2006, Exchange Staff will serve as a voting member with veto authority over the daily settlement prices in the Gold and Silver Futures markets. The inclusion of Staff on the Gold and Silver Futures Settlement Committee is in addition to its current participation in Gold and Silver Options contracts and the High Grade Copper Futures contract. The inclusion of Staff in the settlement processes of COMEX markets has previously been approved by the NYMEX Board of Directors and was handled pursuant to a "Special Matter" under the terms of the COMEX By-Laws in Notice 562 dated December 8, 2005, and was finalized in Notice 05-590 dated December 28, 2005. COMEX Rule 104.89, Settlement Price Committee, is being amended accordingly. Any questions regarding this Notice should be directed to Nancy Minett, Vice President, Compliance, at (212) 299-2940, and Russell Cloughen, Senior Director, Trade Practice Surveillance, at (212) 299-2880. * * * * (Additions are underlined in bold; Deletions are in bold strikethrough.) COMEX Rule 104.89, Settlement Price Committee (A) The Settlement Price Committee, which shall be a Regular Committee, shall consist of such members and permittees as the Chairman may appoint with the consent of the Board. Additionally, one (1) Exchange employee will be a voting member of the Committee in the Silver and Gold Futures and Options Contracts and also the High Grade Copper Futures Contract. The Exchange employees shall have final authority in all instances to veto and override price determinations made by the Committee. The Committee shall be divided into sub-committees for each futures and options contract traded. To the extent possible, each sub-committee shall consist of at least six (6) Members, at least one of whom shall be a Floor Broker, one of whom shall be a Floor Trader, and one of whom shall represent trade interests (either personal, of his employer, or of a substantial customer base). (B) At the conclusion of the RTH trading session on the Exchange Floor each day, settlement prices shall be determined for every contract listed. (C) The Settlement Price Committee, or any subcommittee thereof, shall have the authority to request from any member representing that certain market information should be considered in the determination of a settlement price, such documentation as it deems appropriate including, but not limited to, trading cards and order tickets.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com