Notice to Members
Notice No. 86 02/09/2007
Change in Copper and Aluminum Futures Average Weighted Price ("AWP") Data Captur
As per Notice No. 40, the COMEX Division will begin phasing in the Trade Management System ("TMS") on Monday, February 12, 2007, for Copper and Aluminum Futures and Options. Both Copper and Aluminum futures settle their spot and active months using an average weighted price and currently the data is collected via sellers reporting their outright trades to the podium. Beginning February 12th, sellers will no longer be required to report their trades to the podium; all outright closing trades to be used for the calculation of settlement prices will be captured based on the seller entry of these trades into the TMS system. It is of the utmost importance that all outright trades executed during the closing period are entered into TMS as quickly and accurately as possible. Ten (10) minutes after the close the trade information will be captured for settlement price purposes and all members must insure that all their trades are accurately reflected in TMS. The Exchange podium staff will continue to enter the Copper spot month price and volume that is calculated based on the spot/active month spreads that take place on the floor during the last half hour of trading. The post close session will continue to take place no earlier than fifteen (15) minutes after the close of Copper and no earlier than ten (10) minutes after the close of Aluminum.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com