If we were ever thinking about becoming clearing members, now is the time to
do so!
----- Forwarded by Tana Jones/HOU/ECT on 01/23/2001 02:11 PM -----
exchangeinfo@nymex.com 01/23/2001 01:59 PM
To:
tana.jones@enron.com cc:
Subject: (01-29) Proposal to Increase Clearing Member Capital Requirement
Notice No. 01-29
January 23, 2001
TO: All NYMEX and COMEX Division Members and Member
Firms All Clearing Member Firms
All Compliance Officers and Operations Managers
FROM: Neal Wolkoff; Executive Vice-President
RE: Proposal to Increase Clearing Member Capital Requirement
_________________________________________________________________
The Clearing House Committee has proposed to the Board of Directors ("Board")
that the capital requirement of a clearing member firm be increased to $5
million.
However, the Board is giving interested parties an opportunity to apply for
clearing member privileges while the capital requirement remains at its
current level of $2 million. Thus, if a firm files with the Exchange a
clearing member application no later than May 31, 2001, it will not be
required to meet the new $5 million requirement until one year later, May 31,
2002. The same effective date would apply to all existing Clearing Members.
Applications for clearing membership can be obtained from the Membership
Department. If the Exchange does not receive any new clearing member
applications by May 31, 2001, the proposed capital requirement increase to $5
million will become effective for all existing clearing member firms on June
30, 2001.
Should you have any questions regarding these issues please contact Artie
McCoy, Vice President of Financial Surveillance at 212-299-2928 or Joe
Sanguedolce, Director, at 212-299-2855.
__________________________________________________
Please click on the link below to indicate you have received this
email.
"
http://208.206.41.61/email/email_log.cfm?useremail=
tana.jones@enron.com&refdoc
=(01-29)"
Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.
