COMEX Floor Cabinet and TAS Trades - Effective Monday, May 18, 2009

Starting May 18, 2009, COMEX Cabinet (CAB) and Trade-at-Settlement (TAS) trades will be disseminated via the COMEX ITC2 Floor feed (MDP Channel 45). This notice contains details concerning this upcoming change.

COMEX CAB Trades

Generally, these transactions will occur at expiration as COMEX floor traders close out their positions. Only CAB trades will be disseminated (no bids or offers).  CAB trades will have volume and CAB trade prices will always be zero. The ITC2 Price Indicator ‘C’ will distinguish CABs from regular COMEX trades, as shown in the following example:

 E   OT J00003810825119FSO K09P0001500+ASI K09QJ092  3 0000000+TC00001A

COMEX TAS Trades

The only COMEX products eligible for Trading at Settlement are currently Copper (symbol HG) and Aluminum (symbol AL) and they are only supported on the COMEX trading floor (not CME Globex).  Similar to how TAS trades are reported for NYMEX products today, the letter ‘T’ will be appended to the ITC2 product codes to designate these COMEX trades as Trades at Settlement (i.e., HGT and ALT). However, since Copper and Aluminum are not able to be traded at a differential from settlement (which is currently supported for all NYMEX products that are TAS-eligible), COMEX TAS will always be disseminated with a price of zero. The following example shows how the COMEX TAS trades will be disseminated:

 E   FT J00003600810205F HGT N09SN094 0000000+T 00001A

Please refer to the attached text file for more ITC2 examples of COMEX Cabinet trades and COMEX TAS trades.

Contact Market Data Operations (MDO) at mdo@cmegroup.com, if you have any questions concerning this notice.