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Enron Mail |
Notice No. 01-93
March 14, 2001 TO: All COMEX Division Floor Members and Member Firms All COMEX Clearing Firms All COMEX Operations Managers FROM: Neal Wolkoff Executive Vice President RE: Amendments to Delivery Rules Concerning Payment in the Gold, Silver and=20 Copper Futures Contracts ___________________________________________________________________________= ___ Please be advised that effective, Thursday, March 15, 2001, payment for= =20 delivery of COMEX Division metal contracts Gold, Silver and Copper 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) COMEX Gold: Rule 13.12(e) =01) Delivery of Gold (e) The member to whom delivery is made shall at once make payment to the= =20 member making delivery by a certified check drawn upon a bank in the City o= f=20 New York or, if mutually agreed upon, effect payment by federal funds money= =20 wire. Payment shall be made upon the basis of the weight as certified in t= he=20 weight certificate for the lot and the fineness of such gold up to 9999 fin= e=20 as stamped on the bars. COMEX Silver: Resolution - .10 Interpretation of Term =01&Bar List=018 (f) The member receiving the warehouse or vault receipt shall at once make= =20 payment to the member presenting the same, by a certified check drawn upon = a=20 bank in the City of New York or, if mutually agreed upon, effect payment by= =20 federal funds money wire. Payment shall be made upon the basis of the weig= ht=20 stamped upon the bars delivered. If the material is stamped in kilos and t= he=20 total weight as shown by the depository on the receipt is in kilos, then th= e=20 total kilo weight should be converted to ounces for the purposes of=20 determining the billable weight. COMEX HG Copper: Rule 11.45(i) =01) Delivery of Copper (i) When documents are presented, the buyer shall at once make payment by= =20 bankers certified check to the delivery member or, if mutually agreed upon,= =20 effect payment by federal funds money wire to the delivery member. __________________________________________________ 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(01-93)" 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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