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Enron Mail |
Notice Number: 01-440
December 21, 2001 TO: ALL NYMEX DIVISION MEMBERS ALL COMEX DIVISION MEMBERS FROM: J. Robert Collins, Jr., President SUBJECT: Delivery Procedures The Exchange proposes to amend the delivery rules for the metals futures contracts by making permanent the temporary emergency rules enacted by the NYMEX Board of Directors as a result of the attack on the World Trade Center. The proposed rule amendments would permit deliveries against the COMEX Division's Gold, Silver and Grade 1 Copper Futures Contracts and the NYMEX Division's Platinum and Palladium Futures Contracts to take place at such location as may be mutually agreed upon by the Clearing Member taking delivery and the Clearing Member making delivery. The proposed rule amendments must be approved by the Commodity Futures Trading Commission ("CFTC"). The Exchange Membership will be notified upon receipt of CFTC approval. A copy of the proposed rule amendments is attached. Should you have any questions please contact Albert J. Getz at 212-299-2608 or Nick Galati at 212-299-2920. Proposed Rule Amendment. Underlining indicates additions. Bracketing [] indicates deletions. GOLD FUTURES CONTRACT COMEX Rule 13.12 - Delivery of Gold (h) Each delivery of gold in fulfillment of an Exchange contract and the delivery of any invoices required in connection herewith shall be made [at the location of the party taking delivery if the member taking delivery has an office for the purpose of accepting deliveries in fulfillment of Exchange contracts located on or south of Canal Street, in the Borough of Manhattan, City of New York. If the member taking delivery does not have an office in such location, delivery shall be made at the offices of the Exchange or] at such [other] location as may be mutually agreed upon by the member making delivery and the member taking delivery. Any delivery pursuant to the previous sentence shall be made and accepted between the hours of 12:00 noon and 2:00 p.m. on the day of delivery. [The Exchange shall designate an office at the offices of the Exchange at which such deliveries shall take place, but] [t]The Exchange shall not be liable or responsible for any failure to make or take delivery at such [office] other location or for any other act or omission which can or may occur in connection therewith. The remainder of paragraph (h) remains unchanged. Paragraphs (a), (b), ©, (d), (e), (f) and (g) remain unchanged. Proposed Rule Amendment. Underlining indicates additions. Bracketing [] indicates deletions. SILVER FUTURES CONTRACT COMEX Rule 12.16 - Delivery of Silver (h) Each delivery of silver in fulfillment of an Exchange contract and the delivery of any invoices required in connection herewith shall be made [at the location of the party taking delivery if the member taking delivery has an office for the purpose of accepting deliveries in fulfillment of Exchange contracts located on or south of Canal Street, in the Borough of Manhattan, City of New York. If the member taking delivery does not have an office in such location, delivery shall be made at the offices of the Exchange or] at such [other] location as may be mutually agreed upon by the member making delivery and the member taking delivery. Any delivery pursuant to the previous sentence shall be made and accepted between the hours of 12:00 noon and 2:00 p.m. on the day of delivery. [The Exchange shall designate an office at the offices of the Exchange at which such deliveries shall take place, but] [t]The Exchange shall not be liable or responsible for any failure to make or take delivery at such [office] other location or for any other act or omission which can or may occur in connection therewith. The remainder of paragraph (h) remains unchanged. Paragraphs (a), (b), ©, (d), (e), (f) and (g) remain unchanged. Proposed Rule Amendment. Underlining indicates additions. Bracketing [] indicates deletions. GRADE 1 COPPER FUTURES CONTRACT COMEX Rule 11.45 - Delivery Against Grade 1 Copper Contract (d) When delivery of copper is made outside the City of New York, the documents required by the By-Laws, Rules and Regulations of the Exchange for such delivery shall be delivered by the seller to the buyer [in New York] at such location as may be mutually agreed upon by the member making delivery and the member taking delivery. (m) Each delivery of copper in fulfillment of an Exchange contract and the delivery of any invoices required in connection herewith shall be made [at the location of the party taking delivery if the member taking delivery has an office for the purpose of accepting deliveries in fulfillment of Exchange contracts located on or south of Canal Street, in the Borough of Manhattan, City of New York. If the member taking delivery does not have an office in such location, delivery shall be made at the offices of the Exchange or] at such [other] location as may be mutually agreed upon by the member making delivery and the member taking delivery. Any delivery pursuant to the previous sentence shall be made and accepted between the hours of 12:00 noon and 2:00 p.m. on the day of delivery. [The Exchange shall designate an office at the offices of the Exchange at which such deliveries shall take place, but] [t]The Exchange shall not be liable or responsible for any failure to make or take delivery at such [office] other location or for any other act or omission which can or may occur in connection therewith. The remainder of paragraph (m) remains unchanged. Paragraphs (a), (b), ©, (e), (f), (g), (h), (i), (j), (k) and (l) remain unchanged. Proposed Rule Amendments. Underlining indicates additions. Bracketing [ ] indicates deletions. Platinum Futures Contract Rule 90.08. DELIVERY PROCEDURE (G) Delivery Day The buyer who receives a Notice of Intention to Deliver shall present it to the seller before 12:00 noon on the following business day, at a location mutually agreed upon by the buyer and seller, [the office of the seller by whom it was issued] with a certified check for the amount payable as shown on the Notice of Intention to Deliver. Upon receipt of the certified check, the seller shall give the buyer a depository receipt and, unless such receipt was issued pursuant to Rule 90.10(a)(5), (6) or (7), an assay certificate which corresponds to the Notice of Intention to Deliver. The seller must endorse the depository receipt and set forth the date of endorsement. The day the buyer receives the stated documents shall be referred to as the Delivery Day. Paragraphs (A), (B), (C), (D), (E) and (F) remain unchanged. Proposed Rule Amendments. Underlining indicates additions. Bracketing [ ] indicates deletions. Palladium Futures Contract Rule 100.08. DELIVERY PROCEDURE (G) Delivery Day The buyer who receives a Notice of Intention to Deliver shall present it to the seller before 12:00 noon on the following business day, at a location mutually agreed upon by the buyer and seller, [the office of the seller by whom it was issued] with a certified check for the amount payable as shown on the Notice of Intention to Deliver. Upon receipt of the certified check, the seller shall give the buyer a depository receipt and, unless such receipt was issued pursuant to Rule 100.10(a)(5), (6) or (7), an assay certificate which corresponds to the Notice of Intention to Deliver. The seller must endorse the depository receipt and set forth the date of endorsement. The day the buyer receives the stated documents shall be referred to as the Delivery Day. Paragraphs (A), (B), (C), (D), (E) and (F) remain unchanged.
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