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Enron Mail |
*REVISED*
Notice No. 00-408 December 7, 2000 TO: All COMEX Members/Member Firms All COMEX Clearing Members All COMEX Floor Traders All COMEX Operations Managers FROM: Michael Campanelli, Vice President Floor Operations, COMEX Division RE: Options Expiration Operational Procedures for the Trading Floor and=20 Clearing Members ___________________________________________________________ The expiration date for the January 2001 options contract for Silver (SO F0= 1)=20 and Gold (OG F01) is Friday, December 8, 2000. GENERAL OPERATIONAL PROCEDURES All Clearing Members and Qualified Floor Traders that carried an options=20 position as of the close of business day prior to the expiration day, or=20 engaged in trading activity on Expiration Day in the expiring options=20 contract will be required to have a knowledgeable, duly authorized on-line= =20 trade entry ("OLTE") system trained representative available until released= =20 by the Exchange staff. All adjustments and/or corrections, must be=20 accompanied by relevant supporting documentation prior to being incorporate= d=20 into expiration processing. In essence, making the expiration processing a= n=20 extension of the afternoon trade resolution procedures. Exchange Clearing (299-2110) and Trade Processing (299-2465 and 299-2044)= =20 personnel will be available to assist with the processing of notices of=20 Exercise and Abandonment, position transfers, trade corrections and other= =20 questions or problems you may have. Failure by any Clearing Member or qualified Floor Trader to comply with=20 procedures as outlined herein may result in severe disciplinary action by t= he=20 Exchange and potential financial liability to customers or members for=20 failure to exercise diligence in the processing of information. TRADING FLOOR OPERATIONAL PROCEDURES Trading in the January 2001 Silver and Gold Options Contracts will cease at= =20 2:25 P.M. and 2:30 P.M. respectively on December 8, 2000. All Brokers and= =20 Traders must inform their Clearing Members of their intentions to exercise = or=20 abandon such Options by 4:00 P.M. On Friday, December 8, 2000, all Brokers and Clearing Members must have a= =20 duly authorized, On-Line Trade Entry ("OLTE") system trained representative= =20 available until such time as the Exchange deems necessary. NOTE: After 4:30 P.M. all expiring option trade data must be inputted on=20 special "OLTE" terminals located in the Trade Processing Room. Any other=20 means of submission will be rejected by the Exchange. Members will be able= =20 to submit all other trade data until 5:00 P.M. After the UTR and the Preliminary Spot Month Matched Trade Reports are=20 displayed, Clearing Member representatives will be able to pick up their=20 Preliminary Clearing reports at the Clearing Department. A final review of all submissions will be made, the Supervisor of the Trade= =20 Processing Room will detain only those Clearing Members and/or Broker=20 representatives involved. All final corrections will be made at this time= =20 and upon determination of the Supervisor that all option processing is=20 complete, all representatives will be released. Exchange Reports based on Friday=01,s submissions and processing will be=20 available on Monday morning December 11, 2000. In the event that you have any questions regarding the foregoing trading=20 floor procedures please contact Michael Campanelli at (212) 299-2072 or Dav= id=20 Sherman at (212) 299-2061. OPTION EXPIRATION PROCESSING CLEARING MEMBER PROCEDURE SUMMARY Time: 3:30 PM Activity: Expits, H/C transfers, Option Position Reduction and=20 Exercise/Abandon notices Event: Submission to Clearing cutoff time. Notes: Final cutoff for Expits and H/C tranfers Time: 3:45 PM Activity: Call Fast Facts to obtain availability time of Preliminary Option= =20 Expiration Reports. Event: Fast Facts notice of Availability Time: 4:15 PM Activity: Preliminary option expiration reports available to clearing membe= rs=20 at NYMEX Clearing Department Time: 5:00 PM Activity: Options Position Reduction, Exercise/Abandon notices and Gross=20 Position Adjustments Event: Submission to Clearing Cutoff Time Notes: Final cutoff for Option Position Reduction, Exercise/Abandon notices= =20 and Gross Position Adjustments Time: 5:05 PM Activity: Call Fast Facts to obtain availability time of Final Preliminary= =20 Option expiration Reports Event: Fast Facts notice of Availability Time: 5:30 PM Activity: Final Preliminary option expiration reports available to clearing= =20 members at NYMEX Clearing Department. Time: 5:45 PM Activity: Call Fast Facts to obtain Preliminary In the Money Abandonment an= d=20 Out of the Money Exercise Information Event Fast Facts notice of information Notes: New Event Time: 6:00 PM Activity: Corrections to previously Submitted Adjustments or Notices Event: Correction period cutoff time (30 minutes after final preliminary=20 report is distributed) Notes: Final cutoff for corrections Time: 7:00 PM Activity: Call Fast Facts to obtain availability of final expiring option= =20 position and Exercise/Assignment report Event: Fast Facts notice of Availability Time: 7:30 PM Activity: Final expirating options position and Exercise/Assignment report= =20 available in clearing member's lockbox at NYMEX Clearing Department Time: 8:30 PM Activity: Call Fast Facts to obtain availability of final clearing reports. Event: Fast Facts notice of Availability Time: 9:00 PM Activity: Final clearing reports available in clearing member's lockbox at= =20 NYMEX Clearing Department. Please contact John Ramos at (212) 299-2142 (Members 001-500) or Mel Garcia= =20 at (212) 299-2144 (members 501-999) if you have any questions. __________________________________________________ Please click on the link below to indicate you have received this email. "http://208.206.41.61/email/email_log.cfm?useremail=3Dtana.jones@enron.com&= refdo c=3D(00-408-Revised)" 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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