Effective for trade date Monday, August 20, 2007, these amendments to the NYMEX
rules, which address EFP, EFS, EOO and Block Trade procedures, add the ability
of market participants to post the transactions via the NYMEX ClearPort® Clearing
Trade Entry Portal (see Notice to Members 07-393 dated August 10, 2007). In addition
to the flexibility cited above, the amendments also streamline the cumbersome
language of the existing rules (housekeeping type amendments) and delete certain
restrictions on the use of EOO transactions:
Details are as follows:
- Rule 6.21, Exchange of Futures for, or in Connection with, Product,
is modified to delete specific references to certain contracts such as PJM electricity
and to substitute the more general language referencing eligible contracts,
incorporate specific references to the Globex platform, and streamline language
regarding timing of posting of Exchanges of Futures for Physical ("EFP")
transactions.
- Allow for CPC Trade Entry Portal submission of EFP transactions in
All NYMEX Division physical delivery futures contracts which include Crude Oil
(CL), Natural Gas (NG), Heating Oil (HO), and New York Harbor Gasoline Blendstock
(RB) [temporarily excluding Platinum (PL), Palladium (PA), and Propane (PN)].
Where applicable, existing procedures for floor submission of EFPs in these
products will continue. The NYMEX Customer Facilitation Desk will accommodate
phoned-in EFP transactions for registered parties and will input them for an
additional fee.
- EFP trade type will be available through the CPC Trade Entry Portal
for the traditional NYMEX ClearPort® Slate of Products (i.e., Natural Gas
Basis, Swing and Index contracts). Again, similar to existing practice regarding
EFS processing in this product grouping, the NYMEX Customer Facilitation Desk
will accommodate phoned-in EFP transactions for registered parties and will
input them for an additional fee.
______________________________________________________________________________
- Rule 6.21A, Exchange of Futures for, or in Connection with, Swap Transactions,
is modified to incorporate specific references to the Globex platform, eliminate
redundant specific contract references, and replace them with a more general
reference to eligible contracts.
______________________________________________________________________________
Rule 6.21C, Block Trades, incorporates syntactical amendments.
- Allow for CPC Trade Entry Portal submission of Block Trades in all
approved NYMEX Division futures contracts (NYMEX Rule 6.21C). Please note that
existing fax submission procedures related to Block Trades which are currently
administered by the NYMEX Customer Facilitation Desk will be terminated in conjunction
with this expansion.
______________________________________________________________________________
- Rule 6.21F, Exchange of OTC Energy Options for, or in Connection with,
NYMEX Energy Options, is modified to remove the restriction on establishing
an options position by both buyer and seller via EOO on the first business day
following the expiration of a NYMEX contract, remove the EOO reporting requirement
for Clearing Members, omnibus accounts and foreign brokers, and remove the prohibition
against linked or contingent EOO transactions.
All Rules follow. Click
Here to view amendments. |