• COMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members for October 27, 2009

      • To
      • Clearing Member Firms; Floor Brokers/Floor Clerks
      • From
      • CME Clearing
      • #
      • 09-463
      • Notice Date
      • 26 October 2009
      • Effective Date
      • 26 October 2009
    • The expiration date for the November 2009 options contract for Copper Option (HX), Aluminum Option (OA), Gold Option (OG), Silver Option (SO) are Tuesday, October 27, 2009. 


                                            GENERAL OPERATIONAL PROCEDURES


      All Clearing Members and Qualified Floor Traders that carried an options position as of the close of business day prior to the expiration day, or engaged in trading activity on Expiration Day in the expiring options contract will be required to have a knowledgeable, duly authorized representative present at the their normal work station promptly at 2:45 PM EST until released by the Exchange staff as specified below.  All adjustments  and/or corrections, must be accompanied by relevant supporting documentation prior to being incorporated into expiration processing, in essence making the expiration processing an extension of the afternoon trade resolution procedures. 


      CME Group NY Division Clearing (212-299-2120), COMEX Floor Trade Processing (212-299-2465 and 212-299-2044) personnel, as well as a representative of the Floor Committee will be available to assist with the processing of notices of Exercise and Abandonment, position transfers, trade corrections and other questions or problems you may have.




      The Option Expiration process is a screen based process for which all information is provided in FEC (Front End Clearing) and the CME Position System.  No Option Expiration Reports will be provided.  The following screens will assist you through the Option Expiration process:


      For the full text of this advisory, please click here.