• Short Term Gold Option Contract – Rule Clarification

      • To
      • Members, Member Firms and Market Users
      • From
      • Metals Research & Products and Services
      • #
      • SER-6415
      • Notice Date
      • 10 October 2012
      • Effective Date
      • 29 October 2012
    • Effective October 29, 2012, and pending all relevant CFTC regulatory review periods, the Commodity Exchange, Inc. (COMEX or Exchange) will amend Rule 1067.03 (“Trading Unit”) of the Short Term Gold Option contract (commodity code L01-L31; Chapter 1067) in order to clarify the identification of the futures contracts into which the options exercise upon expiration.
      Short Term Gold options are available for trading on the COMEX trading floor and CME Globex and for submission for clearing through CME ClearPort.
       
      (underline reflects addition; strikethrough reflects deletion)
       
      Chapter 1067
      Short Term Gold Option
      1067.03           Trading Unit
      A Short-Term Gold call option contract will be exercisable into a long futures position for the closest to expirynearest February, April, June, August, October, or December Gold futures contract, unless such expiration day is four business days or less prior to the end of the month closest to expirybeginning of the nearestFebruary, April, June, August, October, or December Gold futures contractcalendar month. If expiration occurs four business days or less prior to the end of the month closest to expirybeginning of the nearest February, April, June, August, October, or December calendar month, the contract will be exercisable into a long futures position in the second closest to expirynearest February, April, June, August, October, or December Gold futures contract.
      A Short-Term Gold put option contract will be exercisable into a short futures position for the closest to expirynearest February, April, June, August, October, or December Gold futures contract, unless such expiration day is four business days or less prior to the end of the month closest to expirybeginning of the nearestFebruary, April, June, August, October, or December Gold futures contractcalendar month. If expiration occurs four business days or less prior to the end of the month closest to expirybeginning of the nearest February, April, June, August, October, or December calendar month, the contract will be exercisable into a short futures position in the second closest to expirynearest February, April, June, August, October, or December Gold futures contract.
       
      Metals Research:
      Bob Biolsi                                bob.biolsi@cmegroup.com                             212.299.2610
      Joann Arena                           joann.arena@cmegroup.com                         212.299.2356
       
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      Jeff White                               jeff.white@cmegroup.com                             212.299.2325

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