Notice No. 00-339
October 3, 2000

MEMORANDUM

TO: ALL NYMEX AND COMEX MEMBERS

FROM: Neal L. Wolkoff, Executive Vice President

DATE: October 3, 2000

RE: Notice of CFTC Approval of Amendments to NYMEX Rule 6.40A: Crossing of 
Orders on NYMEX ACCESSc
____________________________________________________________________

Please be advised that the CFTC has approved amendments to NYMEX Rule 6.40A.  
This rule, which is being retitled, has been titled as "SIMULTANEOUS BUY AND 
SELL ORDERS ON NYMEX ACCESSc." The rule amendments are attached and will 
become effective with the commencement of the NYMEX ACCESSc  session on 
Sunday, October 8, 2000.

This rule has allowed buy and sell orders from different principals for the 
same contract month and price to be entered into NYMEX ACCESSc  as a 
cross-trade.

To ensure successful implementation of the new implied order functionality, 
the Exchange, effective with the October 8 NYMEX ACCESSc  session, is 
eliminating the functionality that allows for cross-trades to be posted on 
NYMEX ACCESSc .

Commencing with the October 8 NYMEX ACCESSc  session, an Electronic Trader or 
NYMEX ACCESSc Operator no longer may enter orders for different principals as 
a cross-trade into the system.

Instead, an Electronic Trader or NYMEX ACCESSc Operator shall enter such 
orders into the system as any other order on the basis of time of receipt of 
the order.

In addition, an Electronic Trader or NYMEX ACCESSc Operator who enters a buy 
(sell) order for one principal into the system may not enter a sell (buy) 
order for another principal for the same commodity, month and price, or for 
the same option (both puts or calls, with the same underlying contract for 
future delivery, expiration date and strike price), unless the first order 
has rested in the Matching System for at least ten seconds.

If you have any questions, please contact Tom LaSala, Vice President, 
Compliance Department, at (212) 299-2897, or Brian Regan, Senior Associate 
General Counsel, at (212) 299-2207.

APPROVED AMENDMENTS TO NYMEX RULE 6.40A

(An asterisk indicates additions; brackets indicate deletions.)


Rule 6.40A.   *RESTRICTIONS ON* SIMULTANEOUS BUY AND SELL ORDERS ON
NYMEX ACCESSc

[ (A) An Electronic Trader or NYMEX ACCESSc Operator who shall have at the 
same time both buy and sell orders of different principals for the same 
commodity, month and price or for the same option (both puts or calls, with 
the same underlying contract for future delivery, expiration date and strike 
price) at a price between the best bid and offer, or at a price on the best 
bid or on the best offer, as applicable, shall enter such orders as a 
cross-trade on the NYMEX ACCESSc system. ]

*(A) An Electronic Trader or NYMEX ACCESSc Operator may not enter orders for 
different principals as a cross-trade into the system. Instead, an Electronic 
Trader or NYMEX ACCESSc Operator shall enter orders into the system strictly 
on the basis of time of receipt of the orders. An Electronic Trader or NYMEX 
ACCESSc Operator who has entered a buy (sell) order for one principal into 
the system shall not enter a sell (buy) order for another principal for the 
same commodity, month and price or for the same option (both puts or calls, 
with the same underlying contract for future delivery, expiration date and 
strike price) unless the first order has rested in the Matching System for at 
least ten seconds.*

[ (B) The NYMEX ACCESSc System will post an announcement of the receipt of an 
order for a cross-trade. The announcement will be posted for 15 seconds. 
Resting orders in the system and new orders entered into NYMEX ACCESSc during 
the announcement period, as applicable, will be applied first for matching 
and allocation and any quantities remaining from the original simultaneous 
buy and sell orders will then be crossed. If, after the cross-trade is 
completed, any quantity remains unallocated, this side of the order will 
remain in the Matching System as a resting order.]



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