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Enron Mail |
Notice to Members No: 00-379
November 3, 2000 TO: ALL NYMEX MEMBERS ALL NYMEX MEMBER FIRMS ALL NYMEX CLEARING MEMBERS FROM: Neal Wolkoff, Executive Vice President SUBJECT: DELIVERY ISSUES=01)PLATINUM and PALLADIUM FUTURES CONTRACTS The Exchange proposes to amend; 1) Platinum Futures Contract Rules: 90.02, =01&Contract Unit=018; 90.03, = =01&Grade and=20 Quality Specifications=018; 90.08, =01&Delivery Procedure=018; 90.10, =01&D= epository=20 Receipt=018; 90.11, =01&Inspection=018; 90.14, =01&Rights and Obligations i= n a Delivery=018;=20 90.18, =01&Transition of 99.5 Contract to 99.9 Contract=018; 90.18A, =01&Tr= ansition=20 Rules=018 and Supplement No.5, =01&Approved Brands Acceptable on the London= =20 Platinum and Palladium Market=018 and 2) Palladium Futures Contract Rules: 100.02, =01&Contract Unit=018; 100.03,= =01&Grade=20 and Quality Specification=018; 100.04, =01&Packaging and Marking=018; 100.0= 8 =01&Delivery=20 Procedure=018; 100.10, =01&Depository Receipt=018; 100.11, =01&Inspection= =018; 100.14,=20 =01&Rights and Obligations in a Delivery=018; 100.17, =01&Transition of 99.= 8 Contract=20 to 99.9 Contract=018; 100.17A, =01&Transition Rules=018 and Supplement No.5= , =01&Approved=20 Brands Acceptable on the London Platinum and Palladium Market=018. The proposed amendments: 1) increase the weight tolerance on the platinum and palladium ingots/plate= =20 delivered from five (5) percent to seven (7) percent; 2) expand the list of approved brands acceptable for delivery against the= =20 respective Exchange contracts by adding all of the brands of platinum and= =20 palladium acceptable on the London Platinum and Palladium Market (=01&LPPM= =018) as=20 of September 18, 2000; 3) permit the delivery of approved brands of platinum and palladium to an= =20 Exchange approved depository directly from the vaults of Credit Suisse Firs= t=20 Boston and UBS Warburg in Zurich, Switzerland, which are delivery locations= =20 for the London Platinum and Palladium Market, by an Exchange approved carri= er=20 without the requirement for an assay certificate; 4) eliminate the transition rules which were applicable when the contract= =01,s=20 quality specifications were transitioned to the current 99.95% pure=20 specification; and 5) establish procedures and safeguards for the buyer in the event the metal= =20 being delivered does not meet the quality specifications of the contract. Pending approval by the Commodity Futures Trading Commission, the Exchange= =20 proposes to implement the proposed Rule amendments effective for deliveries= =20 in the December 2000 Palladium Futures Contract and in the January 2001=20 Platinum Futures Contract. The Exchange Membership will be notified when= =20 CFTC approval is received. The proposed rule amendments may be found on the Exchange=01,s website at= =20 http://www.nymex.com/refernce/notices/ntm_379.htm Should you have any questions or require any further information please=20 contact Albert J. Getz at 212-299-2608. __________________________________________________ Please click on the link below to indicate you have received this email. "http://208.206.41.61/email/email_log.cfm?useremail=3Dsara.shackleton@enron= .com& refdoc=3D(00-379)" 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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