• Deletion of NYMEX Rules 990 and 992

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation
      • #
      • SER-7229
      • Notice Date
      • 03 November 2014
      • Effective Date
      • 17 November 2014

    • Effective November 17, 2014, and pending all relevant CFTC regulatory review periods, New York Mercantile Exchange, Inc. (“NYMEX”) will delete Rules 990 (“Special Capital Provisions for Clearing Members Guaranteeing and Clearing OTC Contracts Executed by NYMEX Floor Members”) and 992 (“Participation by NYMEX Floor Members in Special Program for Over-the-Counter Trading with FCM Guarantee”) from the NYMEX Rulebook.

      Given that transitory EFRPs have been prohibited pursuant to Rule 538 (“Exchange for Related Positions”) since August 4, 2014, there is no mechanism for NYMEX floor brokers and floor traders to comply with the requirement in Rule 992 requiring that the OTC transaction be cleared by NYMEX.  As such, Rule 992 has been rendered obsolete.  Additionally, Rule 990 is also obsolete as it is directly linked to Rule 992.

      Click HERE to view the full advisory

       

       

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