06/12/2008
The amendments clarify that the two trading venues - the NYMEX Trading Floor and CME Globex® ("Globex®") - operate independently. Thus, if a triggering event occurs on one venue it will not constitute a triggering event on the other venue. Therefore, the relevant Rules are being amended to state that a temporary halt which occurs subsequent to a triggering event will only apply to the venue where the triggering event has occurred.
The section in each aforementioned Rule relating to the Globex® triggering event and halt is being amended to follow the structure that currently exists for the triggering event and halt on the Trading Floor, with the exception that the Rules state that a triggering event on the Trading Floor will occur if the price in a market for any contract month is traded at the upper or lower price limit for five (5) consecutive minutes; however, the Rules for Globex® are being amended to specify that a triggering event on Globex® occurs immediately when the price in a market for any contract month is traded at the upper or lower limit. Additionally, the time frame for a Globex® halt is being amended to follow the structure of the Trading Floor halt of five (5) minutes. Further, the Rules are being amended to clarify that if either venue is independently halted, at the time the market recovers with expanded limits, the other venue will also be subject to the expanded limits.
NYMEX Rule 220.08A(F) for the Natural Gas Futures Contract originally excluded limits for the final three trading days, and is being amended to exclude limits for only the final trading day, making it consistent with the other specified contracts. Lastly, some minor housekeeping amendments were affected across all of the aforementioned Rules.