|
|
Enron Mail |
Notice # 01-156
May 9, 2001 TO: All NYMEX Members and Member Firms FROM: Neal L. Wolkoff, Executive Vice President RE: NYMEX Post-Close Trading Session Rules DATE: May 8, 2001 =========================================================== This Notice advises Members and Member Firms of changes to the two post-close session rules applicable to the NYMEX Division. ! As a result of amendments to both rules, the post-close sessions generally offered Monday-Thursday will be the same as the Friday sessions with two exceptions. ! Monday-Thursday. These sessions will start at 3:25 p.m. and will be two minutes long. ! Fridays. These sessions will start at 3:30 p.m. and will be five minutes long. End of Week Post-Close Trading Session (Rule 6.57A) As a reminder and as a follow-up to a Notice distributed last week, please be advised that beginning on Friday, May 11, 2001, a number of amendments to NYMEX Rule 6.57A, the NYMEX End of Week post-close trading session rule, will become effective. The new version of this rule is attached below. For Friday post-close sessions (and for post-close sessions the day before a mid-week Exchange holiday) the following changes will be in effect: (1) Eligible contract months will be expanded from the first four to the first 12 consecutive listed contract months. (2) The sessions now will be 5 minutes in duration. (3) The trading range for these sessions will be expanded by adding the following ticks above (below) the daily high (low) for the applicable contract month (provided that this expanded trading range does not violate the maximum permissible price fluctuation limits then in effect): Crude Oil 20 ticks Heating Oil 50 ticks Unleaded Gas 50 ticks Natural Gas 50 ticks Monday-Thursday Post-Close Trading Sessions (Rule 6.57) In addition, please be advised that beginning on Monday, May 14, 2001, a number of amendments to NYMEX Rule 6.57, the Exchange's post-close trading session rule for days other than Fridays, will become effective. The new version of this rule is attached below. (1) Eligible contract months will be expanded from the first four to the first 12 consecutive listed contract months. (2) The trading range for these sessions will be expanded by adding the following ticks above (below) the daily high (low) for the applicable contract month (provided that this expanded trading range does not violate the maximum permissible price fluctuation limits then in effect): Crude Oil 20 ticks Heating Oil 50 ticks Unleaded Gas 50 ticks Natural Gas 50 ticks (3) Customer participation will be expanded to the same extent as is permitted for the End of Week Post Close Session. Please note that any order submitted during the RTH session, including but not limited to resting orders such as stop orders, limit orders and good until cancelled (GTC) orders, will be deemed to have expired as of the end of RTH for purposes of this Session. Accordingly, in the event that a market participant with such an expired order seeks to participate in the Session, a new order must be submitted. (4) As a consequence of the expanded trading range and customer participation, trades done during this period will be price reported on PRS. Finally, please be advised that, as a matter of practice, the Exchange does not currently offer post-close trading sessions for Propane futures contracts. If you have any questions concerning these changes, please contact George Henderson, Vice President, NYMEX Floor Department, at (212) 299-2071; Rob Stasi, Manager of Trading Floor Systems, NYMEX Floor Department, at (212) 299-2067, or Brian Regan, Senior Associate General Counsel, at (212) 299-2207. NEW VERSIONS OF NYMEX RULE 6.57("POST-CLOSE TRADING SESSION") AND NYMEX RULE 6.57A ("END OF WEEK TRADING SESSION") Rule 6.57. ("POST-CLOSE TRADING SESSION") Fifteen (15) minutes after the close of trading in all futures contracts, or five (5) minutes after the closing range is established for all applicable contract months other than contract months in the Sour Crude Oil futures contract, whichever is later, trading shall resume for a period of two (2) minutes (the ``Session'') in all energy futures contracts, subject to the following conditions: (A) Trading during the Session shall be limited to the first twelve listed delivery months; (B) Trades occurring during the Session for a particular contract month of a futures contract shall be executed openly and competitively at a price within the daily trading range of the applicable contract month for that futures contract and as further expanded above the daily high and below the daily low only for the contracts listed below provided however that no such expanded trading range may exceed the price fluctuation limits in effect for the applicable contract as of the end of the RTH session: Contract Additional Ticks Crude Oil 20 ticks Natural Gas 50 ticks Unleaded Gasoline 50 ticks Heating Oil 50 ticks (C) During the Session, Floor Members, Floor Brokers and their customers may participate in the same manner as trading occurring during the regular RTH session, except that any order submitted during the RTH session, including but not limited to resting orders such as stop orders, limit orders and good until cancelled (GTC) orders, will be deemed to have expired as of the end of RTH for purposes of this Session. Accordingly, in the event that a market participant with such an expired order seeks to participate in the Session, a new order must be submitted. (D) Prices for trades executed during the Session shall be reported on public ticker services as current market prices and trades executed during the Session shall not be considered in determining any settlement price; and (E) Floor Members executing trades during the Session shall mark a line across their trading cards prior to the entry of a Session trade. Rule 6.57A. END OF WEEK TRADING SESSION On the last trading day of the calendar week, and, in any week when an Exchange holiday falls on a Tuesday, Wednesday or Thursday on the trading day preceding such midweek Exchange holiday, there shall be no post-close trading session provided on the trading floor pursuant to Rule 6.57. Instead, on such dates, an end of week trading session (the "End of Week Session'') shall commence on the trading floor pursuant to this rule and subsequent to the close. Except as otherwise provided by the President or the President's designee for a particular trade date, such End of Week Session shall commence twenty (20) minutes after the close of trading in all futures contracts and shall continue for a period of five (5) minutes in all energy and metals futures contracts, subject to the following conditions: (A) Trading during the End of Week Session shall be limited to the first twelve listed delivery months; (B) Trades occurring during the End of Week Session for a particular contract month of a futures contract shall be executed openly and competitively at a price within the daily trading range of the applicable contract month for that futures contract and as further expanded above the daily high and below the daily low only for the contracts listed below provided however that no such expanded trading range may exceed the price fluctuation limits in effect for the applicable contract as of the end of the RTH session: Contract Additional Ticks Crude Oil 20 ticks Natural Gas 50 ticks Unleaded Gasoline 50 ticks Heating Oil 50 ticks (C) During the End of Week Session, Floor Members, Floor Brokers and their customers may participate in the same manner as trading occurring during the regular RTH session, except that any order submitted during the RTH session, including but not limited to resting orders such as stop orders, limit orders and good until cancelled (GTC) orders, will be deemed to have expired as of the end of RTH for purposes of this End of Week Session. Accordingly, in the event that a market participant with such an expired order seeks to participate in the End of Week Session, a new order must be submitted. (D) Prices for trades executed during the End of Week Session shall be reported on public ticker services; (E) Current market prices and trades executed during the End of Week Session shall not be considered in determining any settlement price; and (F) Floor Members executing trades during the End of Week Session shall mark a line across their trading cards prior to the entry of an End of Week Session trade. Carr Futures 150 S. Wacker Dr., Suite 1500 Chicago, IL 60606 USA Tel: 312-368-6149 Fax: 312-368-2281 soblander@carrfut.com http://www.carrfut.com
|