11/29/2006
Rule 104.07: Forms of Orders. The rule is amended to address the inclusion of choice of trading forum as an order term. Significant issues addressed include the absence of a customer’s instruction regarding forum, the exercise of discretion in choosing forum, and how forum choice is to be dealt with in order ticket preparation.
Rule 104.23: Solicitation of Orders. Amendments to this rule clarify that while solicitation of orders continues to be prohibited in open-outcry unless the order to be matched against a solicited order has been announced in the ring, pre-execution discussion of orders would be permitted for electronic executions, in accordance with Rule 11G.19.
Rules 104.46 – 104.48. Rules relating to position reporting, position limits, and position accountability are being deleted in favor of similar provisions added to Chapter 9 of the Rulebook.
Rules 104.91 – 104.94A. Rules concerning calculation of settlement prices in COMEX Division contracts are being amended to include electronic trades in such calculations.
Rule 11G.19: Permissible Pre-Execution Discussions. A Globex® User would be permitted to agree in advance with another Globex® User to take the opposite side of an order, provided that five (5) seconds must elapse between the entry of the relevant orders in the system.
Futures Transactions: Subject to certain conditions, transactions will be permitted whereby miNY Futures may be exchanged, via two discrete but related transactions, for full-size futures contracts on the same underlying commodity, in a ratio designated by the Board of Directors.