03/01/2007
Business for Gold products will continue to be conducted on the existing COMEX On-Line Trade Entry ("OLTE") system. A future notice will be released to inform you of the next phase of the NYMEX ClearPort® TMS launch.
Accordingly please make note of the following with regard to new as-of processing procedures (similar to those currently used on the NYMEX trading floor), related to the phased in markets.
As-of processing for voids, price changes and adds (new trades) will become the responsibility of the broker's clerk. However, Clearing Members will still need to communicate to their brokers the trade details necessary to facilitate as-of trade resolution.
An as-of form, available at the Trade Processing Room, must be completed and signed by both brokers or their authorized representatives (see examples). Supporting documentation will be required (trading cards and order tickets) of which copies will be made and archived.
Exchange staff will process the as-of's in TMS; brokers and their clerks should verify all processing by reviewing their screens.
Current cancel/as-of functionality used by Clearing Members to transfer trades from one Clearing Member to another will continue to be accomplished by Clearing Members; however, they will be able to use the more efficient functionality available through TMS, whereby transfers can be accomplished easily on the subsequent four (4) as-of dates.
During the TMS implementation periods it should be understood that current procedures will apply for markets still utilizing OLTE.
Please be reminded that as-of processing must be accomplished in a timely and efficient manner and failure to do so will result in disciplinary action.