*REVISED*
Notice No. 00-408
December 7, 2000



TO:  All COMEX Members/Member Firms
All COMEX Clearing Members
All COMEX Floor Traders
All COMEX Operations Managers

FROM: Michael Campanelli, Vice President
  Floor Operations, COMEX Division

RE:  Options Expiration Operational Procedures for the Trading Floor and 
Clearing
Members
___________________________________________________________

The expiration date for the January 2001 options contract for Silver (SO F01) 
and Gold (OG F01) is Friday, December 8, 2000.

 GENERAL OPERATIONAL PROCEDURES

All Clearing Members and Qualified Floor Traders that carried an options 
position as of the close of business day prior to the expiration day, or 
engaged in trading activity on Expiration Day in the expiring options 
contract will be required to have a knowledgeable, duly authorized on-line 
trade entry ("OLTE") system trained representative available until released 
by the Exchange staff.  All adjustments  and/or corrections, must be 
accompanied by relevant supporting documentation prior to being incorporated 
into expiration processing.  In essence, making the expiration processing an 
extension of the afternoon trade resolution procedures.

Exchange Clearing (299-2110) and Trade Processing (299-2465 and 299-2044) 
personnel will be available to assist with the processing of notices of 
Exercise and Abandonment, position transfers, trade corrections and other 
questions or problems you may have.

Failure by any Clearing Member or qualified Floor Trader to comply with 
procedures as outlined herein may result in severe disciplinary action by the 
Exchange and potential financial liability to customers or members for 
failure to exercise diligence in the processing of information.

TRADING FLOOR OPERATIONAL PROCEDURES

Trading in the January 2001 Silver and Gold Options Contracts will cease at 
2:25 P.M. and 2:30 P.M. respectively on December 8, 2000.  All Brokers and 
Traders must inform their Clearing Members of their intentions to exercise or 
abandon such Options by 4:00 P.M.

On Friday, December 8, 2000, all Brokers and Clearing Members must have a 
duly authorized, On-Line Trade Entry ("OLTE") system trained representative 
available until such time as the Exchange deems necessary.

NOTE: After 4:30 P.M. all expiring option trade data must be inputted on 
special "OLTE" terminals located in the Trade Processing Room. Any other 
means of submission will be rejected by the Exchange.  Members will be able 
to submit all other trade data until 5:00 P.M.

After the UTR and the Preliminary Spot Month Matched Trade Reports are 
displayed, Clearing Member representatives will be able to pick up their 
Preliminary Clearing reports at the Clearing Department.

A final review of all submissions will be made, the Supervisor of the Trade 
Processing Room will detain only those Clearing Members and/or Broker 
representatives involved.  All final corrections will be made at this time 
and upon determination of the Supervisor that all option processing is 
complete, all representatives will be released.

Exchange Reports based on Friday,s submissions and processing will be 
available on Monday morning December 11, 2000.

In the event that you have any questions regarding the foregoing trading 
floor procedures please contact Michael Campanelli at (212) 299-2072 or David 
Sherman at (212) 299-2061.

OPTION EXPIRATION PROCESSING CLEARING MEMBER PROCEDURE SUMMARY

Time: 3:30 PM
Activity: Expits, H/C transfers, Option Position Reduction and 
Exercise/Abandon notices
Event: Submission to Clearing cutoff time.
Notes: Final cutoff for Expits and H/C tranfers

Time: 3:45 PM
Activity: Call Fast Facts to obtain availability time of Preliminary Option 
Expiration Reports.
Event: Fast Facts notice of Availability

Time: 4:15 PM
Activity: Preliminary option expiration reports available to clearing members 
at NYMEX Clearing Department

Time: 5:00 PM
Activity: Options Position Reduction, Exercise/Abandon notices and Gross 
Position Adjustments
Event: Submission to Clearing Cutoff Time
Notes: Final cutoff for Option Position Reduction, Exercise/Abandon notices 
and Gross Position Adjustments

Time: 5:05 PM
Activity: Call Fast Facts to obtain availability time of Final Preliminary 
Option expiration Reports
Event: Fast Facts notice of Availability

Time: 5:30 PM
Activity: Final Preliminary option expiration reports available to clearing 
members at NYMEX Clearing Department.

Time: 5:45 PM
Activity: Call Fast Facts to obtain Preliminary In the Money Abandonment and 
Out of the Money Exercise Information
Event Fast Facts notice of information
Notes: New Event

Time: 6:00 PM
Activity: Corrections to previously Submitted Adjustments or Notices
Event: Correction period cutoff time (30 minutes after final preliminary 
report is distributed)
Notes: Final cutoff for corrections

Time: 7:00 PM
Activity: Call Fast Facts to obtain availability of final expiring option 
position and Exercise/Assignment report
Event: Fast Facts notice of Availability

Time: 7:30 PM
Activity: Final expirating options position and Exercise/Assignment report 
available in clearing member's lockbox at NYMEX Clearing Department

Time: 8:30 PM
Activity: Call Fast Facts to obtain availability of final clearing reports.
Event: Fast Facts notice of Availability

Time: 9:00 PM
Activity: Final clearing reports available in clearing member's lockbox at 
NYMEX Clearing Department.

Please contact John Ramos at (212) 299-2142 (Members 001-500) or Mel Garcia 
at (212) 299-2144 (members 501-999) if you have any questions.


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