• Commodity Exchange, Inc. – Notification of Amended and Restated By-Laws

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-5036
      • Notice Date
      • 22 October 2009
      • Effective Date
      • 22 October 2009
    • Pursuant to an overwhelmingly affirmative vote held at a Special Meeting of Members of Commodity Exchange, Inc. (“COMEX”), COMEX has implemented amendments to its By-Laws.  These COMEX By-Law amendments provide, among other things, that: 

      1. the COMEX Division Member fee Differential shall be at least 50% lower than the

                  respective fees charged to participants in the next highest tier of fees in perpetuity with

                  limited exception;


      1. COMEX Division rates for COMEX Division Members shall be secured for new metals

                  traded on CME and CBOT in perpetuity;


      1. a three (3)-year extension of cross-divisional trading fees (open outcry and electronic) to

      2014 will be provided to COMEX Division Members trading NYMEX Division contracts;


      1.  the requirement to maintain the current COMEX Division trading facility will be extended for an additional one-year period until 2012;


      1. market maker programs may be instituted in line with existing CME Group programs

                  designed to enhance customer participation and facilitate international growth; and


      1. the COMEX By-laws affecting core COMEX Division Member rights can be amended

                  by an affirmative vote of 300 COMEX Division Members.



      For you convenience, attached is the Amended and Restated By-Laws of Commodity Exchange, Inc.






      Should you have any questions, please contact Christopher Bowen at (212) 299-2200 or Donna Talamo at (212) 299-2372.