• Revisions to NYMEX Rule 984 ("Clearing Member Acceptance of Executed Customer Trades")

      • #
      • SER-6166
      • Notice Date
      • 20 March 2012
      • Effective Date
      • 21 March 2012
    • On December 13, 2011, NYMEX adopted a number of revisions to Rule 984 (“Clearing Member Acceptance of Executed Customer Trades”) which generally governs the responsibilities and obligations of clearing member firms and executing brokers in connection with customer trades that are executed by an executing broker and subsequently given up to a clearing member firm for clearing. Those revisions were described in CME Group Special Executive Report S-6041 from December 8, 2011.

      In response to marketplace feedback, NYMEX has adopted revisions to Rule 984.B.3. with respect to the requirement that an executing broker contact the clearing member firm before resuming executions for a customer that had not executed trades within the preceding 90 days. As a result of the revisions, this requirement will not apply in a circumstance where there is a written give-up agreement in place among the execution broker, the clearing member firm and the customer.

      For the full Special Executive Report, please click here (PDF).