02/16/2007
Related to approved Holidays as detailed in the Notice cited above, NYMEX will either be closed completely (i.e., New Years day, Good Friday and Christmas), or will provide electronic trading through CME Globex® and NYMEX ClearPort® (all other approved holidays) in all markets that are generally available through these venues. Where electronic trading occurs during these Holidays, such activity shall clear as part of the next available business day's activity. These approved Holidays shall not be considered a formal trade date for clearing and settlement purposes, and there will NOT be any calculation of a daily settlement price for markets which may have electronic trading conducted on those dates.
It shall be the policy of NYMEX that with regard to all other days which were NOT approved Holidays and where a decision is made to not conduct floor trading ("Unanticipated Closure"), the following will occur:
1) Electronic trading on CME Globex® will occur during hours announced by the Exchange.
2) Settlement prices in all futures markets will be determined for the markets available for electronic trading on CME Globex® during time periods for settlement consistent with the time periods for settlement for existing floor trading hours, or other time periods as determined and announced by NYMEX. The determination of such settlement prices shall be derived from values available from trading on CME Globex® and otherwise in accordance with existing settlement rules.
3) All NYMEX ClearPort® markets will be settled using information gathered by the Exchange as per its normal procedures.
4) All options markets will be settled utilizing the settlement prices in underlying futures contracts cited in #1 above, loaded into the Exchange approved model which shall have relevant data (volatilities, skews, pivots) carried over from the prior business day.