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Enron Mail |
Notice to Members #02-73
March 14, 2002 To: All NYMEX Division Members, Member Firms and Floor Clerks All NYMEX Division Clearing Members From: J. Robert Collins, President Re: REMINDER -- Timely Allocation of Trades Please be reminded that, pursuant to NYMEX Rule 9.04(M)(2), Clearing Procedure, all trades executed on the NYMEX Division Trading Floor must be allocated within one hour after the Exchange supplies the initial transfer information. A Floor Member is required to submit all transfer information, including a customer account number, clearing member number and customer type indicator code to the Clearing Member within this time period. Timely trade transfer information is extremely relevant for all Clearing Members for the purpose of risk management. Floor Members The Compliance Review Committee has been working with the Compliance Depart-ment on a program for attaining compliance with this requirement. Commencing on Monday, March 18, for the week ending March 15, 2002, Compliance Staff will be issuing weekly advisory notices to Floor Members who fail to allocate at least 75% of their transactions within one hour, as required by Rule 9.04(M)(2). We hope that this program, utilizing the advisories, will alert Floor Members to allocation problems and effectively achieve acceptable timely allocations prior to the formal implementation of any other disciplinary action. Clearing Members Floor Members have pointed out that trades cannot be allocated in a timely fashion if incomplete information is relayed by the customer at the time of order placement. We are, therefore, requesting that Clearing Members remind their customers that account information must be supplied to the Floor Member promptly in order to ensure that trades are allocated in a timely fashion. * * * * * * * * * * * Any questions or problems should be brought to the attention of either David Schneiderman, Director, Trade Practice, at 299-2857, or Russell Cloughen, Associate Director, Trade Practice, at 299-2880.
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