• Copper Options: Remove Contrary Instructions

      • To
      • Clearing Member Firms; Back Office Managers
      • From
      • CME Clearing
      • #
      • 14-308
      • Notice Date
      • 06 August 2014
      • Effective Date
      • 17 August 2014
    • Effective Sunday, August 17, 2014 for trade date Monday, August 18, and pending all
      relevant CFTC regulatory review periods, please be advised that the Commodity
      Exchange, Inc.( EXCHANGE) will remove contrary instructions for Copper Options
      (Clearing code: HX; Globex code HXE) beginning with the January 2015 contract.
      Currently, Copper Options expire at 1:00 p.m. (New York prevailing time). Upon expiration, long
      positions have until 4:30 p.m. (New York prevailing time) to issue “contrary instructions”, i.e
      abandoning in-the-money or exercising out-of-the-money options.
      Beginning with the January 2015 expiration, only in-the-money options will be exercised as
      determined by the underlying futures settlement price for that day. All other options will be

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