Notice No.  02-67
March 5,  2002
 
 
TO:                           ALL NYMEX/COMEX DIVISION MEMBERS
                                  ALL MEMBER FIRMS
                                  ALL CLEARING MEMBERS
 
FROM:                   J. ROBERT COLLINS, JR., PRESIDENT
 
RE:                           POSITION ADJUSTMENT DEADLINES FOR THE APRIL 2002  
                                  METAL AND ENERGY CONTRACTS [NYMEX RULE 9.04(P)  AND
                                  COMEX RULE 4.37(A)]
 
______________________________________________________________________________
 
                 As a reminder, position adjustments for both NYMEX and COMEX Division  metals contracts are prohibited beginning on the tenth business  day prior to the first business day of the delivery month, and throughout  the delivery month.  Therefore, all  position adjustments of concurrent futures positions for the April 2002 metals contracts must  be completed prior to March 15,  2002.
 
                 Additionally, position adjustments of concurrent futures positions  for NYMEX energy contracts are not permitted during the last three  trading days of the respective contracts.   Rules 9.04(P) and 4.37(A) are attached.
 
                 If you have any questions concerning this matter, please contact Nick  Galati at (212) 299-2920, Nick Falcone at (212) 299-2919, or Bonnie Yurga at  (212) 299-2879.
 
NYMEX RULE 9.04 - CLEARING  PROCEDURE
 
(P) Concurrent Futures  Positions
 
(1) Concurrent long and short positions in the current  delivery month may not be offset by netting, transfer, expit, adjustment or any  other bookkeeping procedures, but each side must be offset by normal floor  transactions in accordance with Exchange Rules. Provided, however, that a  clearing member will be exempt from this requirement if: (I) one side of the  concurrent position is established the business day prior to the date that the  offset memoranda are filed with the Clearing House; (II) a clearing member  filing such offset memoranda can satisfy the Exchange at its request that the  delay in effecting the offset is attributed to an error in the filing of its  clearing sheets; and (III) by 10:30 a.m. on the same date that a clearing member  files such offset memoranda, the clearing member also files with the clearing  house an updated and accurate Long Open Interest  Report.
 
(2) For the purposes of this Rule 9.04(P), the current  delivery month for energy futures contracts commences on the open of trading on  the third business day, prior to termination of the respective futures contract,  including the termination date. The current delivery month in platinum and  palladium commences on the tenth (10th) business day prior to the first business  day of the delivery month.
 
COMEX RULE 4.37A - CONCURRENT FUTURES  POSITIONS
 
(1) Concurrent long and short positions in the current  delivery month may not be offset by netting, transfer, expit, adjustment or any  other bookkeeping procedures, but each side must be offset by normal floor  transactions in accordance with Exchange Rules. Provided, however, that a  clearing member will be exempt from this requirement if one side of the  concurrent position is established the business day prior to the date that the  open positions are filed with the Clearing  House.
 
(2) For the purposes of this Rule 4.37A, the current delivery  month for metals futures contracts commences on the open of trading on the tenth  (10th) business day, prior to the first business day of the delivery  month.
The current delivery month for Eurotop futures commences on  the open of trading on the tenth (10th) business day prior to the termination of  the respective futures contract, including the termination  date.