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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: exchangeinfo@nymex.com X-To: tana.jones@enron.com X-cc: X-bcc: X-Folder: \Tanya_Jones_Dec2000\Notes Folders\All documents X-Origin: JONES-T X-FileName: tjones.nsf Notice No. 00-339 October 3, 2000 MEMORANDUM TO: ALL NYMEX AND COMEX MEMBERS FROM: Neal L. Wolkoff, Executive Vice President DATE: October 3, 2000 RE: Notice of CFTC Approval of Amendments to NYMEX Rule 6.40A: Crossing of Orders on NYMEX ACCESSc ____________________________________________________________________ Please be advised that the CFTC has approved amendments to NYMEX Rule 6.40A. This rule, which is being retitled, has been titled as "SIMULTANEOUS BUY AND SELL ORDERS ON NYMEX ACCESSc." The rule amendments are attached and will become effective with the commencement of the NYMEX ACCESSc session on Sunday, October 8, 2000. This rule has allowed buy and sell orders from different principals for the same contract month and price to be entered into NYMEX ACCESSc as a cross-trade. To ensure successful implementation of the new implied order functionality, the Exchange, effective with the October 8 NYMEX ACCESSc session, is eliminating the functionality that allows for cross-trades to be posted on NYMEX ACCESSc . Commencing with the October 8 NYMEX ACCESSc session, an Electronic Trader or NYMEX ACCESSc Operator no longer may enter orders for different principals as a cross-trade into the system. Instead, an Electronic Trader or NYMEX ACCESSc Operator shall enter such orders into the system as any other order on the basis of time of receipt of the order. In addition, an Electronic Trader or NYMEX ACCESSc Operator who enters a buy (sell) order for one principal into the system may not enter a sell (buy) order for another principal for the same commodity, month and price, or for the same option (both puts or calls, with the same underlying contract for future delivery, expiration date and strike price), unless the first order has rested in the Matching System for at least ten seconds. If you have any questions, please contact Tom LaSala, Vice President, Compliance Department, at (212) 299-2897, or Brian Regan, Senior Associate General Counsel, at (212) 299-2207. APPROVED AMENDMENTS TO NYMEX RULE 6.40A (An asterisk indicates additions; brackets indicate deletions.) Rule 6.40A. *RESTRICTIONS ON* SIMULTANEOUS BUY AND SELL ORDERS ON NYMEX ACCESSc [ (A) An Electronic Trader or NYMEX ACCESSc Operator who shall have at the same time both buy and sell orders of different principals for the same commodity, month and price or for the same option (both puts or calls, with the same underlying contract for future delivery, expiration date and strike price) at a price between the best bid and offer, or at a price on the best bid or on the best offer, as applicable, shall enter such orders as a cross-trade on the NYMEX ACCESSc system. ] *(A) An Electronic Trader or NYMEX ACCESSc Operator may not enter orders for different principals as a cross-trade into the system. Instead, an Electronic Trader or NYMEX ACCESSc Operator shall enter orders into the system strictly on the basis of time of receipt of the orders. An Electronic Trader or NYMEX ACCESSc Operator who has entered a buy (sell) order for one principal into the system shall not enter a sell (buy) order for another principal for the same commodity, month and price or for the same option (both puts or calls, with the same underlying contract for future delivery, expiration date and strike price) unless the first order has rested in the Matching System for at least ten seconds.* [ (B) The NYMEX ACCESSc System will post an announcement of the receipt of an order for a cross-trade. The announcement will be posted for 15 seconds. Resting orders in the system and new orders entered into NYMEX ACCESSc during the announcement period, as applicable, will be applied first for matching and allocation and any quantities remaining from the original simultaneous buy and sell orders will then be crossed. If, after the cross-trade is completed, any quantity remains unallocated, this side of the order will remain in the Matching System as a resting order.] __________________________________________________ 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&refdo c=(00-339)" 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.
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