As of August 1, 2003, the NYFE Products - those based on the NYSE Composite, Russell and Reuters CRB Indices - were defined as Index Contracts in the NYCE Rules and listed on NYCE and de-listed from NYFE. Additionally, a number of by-law and rule amendments became effective at the close of business on July 31, 2003 to provide for the listing of these products on NYCE.
Commencing on the close of business on the day prior to the effective date (07/31/03), every owner of a NYFE membership who completes the NYCE Member's Agreement and related documents is permitted to exchange each NYFE membership so held for a FINEX Membership. The number of FINEX Memberships that may be issued under the By-Laws was increased to 529 to account for each NYFE membership that could conceivably be so exchanged.
Until December 31, 2003, NYCE will allow NYFE members who sign the requisite NYCE documents to convert their NYFE memberships to FINEX Memberships. On that date, all remaining NYFE memberships that have not been converted will be deemed abandoned, will have no further force or effect and will be cancelled.
For a copy of all the resulting rule changes and for a schedule of the effective dates for the implementation of the foregoing consolidation, please contact the NYBOT Secretary's Office at +1 212-748-4082.
The New York Board of Trade (NYBOT) is the parent company of the Coffee, Sugar and Cocoa Exchange, Inc. (CSCE) and the New York Cotton Exchange (NYCE). Through its two exchanges and their subsidiaries and divisions, NYBOT offers an expanding range of agricultural, currency and index products. Information about the New York Board of Trade can be found at www.nybot.com and www.nybotlive.com.
