Nymex to beta test electronic trading

Nymex to beta test electronic trading

Due to safety precautions at the One North End Avenue facility, there was no Nymex Access trading session yesterday evening. The Exchange will hold a log-on and full beta test from 8:30am to 9:30am, September 14, with the intention of holding a two-hour electronic trading session in the afternoon, with the times to be announced in the early morning.

The Exchange executive committee has approved the process through which it will settle open positions in the Comex Division October gold options contract, scheduled to expire September 14.

If the Exchange is successful in its efforts to hold an electronic trading session, the options contract will be settled against the September gold futures settlement price.

If there is no electronic trading session, then the settlement committee will determine appropriate cash market indicators to be used as the basis for settlement.

As previously announced, all trades from the Monday, September 10, 2001, Nymex Access session and the abbreviated open outcry metals trading sessions on Tuesday morning have been marked to the settlement prices from Monday's close. Since there are no settlement prices for the Tuesday and Wednesday sessions, these trades will be marked "as of" for the Exchange's next trading session.

Traders are encouraged to check the Hot News section of www.nymex.com or call +1 212)301-4871, extension 900 or 1-866-24-NYMEX, for the latest information on scheduling.

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