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BOARD OF TRADE CLEARING CORPORATION
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SUMMARY FINE SCHEDULE
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SUMMARY FINE SCHEDULE
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As adopted by the Risk Committee on April 19, 2000
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DELIVERY REPORTING FINES
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Reason for Assessment
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Amount/Action
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Under-reporting of priority positions
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Any firm that under reports long positions during a delivery month will be charged a $50 fee per commodity. When under-reporting affects delivery, an additional charge of at least $25 per contract will be levied; this charge will be reduced, but never below $500, by the amount of carrying costs reimbursed to affected members.*
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Over-reporting of priority positions
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Any firm that over reports long positions that result in delivery must stand for such delivery and retender all positions stopped the next business day.
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Reporting tenders in error
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Firms making errors in tender reporting must make delivery of positions accordingly. Exceptions to this policy would only be in emergency cases such as the shortage of warehouse receipts or shipping certificates.
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The fee when allocation is changed will be $50 per commodity plus $25 or more per contract.
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OPEN INTEREST FINES/FEES
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Reason for Assessment
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Amount/Action
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Failure to submit substantially complete
and accurate open interest by 5:30 a.m. or failure to have a firm representative available by 5:30 a.m. to respond to questions or problems
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1st time – warning letter
2nd time – $500
3rd time – $2,000
thereafter – $3,000 per occurrence**
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If a firm under-reports its long position eligible for delivery in a particular commodity by less than 25 contracts and the under-reported position represents less than 5% of the deliveries relating to the particular commodity, the offending clearing member will be charged a $50 fee plus a fee of at least $25 per contract (and BOTCC will not reconstruct how delivery should have transpired). In the event that a firm under-reports its long position eligible for delivery in a particular commodity by 25 or more contracts (and the under-reporting affects delivery), or an under-reported position represents 5% or more of the deliveries of a particular commodity, the offending clearing member will be charged a $50 fee and will be fined at least $25 per contract (and BOTCC will reconstruct how delivery should have occurred absent the under-reporting error and calculate the cost of carry inappropriately incurred by the clearing member(s) that took delivery prematurely).
Volume 20 - Bulletin #152 Page 3
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Reason for Assessment
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Amount/Action
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Adjustments made by BOTCC systems
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$25 fee per line item adjustment
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and/or staff
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Errors in submissions that had a 5% to
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1st time–warning letter
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25% impact on the accuracy of publicly
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2nd time–$2,000
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reported open interest
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thereafter–$3,000per occurrence**
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Errors in submissions that had a greater than 25% impact on the accuracy of publicly reported open interest
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As determined by the Committee
(Not a summary fine)
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OPTION EXPIRATION FEES
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Reason for Assessment
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Amount
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Failure to have firm representative present for Friday afternoon trade checking session or Saturday option processing
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$500 per offense
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Failure to have a firm representative available in firm offices prior to 7:30 a.m. on expiration Saturday
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$500 per offense
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Failure to resolve unmatched trades by 8:30 a.m. on expiration Saturday for day session
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$100 per record
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Failure to submit exercise record, adjustment, correction and deletion records prior to 10:00 a.m. expiration Saturday
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$500 per record
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Failure to submit exercise record, adjust-
ment, correction and deletion records on
expiration Saturday in computerized form
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$500 per record
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Signing in for another firm who is not present for the trade matching or trade checking session
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$2,000 per offense
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CURRENCY COMMITMENT FORM FEE
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Reason for Assessment
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Amount
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Failure to timely submit a buyers or sellers
Currency Commitment Form
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$100
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