Notice to Members
Notice No. 405
08/17/2007
Amendments to NYMEX Rules 6.21, 6.21A, 6.21C, and 6.21F
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.

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  • 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.

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    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.

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  • 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.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com