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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: soblander@carrfut.com@ENRON <IMCEANOTES-soblander+40carrfut+2Ecom+40ENRON@ENRON.com< X-To: soblander@carrfut.com X-cc: X-bcc: X-Folder: \Keavey, Peter F.\Keavey, Peter F.\Inbox X-Origin: KEAVEY-P X-FileName: Keavey, Peter F..pst Notice # 01-187 June 1, 2001 TO: All NYMEX and COMEX Division Members and Member Firms FROM: Neal L. Wolkoff, Executive Vice President RE: Implementation of Rule Amendments Increasing Capital Requirements for NYMEX and COMEX Clearing Members DATE: June 1, 2001 =========================================================== Please be advised that the Exchange has determined to implement amendments to NYMEX Rule 9.21 ("Minimum Capital Requirements") and to COMEX Clearing Association Rule 20 ("Minimum Capital Requirements"), which are attached below. The amendments further enhance the financial integrity of the Exchange's Clearing Houses by raising the minimum capital requirements applicable to all Clearing Members from $2 million to $5 million. The amendments will go into effect on June 30, 2001. If you have any questions concerning this change, please contact Bernard Purta, Senior Vice President, Regulatory Affairs and Operations, at (212) 299- 2380; Arthur McCoy, Vice President, Financial Surveillance Section, NYMEX Compliance Department, at (212) 299-2928; or Charles Bebel, Vice President, Clearing Department, at (212) 299-2130. NYMEX Rule 9.21. MINIMUM CAPITAL REQUIREMENTS (Additions are indicated by asterisks; Deletions are in {Brackets}) "(B) Financial Requirements Each clearing member registered with the Commission as a futures commission merchant shall have and maintain working capital equal to or in excess of the greater of {$2,000,000} *$5,000,000* or the amount prescribed in Commission Regulation 1.17. Except as provided in Rule 9.02(K), all other Clearing Members shall have and maintain minimum working capital of {$2,000,000} *$5,000,000*. CCA Rule 20. MINIMUM FINANCIAL REQUIREMENTS (Additions are indicated by asterisks; Deletions are in {Brackets}) (a)(ii) "A Clearing Member must have and maintain at all times an adjusted net capital or working capital, as the case may be, of not less than the amount set forth in Rule 20(b)? ." (b)(I) "For a Clearing Member which is a Futures Commission Merchant registered as such with the Commission {and which is a U.S. person,} the minimum amount of adjusted net capital shall be {two million ($2,000,000)} *$5,000,000* {Dollars}." {(b)(ii) "For a Clearing Member which is a Futures Commission Merchant registered as such with the Commission and which is a non-U.S. person, the minimum amount of adjusted net capital shall be Two and One Half Million ($2,500,000) Dollars of which at least One Million ($1,000,000) Dollars ? ."}
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