Pending all relevant regulatory review periods, effective on Tuesday, August 19, 2014, NYMEX and COMEX will adopt a revision to Rule 984 (“Clearing Member Acceptance of Executed Customer Trades”) eliminating the requirement that brokerage be paid through the Brokerage Payment System (“BPS”).
Currently, Rule 984.A.4 contains language requiring that all brokerage be paid through the BPS. The revision removes the reference to BPS, as well as the requirement of a specific manner in which brokerage must be paid. Brokerage may be paid via any viable means including but not limited to BPS.
The text of Rule 984 appears below, with the deletions overstruck.
Questions concerning the revisions to Rule 984 may be directed to Nancy Minett, Executive Director, Market Regulation, 212.299.2940.
For media inquiries concerning this Special Executive Report, please contact CME Group Corporate Communications at 312.930.3434 or firstname.lastname@example.org.
NYMEX & COMEX
984. CLEARING MEMBER ACCEPTANCE OF EXECUTED CUSTOMER TRADES
The following provisions define the minimum responsibilities and obligations of those parties to the clearance of a customer trade.
Click HERE to view the full advisory