01/04/2007
Procedures:
All Parties who are eligible for participating as a principal in Block Trades as per Rule 6.21C MUST also be NYMEX ClearPort® Clearing ("CPC") registered. Information on CPC registration can be obtained via the following link: http://www.nymex.com/cp_start.aspx. All CPC brokers may submit Block Trades via the attached form and fax it to the NCS. The form for use in the submission includes all relevant phone and fax numbers at the NCS and can additionally be obtained via the following link: http://www.nymex.com/media/vb_blocksub.pdf
All eligible registered principals who wish to conduct a Block Trade without the use of a registered broker may contact the NYMEX Facilitation Desk ("NFD") at (866) 246-9639 in order to submit Block Trades. All Block Trade submissions will be permitted commencing at 8:00 PM on an Exchange calendar date for the subsequent trade date, through 5:00 PM the next day for the same trade date. No RAV or automated credit/risk limiting facility is in place when the Block Trades are entered by the NCS or the NFD. As such, Clearing Members should review these trades which are coded as type S-BLK through any of the intra-day clearing transmissions made available by NYMEX and may call the NCS within 90 minutes of trade execution time to void a trade. If such a call is made, the NCS will advise the parties that entered the trade and the opposite clearing member that the trade has been voided. All parties will subsequently have the ability to resolve issues around the trade and then resubmit it.
Fees- per contract for the CL side of the spread (a fee waiver is in effect for BB):
- Member - $.40
- COMEX Member/Blended - $1.35
- Non member - $1.35
- S-BLK transactions are NOT eligible for day trade rates
All Block transactions must conform to the minimum size as prescribed by NYMEX (50 in the case of CL-BB). Further, aggregation of orders to meet the minimum Block size requirement is prohibited, except in connection with the activity of registered CTAs.
While all parties to a block transaction must be an Eligible Contract Participant (“ECP”) as that term is defined in Section 1a(12) of the Commodity Exchange Act, all Members of the contract market who maintain trading rights are considered ECPs for purposes of conducting Block Transactions in contracts that are available for trading.
All Block Trades must be submitted to NYMEX within 5 minutes of execution.
NYMEX will price report all block transactions.
All questions concerning operational procedures for submitting permissible Block Transactions should be directed to the NYMEX Customer Service Desk at (800) 438-8616 domestically and (212) 299-2670 for international callers. For all other contract information please call the NYMEX Marketing Hotline at 212-299-2301 or email marketing@nymex.com.