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Enron Mail |
Notice No. 01-92
March 14, 2001 TO: All NYMEX Division Floor Members and Member Firms All NYMEX Division Clearing Firms All NYMEX Division Operations Managers FROM: Neal Wolkoff Executive Vice President RE: Amendments to Delivery Rules Concerning Payment in the Heating Oil, Unleade= d=20 Gasoline, Propane, Platinum and Palladium Futures Contracts ___________________________________________________________________________= ___ Please be advised that effective, Thursday, March 15, 2001, payment for= =20 delivery of NYMEX Division energy contracts Heating Oil, Unleaded Gasoline= =20 and Propane, as well as metal contracts Platinum and Palladium, may be=20 consummated by money wire if agreed upon by both clearing members. Currently, the above-mentioned contracts require payment by certified che= ck=20 only. These amendments will offer added flexibility through an additional= =20 option to the clearing members upon mutual consent. The amendments for the= =20 relevant contracts are attached for your review. If you have any questions concerning this Notice, please contact Thomas= =20 LaSala, Vice President, Compliance, at (212) 299-2897, or Nicholas Galati,= =20 Director, Market Surveillance, at (212) 299-2920. Attachment (underlining indicates additions) NY Harbor Unleaded Gasoline: Rule 190.09(F)(2) Delivery Day The buyer shall pay the seller at the office of the seller by certified=20 check by 12:00 noon of the business day following the receipt of the produc= t,=20 or by 12:00 noon on the last business day of the delivery month, whichever = is=20 earlier. The amount of payment shall be based on volume delivered as=20 determined in accordance with Rule 190.02. Should the inspector, appointed= =20 under Rule 190.12, be unable to supply quantitative results prior to the ti= me=20 established herein for payment of the product, a pro forma payment based on= =20 42,000 U.S. gallons per contract shall be made. Payment adjustments based = on=20 actual quantity transferred shall be completed between Clearing Members by= =20 12:00 noon of the first business day after receipt of the telexed Inspector= =01,s=20 report but no later than the third business day after transfer of physical= =20 product. Alternatively, buyer and seller may mutually agree to effect=20 payment or adjustment, as otherwise prescribed in this Rule, by federal fun= ds=20 money! w! ire as a substitution for a certified check. NY Harbor Heating Oil: Rule 150.09(F)(2) Delivery Day The buyer shall pay the seller at the office of the seller by certified=20 check by 12:00 noon of the business day following the receipt of the produc= t,=20 or by 12:00 noon on the last business day of the delivery month, whichever = is=20 earlier. The amount of payment shall be based on volume delivered as=20 determined in Rule 150.02. Should the inspector, appointed under Rule=20 150.12, be unable to supply quantitative results prior to the time=20 established herein for payment of the product, a pro forma payment based on= =20 42,000 U.S. gallons per contract shall be made. Payment adjustments based = on=20 actual quantity transferred shall be completed between Clearing Members by= =20 12:00 noon of the first business day after receipt of the telexed Inspector= =01,s=20 report but no later than the third business day after transfer of physical= =20 product. Alternatively, buyer and seller may mutually agree to effect=20 payment or adjustment, as otherwise prescribed in this Rule, by federal fun= ds=20 money wire as a subst! it! ution for a certified check. Platinum: Rule 90.08(G) Delivery Day The buyer who receives a Notice of Intention to Deliver shall present it= =20 before 12:00 noon of the following business day at the office of the seller= =20 by whom it was issued with a certified check for the amount payable as show= n=20 on the Notice of Intention of Deliver. Upon the receipt of the certified= =20 check, the seller shall give the buyer a depository receipt and, unless suc= h=20 receipt was issued pursuant to Rule 90.10(a)(5) or (6), an assay certificat= e=20 which corresponds to the Notice of Intention of Deliver. The seller must= =20 endorse the depository receipt and set forth the date of endorsement. The= =20 day the buyer receives the stated documents shall be referred to as the=20 Delivery Day. Alternatively, buyer and seller may mutually agree to effect= =20 payment on Delivery Day by federal funds money wire as a substitution for a= =20 certified check. Palladium: Rule 100.08(G) Delivery Day The buyer who receives a Notice of Intention to Deliver shall present it= =20 before 12:00 noon of the following business day at the office of the seller= =20 by whom it was issued with a certified check for the amount payable as show= n=20 on the Notice of Intention of Deliver. Upon the receipt of the certified= =20 check, the seller shall give the buyer a depository receipt and, unless suc= h=20 receipt was issued pursuant to Rule 100.10(A)(5) or (6), an assay certifica= te=20 which corresponds to the Notice of Intention of Deliver. The seller must= =20 endorse the depository receipt and set forth the date of endorsement. The= =20 day the buyer receives the stated documents shall be referred to as the=20 Delivery Day. Alternatively, buyer and seller may mutually agree to effect= =20 payment on Delivery Day by federal funds money wire as a substitution for a= =20 certified check. Propane: Rule 230.14(C) Payment Date The buyer shall pay the seller at the office of the seller by certified=20 check by 12:00 noon of the second business day following completion of=20 delivery. The amount of payment shall be based on the volume delivered as= =20 determined in Rule 230.04. If the seller requires multiple delivery dates,= =20 payment for partial delivery shall be required for each portion of product= =20 transferred. The seller, upon receipt of payment, shall give the buyer all= =20 appropriate documents necessary to transfer ownership of the product to the= =20 buyer. Alternatively, buyer and seller may mutually agree to effect paymen= t,=20 as otherwise prescribed by this Rule, by federal funds money wire as a=20 substitution for a certified check. __________________________________________________ Please click on the link below to indicate you have received this email. 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