Message-ID: <19037441.1075841088184.JavaMail.evans@thyme>
Date: Wed, 6 Feb 2002 07:56:45 -0800 (PST)
From: george.ellis@americas.bnpparibas.com
To: george.ellis@americas.bnpparibas.com
Subject: Flash NYMEX Approves Trading at Settlement (TAS) on HO & HU
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The following announcement was released by the NYMEX today regarding
Trade at Settlement for the Heating Oil and Unleaded contracts.

Please call us if there are any questions at 212-841-3333.

Thank You,

BNP Paribas Commodity Futures



> Please be advised that a Pilot Program for Trading at Settlement (TAS) on
> heating oil and unleaded gasoline in the front month was recommended by
> the Locals Advisory Committee today. A proposal will be put before the
> NYMEX Board Wednesday February 6th for ratification.
>
> The basic points are as follows:
> Initial Period: 60 days, March 1 thru April 29 (for the spot months April
> & May respectively)
> Program to be monitored on a daily basis during this time with normal
> review scheduled after 30 days
> Program also subject to immediate suspension should it be viewed as
> harmful to the efficient working of the marketplace, particularly
> regarding the transparency and dependability of the settlement price
> Extension of the Pilot Program past the initial 60 days will require
> agreement and vote by the Locals Advisory Committee
> Applicable Month: Spot Month only
> TAS in the spot month will not be allowed on the last day of trading
> No crosses will be allowed during the close in any month except on the
> last day of trading when there will be no TAS.
>
> A more detailed announcement will be released later this week.




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