Message-ID: <7344971.1075858594173.JavaMail.evans@thyme> Date: Mon, 17 Sep 2001 10:13:42 -0700 (PDT) From: exchangeinfo@nymex.com To: legal <.taylor@enron.com> Subject: (01-291) Crude Oil (LOV1) Options Expiration Operational Procedures Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: exchangeinfo@nymex.com@ENRON X-To: Taylor, Mark E (Legal) X-cc: X-bcc: X-Folder: \MTAYLO1 (Non-Privileged)\Taylor, Mark E (Legal)\Deleted Items X-Origin: Taylor-M X-FileName: MTAYLO1 (Non-Privileged).pst REVISED MEMO PLEASE NOTE SPECIAL HOURS Notice No. 01-291 September 11, 2001 TO: All NYMEX Division Members/Member Firms All NYMEX Division Clearing Members All NYMEX Division Floor Traders All NYMEX Division Operations Managers FROM: George Henderson, Vice President RE: Options Expiration Operational Procedures for the Trading Floor and Clearing Members - Revised Hours ________________________________________________________________ The expiration date for the October 2001 options contract for Crude Oil (LOV1) is Monday, September 17, 2001. 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 representative present at their normal work station promptly at 4:30 p.m. until released by the Exchange staff as specified below. 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. All input to the NYMEX Clearing Department will conclude no later than 30 minutes after floor representatives are released. Exchange Clearing (299-2110), Floor Trade Processing (299-2068 and 299-2169) personnel, as well as a representative of the Floor Committee 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. CLEARING DEPARTMENT OPERATIONAL PROCEDURES The Option Expiration process is a screen based process for which all information is provided on the screens on C21 terminals. No Option Expiration Reports will be provided. The following screens will assist you through the Option Expiration process: MEMBER TRADE INQUIRY Contains real-time top day trade information, trade information for the previous 4 business days and trade=s adjusted for the previous 4 business days by adjustment date. SINGLE POSITION MAINTENANCE Contains a real-time snapshot for each option series from the start of day position to the projected end of day position. REVIEW ACCEPT REJECT TRANSFERS Contains all trade and position transfers ATO@ your firm and the status of each transfer. REVIEW SUBMITTED TRANSFERS Contains all trade and position transfer AFROM@ your firm and the status of each transfer. EXERCISE NOTICE SUBMISSION Contains your available long position and an input field to enter the number of long positions you wish to exercise. DO NOT EXERCISE SUBMISSION Contains your available long position and an input field to enter the number of long positions you wish to abandon. POSITION CHANGE SUBMISSION PCS may be submitted either by manual input or by electronic transmission. Any PCS input on a Clearing 21 terminal will be the input processed by the system. This input may be made at any time prior to 5:45 p.m. Any PCS input via transmission for that contract series will be disregarded. ALL POSITIONS ARE DEEMED FINAL Upon completion of all PCS input, all positions will be deemed final. EXERCISE/ASSIGNMENT INFORMATION Will be available to you on the Single Position Maintenance window by contract series or the Assignment List window which contains all your Assignments on one window. You will be notified of its availability by C21 E-Mail and by Fast Facts. This should occur within 1 hour of the last PCS input. All Clearing Members are required to have an authorized representative(s) at their C21 workstations in preparation for any communication during the expiration process. FAST FACTS Clearing Members should call the Fast Facts information service 301-4871, access code 700 for event messages advising Members of the event status. E-MAIL Clearing Members should read their C21 E-Mail messages immediately to be aware of event status. The standard event Fast Facts and/or E-Mail messages and the sequence in which they will be announced are: STANDARD EVENT APPROXIMATE TIME USUAL FAST FACTS(F) MESSAGES OF MESSAGE EVENT TIME E-MAIL (E) AVAILABILITY BOTH (B) Announce Out-of-the 4:45PM 4:45PM F Money Exercise and In-the-Money Do Not Exercise Submissions Announce Final Input to C21 5:30PM 5:45PM E Cutoff Time All positions are deemed final 6:30PM 5:45PM F Announce Exercise/Assignment 7:25PM 7:30PM B Information Available on the Single Position Maintenance Windows All Report Distribution is 10:00PM 10:00PM F completed The times appearing in the Usual Event Time column are based on normal operational conditions and could vary. NYMEX EXPIRATION DAY PROCESSING OVERVIEW OF MEMBER REQUIREMENTS REFERENCE TIME ACTIVITY EVENT NUMBER 4:30PM Exercise Notice Submission Input to C21 Cutoff Time 1 Do Not Exercise Submission Input to C21 Cutoff Time 2 4:45PM Announce Out-of-the Money Exercise and Fast Facts Notice 3 In-the-Money Do Not Exercise Submissions 5:30PM Announce Final Input to C21 Cutoff Time C21 E-Mail 4 5:45PM Final Input to C21 Cutoff Time 5 6:30PM All Positions are Deemed Final Fast Facts Notice 6 7:25PM Announce Exercise/Assignment Information Available Fast Facts Notice and C21 E-Mail 7 on the Single Position Maintenance Windows If you have any questions concerning these procedures, please contact Anthony Di Benedetto at 299-2152 or John Ramos at 299-2142 prior to the expiration date. __________________________________________________ Please click on the link below to indicate you have received this email. "http://208.206.41.61/email/email_log.cfm?useremail=mark.taylor@enron.com&refdoc=(01-291)" Note: If you click on the above line and nothing happens, please copy the text between the quotes, open your internet browser, paste it into the web site address and press Return.