Notice to Members
Notice No. 216 04/20/2007
Rule Amendment to the NYMEX Russian Export Blend Crude Oil (REBCO) Contract related to the Delivery Procedures
The Exchange will amend the delivery procedures for the NYMEX REBCO Futures Contract to allow the buyer to select the timing of delivery within either the first half or second half of the delivery month. The rule amendment appears below. This rule amendment will become effective on Monday, April 23, 2007. Rule Amendment (Italics indicate insertion, and strikethrough indicates deletion) NYMEX REBCO Futures Contract Appendix A, Rule 4.1 4. DELIVERY PERIOD AND SCHEDULE 4.1 The delivery under the present Contract shall take place within the Month of Delivery and the Seller shall communicate to the Buyer a delivery laycan and the quantity to be delivered not later than 15 Days preceding the first day of the nominated delivery laycan. The delivery under the present Contract shall take place within either the first half (1st - 15th) or second half (16th - end) of the Month of Delivery in the option of the Buyer who has the right to nominate the vessel for loading at Primorsk as per terms and conditions of the NYMEX REBCO Futures Contract. The Buyer shall communicate to Seller no later than 8:00 P.M. Moscow time three business days after the final day of trading of the Month of Delivery in which half of the Month of Delivery it intends to take delivery. Seller shall then communicate to the Buyer a delivery Laycan falling entirely within the Buyers nominated delivery range as per the above, and the quantity to be delivered not later than 15 days preceding the first day of the nominated delivery Laycan. The remaining rule sections are unchanged and can be viewed at the following link: http://www.nymex.com/rule_main.aspx?pg=30
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com