Notice to Members
Notice No. 241 05/03/2007
Housekeeping Amendments to NYMEX Rule 9.04(P), Concurrent Futures Positions, and NYMEX Rule 9.04(R), Submission of Long Open Interest Report
Effective May 7, 2007, the amendments to NYMEX Rules 9.04(P) and 9.04(R) are housekeeping in nature and align the Exchange system's time for submission of Long Open Interest Reports for Futures and Options to 10:00 AM. * * * * (Strikethrough in bold indicates deletion; italics in bold indicates addition.) Rule 9.04, Clearing Procedure (P) Concurrent Futures Positions (1) Concurrent long and short futures positions in the current delivery month may not be offset by netting, transfer, expit, adjustment or any other bookkeeping procedures, but each side must be offset by normal floor or electronic transactions in accordance with Exchange Rules. Provided, however, that a clearing member will be exempt from this requirement if: (i) one side of the concurrent position is established the business day prior to the date that the offset memoranda are filed with the Clearing House; (ii) a clearing member filing such offset memoranda can satisfy the Exchange at its request that the delay in effecting the offset is attributed to an error in the filing of its clearing sheets; and (iii) by 10:30 10:00 a.m. on the same date that a clearing member files such offset memoranda, the clearing member also files with the Clearing House an updated and accurate Long Open Interest Report. (2) For the purposes of this Rule 9.04(P), the current delivery month for energy futures contracts commences on the open of trading on the third business day prior to the termination of the respective futures contract, including the termination date. The current delivery month for metals futures commences on the tenth (10th) business day prior to the first business day of the delivery month. (R) Submission of Long Open Interest Report Each Clearing Member shall submit to the Exchange by 10:30 10:00 a.m. on each Exchange business day, Futures and Options Long Open Interest Report(s) on the form prescribed by the Exchange.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com