Notice No.  02-09
January 8,  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 FEBRUARY 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 February 2002 metals contracts  must be completed prior to January  17, 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 below.
 
                 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.