SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 23-005 (1 of 2)

Organization: New York Mercantile Exchange, Inc. ("NYMEX")

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 04/18/23 Filing Description: Amendments to the Platinum Futures 

Contract and Related Amendments to NYMEX/COMEX Chapter 7 (“Delivery Facilities and 

Procedures”)

SPECIFY FILING TYPE 

Please note only ONE choice allowed per Submission.

Organization Rules and Rule Amendments

Certification § 40.6(a)

Approval § 40.5(a)

Notification § 40.6(d)

Advance Notice of SIDCO Rule Change § 40.10(a)

SIDCO Emergency Rule Change § 40.10(h)

Rule Numbers: 

New Product Please note only ONE product per Submission.

Certification § 40.2(a) 

Certification Security Futures § 41.23(a)

Certification Swap Class § 40.2(d)

Approval § 40.3(a)

Approval Security Futures § 41.23(b)

Novel Derivative Product Notification § 40.12(a)

Swap Submission § 39.5

Product Terms and Conditions (product related Rules and Rule Amendments)

Certification § 40.6(a) 

Certification Made Available to Trade Determination § 40.6(a)

Certification Security Futures § 41.24(a)

Delisting (No Open Interest) § 40.6(a) 

Approval § 40.5(a)

Approval Made Available to Trade Determination § 40.5(a)

Approval Security Futures § 41.24(c)

Approval Amendments to enumerated agricultural products § 40.4(a), § 40.5(a)

“Non-Material Agricultural Rule Change” § 40.4(b)(5)

Notification § 40.6(d)

Official Name(s) of Product(s) Affected: See filing.

Rule Numbers: See filing.
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

1

Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

April 18, 2023

VIA ELECTRONIC PORTAL

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, DC 20581

Re: CFTC Regulation 40.6(a) Certification. Amendments to the NYMEX Platinum Futures 

Contract and Related Amendments to NYMEX/COMEX Chapter 7 (“Delivery Facilities 

and Procedures”).

NYMEX Submission No. 23-005 (1 of 2)

Dear Mr. Kirkpatrick:

New York Mercantile Exchange, Inc. (“NYMEX”) and Commodity Exchange, Inc. (“COMEX”) (collectively 

the “Exchanges”) are notifying the Commodity Futures Trading Commission (“CFTC” or “Commission”) that 

they are self-certifying amendments to the NYMEX Platinum Futures Contract (Commodity Code PL, 

Rulebook Chapter 105) (the “Contract”) and related amendments to NYMEX/COMEX Chapter 7 (“Delivery 

Facilities and Procedures”), as described below effective on May 8, 2023 and commencing with the May

2024 contract month and beyond (collectively, the “Rule Amendments”). There is currently no open interest 

in any affected contract month.

NYMEX is expanding the range of weights of bars and packages of platinum that may be registered with 

NYMEX. Currently, platinum may be registered with NYMEX with weights between 45 and 55 troy ounces, 

inclusive. NYMEX is extending the upper limit of this range to be 192.904 troy ounces, equivalent to six (6) 

kilograms. This revised upper limit is consistent with the upper weight limit for good delivery material 

supported by the London Platinum and Palladium Market (“LPPM”).

1

 This expanded weight range will 

enable a greater amount of metal to be registered, and to be eligible to be registered, with NYMEX. 

Platinum in the extended weight range of 55.001 troy ounces to 192.904 troy ounces will be referred to as 

a larger platinum unit.

No other change to the specification of platinum eligible for delivery is being made. The revised weight 

range will apply for contract months from and including the May 2024 contract month. The May 2024

contract month is scheduled to be listed on February 28, 2024 for trading on the CME Globex electronic 

trading platform and for submission for clearing via CME ClearPort. 

The trading unit for the Contract is 50 troy ounces. In order to ensure that the delivery of the larger platinum

ingots or packages (i.e., with weights in excess of the current upper limit of eligibility of 55 troy ounces), 

does not affect the efficiency of the trading or pricing of the Contract, NYMEX will adopt a delivery 

mechanism for these larger platinum units that ensures that amount of platinum delivered remains with the 

existing 10% weight tolerance band.

1 See http://www.lppm.com/good-delivery/
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

2

Specifically, holders of the larger platinum units which are registered with NYMEX will be able to endorse 

their warrant to the Clearing House in exchange for Accumulated Certificates of Exchange (“ACEs”) in 

platinum. Each ACE represents an equal share of the ownership of the larger platinum unit, with ACEs 

being issued in such number to ensure that each ACE represents a holding of no less than 9.0 troy ounces 

and no more than 11.0 troy ounces. Five (5) ACEs, representing ownership of platinum no less than 45

troy ounces and not more than 55 troy ounces will be required for delivery against the Contract.

The delivery mechanism for platinum with weights between 45 and 55 troy ounces inclusive, which will be 

referred to as the standard platinum unit, will be unchanged from the current structure.

Revisions to NYMEX Rulebook Chapter 105 are attached in blackline format in Exhibit A and Exhibit B 

below. In addition, related amendments will be implemented to NYMEX/COMEX Rulebook Chapter 7 

(“Delivery Facilities and Procedures”) with specific reference to storage and withdrawal rates for NYMEX

approved depositories to coincide with May 2024, the effective month of this initiative. Amendments to 

NYMEX/COMEX Chapter 7 are provided in Exhibit C below. 

Once the revised delivery rules come into effect, holders of short positions in Platinum Futures will be able 

to deliver either a warrant for a standard platinum unit, or 5 platinum ACEs as described above. As is 

currently the case, positions that remain open on the last trading day a contract month may be liquidated 

by means of a bona fide Exchange for Related Position transaction until 12:00 p.m. on the business day 

following the last trade date.

Where the holder of a long position in Platinum Futures is assigned delivery of ACEs, such ACEs represent 

ownership of between 45 and 55 troy ounces of platinum. The holder of ACEs is able to maintain their 

holding in the Exchange’s systems indefinitely. Holders of ACEs will be required to pay the storage charges 

for their position. A holding of five (5) platinum ACEs will be eligible for delivery in respect of the Contract.

NYMEX will enable the creation of ACEs in respect of standard platinum units, with each standard platinum

unit being equivalent to five (5) ACEs. Platinum ACEs may be redeemed in exchange for a warrant on 

either a larger platinum unit or standard platinum unit, provided that the number of ACEs being redeemed 

equates to the number of ACEs issued in respect of the warrant. NYMEX will publish information on the 

number and weight of warrants held by the Clearing House to ensure market participants are able to 

effectively manage their holdings. 

NYMEX expects that larger platinum bars will be added to the eligible and registered inventory in NYMEX’s 

approved depositories as a result of the addition of the ACE delivery mechanism for the Contract. 

NYMEX initially listed for trading and clearing the Micro Platinum Futures contract (Commodity Code: PLM; 

Rulebook Chapter 110) effective on trade date March 13, 2023 (see NYMEX Submission No. 23-067 dated 

February 23, 2023). The Micro Platinum Futures contract has a deliverable instrument of one (1) ACE. 

The Micro Platinum Futures contract facilitates risk management and position transfer of platinum ACEs, 

as well as being of potential interest to investors who require a more tailored size exposure to the platinum

market.

The creation, transfer and redemption of ACEs are processes which have been applied to the palladium 

market operated by NYMEX. Specifically, NYMEX Palladium warrants may be exchanged for ACEs to 

facilitate a delivery in the NYMEX Micro Palladium Futures contract. Customers and clearing firms active 

in the metals markets are therefore familiar with the concept and operational aspects of ACEs. ACEs used 

in the Palladium Futures contract can be redeemed for either a standard or larger size palladium bar.

Similarly, ACEs used in the Platinum Futures contract can be redeemed for either a standard or larger size 

platinum bar.

Currently, as with all physically delivered NYMEX or COMEX metals products, daily inventory reports are 

generated and published on the Exchange website. These reports provide the quantity of metal in the 

respective Exchange approved facilities. In addition, a daily inventory report will be generated detailing the 
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

3

quantity of platinum warrants (representing either standard platinum units or larger platinum units) by weight 

range which are being held by the Clearing House. Holders of ACEs may redeem their positions against 

the warrants held by the Clearing House which appear on this report. This report will provide transparency 

to the marketplace.

The Exchanges reviewed the designated contracts market core principles (“Core Principles”) as set forth in 

the Commodity Exchange Act (“CEA” or “Act”) and identified that the Rule Amendments may have some 

bearing on the following Core Principles:

• Compliance with Rules: The Exchanges shall continue to ensure that registered platinum meets 

the specification set out in the contract terms and conditions by requiring approved depositories to 

accurately assess and register metal, and through active monitoring of registered metal and service 

providers by Exchange staff.

• Contracts Not Readily Subject to Manipulation: The Contract is not readily susceptible to 

manipulation due to its physically delivered nature and the terms and conditions of the delivery 

process. The increase in the range of metal capable of being registered with NYMEX will enhance 

the accessible deliverable supply of the Contract.

• Prevention of Market Disruption: NYMEX is implementing the change for deferred contract 

months with no open interest only and providing extensive notice of the change to market 

participants. Increasing the range of metal capable of being registered with the Exchange has the 

effect of reducing the propensity for market disruption.

• Availability of General Information: The Exchanges will publish information on the amendment 

to the contract’s terms and conditions on its website and will issue a Special Executive Report 

(“SER”) regarding contract amendment.

Pursuant to Section 5c(c) of the Act and CFTC Regulations 40.6(a), the Exchanges certify that the Rule 

Amendments comply with the Act, including regulations under the Act. There were no substantive opposing 

views to these proposals.

The Exchanges certify that this submission has been concurrently posted on the CME Group website at

http://www.cmegroup.com/market-regulation/rule-filings.html.

Should you have any questions concerning the above, please contact the undersigned at (212) 299-2200 

or via e-mail at CMEGSubmissionInquiry@cmegroup.com.

Sincerely, 

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel

Attachments: Exhibit A: Amendments to NYMEX Rulebook Chapter 105 (effective May 8, 2023)

Exhibit B: Amendments to NYMEX Rulebook Chapter 105 (effective February 28, 2024)

Exhibit C: Amendments to NYMEX/COMEX Chapter 7 (effective May 8, 2023)

Exhibit D: Deliverable Supply Analysis
4

Exhibit A

NYMEX Rulebook

(additions underscored; deletions struck through)

(Effective May 8, 2023)

Chapter 105

Platinum Futures

105100. SCOPE OF CHAPTER

This chapter is limited in application to Platinum futures. The procedures for trading, clearing, delivery 

and settlement not specifically covered herein or in Chapter 7 shall be governed by the general rules 

of the Exchange.

The provisions of these rules shall apply to all platinum bought or sold for future delivery on the 

Exchange. 

The terms “seller” and “buyer” shall mean the seller of the physical product and the buyer of the 

physical product, respectively. Terms not specifically defined herein shall be defined in Chapter 7.

For purposes of these rules, unless otherwise specified, times referred to herein shall refer to and 

indicate New York time.

105101. CONTRACT SPECIFICATIONS (FOR CONTRACT MONTHS UP TO AND INCLUDING 

APRIL 2024)

105101.A. Grade and Quality Specifications

The contract for delivery on futures contracts shall be 50 troy ounces of platinum, weighed to the 

nearest thousandth of a troy ounce, or the equivalent weight in grams, of homogeneous cast plate 

and/or ingot, with a weight tolerance of 10% either higher or lower. Each contract may consist of 

more than one piece of plate and/or ingot, with no individual piece weighing less than 10 troy ounces, 

or the equivalent weight in grams. Platinum delivered under this contract shall be a minimum of 

99.95% pure and must be a brand approved by the Exchange. 

105101.B. Packing Methods

Platinum may be delivered in packaged or unpackaged form. 

1. If platinum is delivered in packaged form, the platinum must be in a package sealed by an 

Assayer or Producer such that the package may not be opened without destruction of the seal. 

Each package must contain exactly one contract unit of platinum and must bear: 

a. the lot or identification number(s) of each ingot and/or plate contained therein; 

b. the actual weight of the platinum therein;

c. the grade of the pieces therein; 

d. the name or logo of the Assayer or mark of the Brand; and 

e. the chemical symbol for platinum “Pt” and/or the word “Platinum”. 

2. If platinum is delivered in unpackaged form, each piece of platinum comprising the contract unit 

shall be incised with: 

a. the lot or identification number of such ingot and/or plate contained therein; 

b. its actual weight (provided that if the piece was previously sampled, the weight on the 

Assay Certificate shall govern);

c. the grade of such piece; 

d. the name or logo of the Assayer or mark of the Brand; and 

e. the chemical symbol for platinum “Pt” and/or the word “Platinum”.

105101.C. Warrant 

Each Warrant shall contain the information set forth in the Assay Certificate, incised on the bar, or 

clearly identified on the package; provided, however, that weight shall be expressed in troy ounces. 
5

If the weight incised on the bar or set forth on the Assay Certificate is in grams, it shall be converted 

to troy ounces by dividing the weight in grams by 31.1035 and rounding to the nearest thousandth of 

a troy ounce. The Warrant shall represent that the contract unit: 

1. is a Brand, meeting the grade and quality specifications herein, received directly from its 

Producer by means of one or more Carriers and/or, with respect to platinum from the Producer, 

by means of such Producer’s own transport, or 

2. is a Brand, meeting the grade and quality specifications herein, received directly from one or 

more storage vaults located in Zurich, Switzerland owned or controlled by either Credit Suisse 

Group or UBS AG, by means of one or more Carriers. Such storage vaults are delivery locations 

for the London Platinum and Palladium Market. Upon request of the Depository, the seller’s 

clearing member shall provide to the Depository a pro forma invoice and a bar list issued by 

either Credit Suisse Group or UBS AG (or the wholly-owned subsidiary that owns such vault), 

and, if so requested, the Depository is not required to issue a Warrant for any such contract unit 

until such documentation has been provided, or 

3. is a Brand, meeting the grade and quality specifications herein, received directly from one or 

more storage vaults located in Zurich, Switzerland or London, U.K. owned or controlled by 

members of the London Precious Metals Clearing Limited (“LPMCL”) or custodians offering 

vaulting services in the Loco London Market, by means of one or more Carriers. Upon request 

of the Depository, the seller’s clearing member shall provide to the Depository a bar list issued 

by the aforementioned vault or custodian and, if so requested, the Depository is not required to 

issue a Warrant for any such contract unit until such documentation has been provided, or

4. was received directly from an Assayer or Producer by means of one or more Carriers and/or, 

with respect to platinum from the Producer, by means of such Producer’s own transport, and 

was accompanied by an Assay Certificate(s) for each piece in the contract unit, or 

5. was received directly from an Assayer or Producer by means of one or more Carriers and/or, 

with respect to platinum from the Producer, by means of such Producer’s own transport, and 

was not accompanied by an Assay Certificate(s) for each piece in the contract unit but has been 

determined to be Eligible after having been inspected by an Assayer or Producer, or 

6. was received directly from another Depository by means of one or more Carriers, provided, 

however, that the platinum was previously Eligible, or

7. was deposited at a Depository, and thereafter inspected by an Assayer or Producer and 

determined to be Eligible. 

105101. CONTRACT SPECIFICATIONS (FOR CONTRACT MONTHS COMMENCING WITH 

MAY 2024 AND BEYOND)

105101.A. Grade and Quality Specifications

The contract for delivery on futures contracts shall either be (i) a standard unit which is defined as 50 

troy ounces of platinum, weighed to the nearest thousandth of a troy ounce, or the equivalent weight 

in grams, of homogeneous cast plate and/or ingot, with a weight tolerance of 10% either higher or 

lower, or (ii) a larger platinum unit which is defined as platinum with weight greater than 55 troy 

ounces and less than or equal to 192.904 troy ounces (6 kilograms) weighed to the nearest 

thousandth of a troy ounce, or the equivalent in grams, of homogenous cast plate and/or ingot. 

The contract for delivery on futures contracts shall be either: 

(A) a standard platinum unit. Each standard platinum unit may consist of more than one piece 

of plate and/or ingot, with no individual piece weighing less than 10 troy ounces, or the 

equivalent weight in grams; or 

(B) five (5) Accumulated Certificates of Exchange (“ACE”) in platinum issued by the Clearing 

House.

Each ACE represents a share in the ownership of either a standard platinum unit or a larger 

platinum unit held in the form of a Warrant. Each larger platinum unit may consist of more 

than one piece of plate and/or ingot, with no individual piece weighing less than 10 troy 

ounces. 

Upon delivery, the buyer’s clearing member receives and the seller’s clearing member 

delivers five (5) ACEs, issued by the Clearing House. 
6

A clearing member may request the issuance of ACEs by electronically endorsing to the 

Clearing House a Warrant representing one (1) standard platinum unit or one (1) larger 

platinum unit. 

In respect of standard platinum units, the Clearing House will issue five (5) ACEs, with each 

such ACE representing an equal share in the ownership of the standard platinum unit 

(subject to any necessary rounding requirements). In respect of larger platinum units, the 

Clearing House will issue an ACE for each division of 10 troy ounces, or residual part 

thereof, within the larger platinum unit, with each such ACE representing an equal share in 

the ownership of the larger platinum unit based on the number of ACEs being issued in 

respect of the larger platinum unit (subject to any necessary rounding requirements). 

ACEs may only be redeemed for a Warrant upon the accumulation of sufficient number 

such ACEs. Upon presentation and endorsement to the Clearing House of ACEs, the owner 

will receive either one (1) Warrant for a standard platinum unit, or one (1) Warrant for a 

larger platinum unit. Tolerance adjustments for ounces received vs. ounces represented by 

the ACEs will be made through the Clearing House. 

Storage charges are invoiced to the clearing member who owns the ACEs. 

Platinum delivered under this contract shall be a minimum of 99.95% pure and must be a brand 

approved by the Exchange. 

105101.B. Packing Methods

Platinum may be delivered in packaged or unpackaged form. 

1. If platinum is delivered in packaged form, the platinum must be in a package sealed by an 

Assayer or Producer such that the package may not be opened without destruction of the seal. 

Each package must contain either (1) exactly one standard platinum unit, or (ii) one larger 

platinum unit, and must bear: 

f. the lot or identification number(s) of each ingot and/or plate contained therein; 

g. the actual weight of the platinum therein;

h. the grade of the pieces therein; 

i. the name or logo of the Assayer or mark of the Brand; and 

j. the chemical symbol for platinum “Pt” and/or the word “Platinum”. 

2. If platinum is delivered in unpackaged form, each piece of platinum comprising the standard 

platinum unit or larger platinum unit shall be incised with: 

f. the lot or identification number of such ingot and/or plate contained therein; 

g. its actual weight (provided that if the piece was previously sampled, the weight on the Assay 

Certificate shall govern);

h. the grade of such piece; 

i. the name or logo of the Assayer or mark of the Brand; and 

j. the chemical symbol for platinum “Pt” and/or the word “Platinum”.

105101.C. Warrant 

Each Warrant shall contain the information set forth in the Assay Certificate, incised on the bar, or 

clearly identified on the package; provided, however, that weight shall be expressed in troy ounces. 

If the weight incised on the bar or set forth on the Assay Certificate is in grams, it shall be converted 

to troy ounces by dividing the weight in grams by 31.1035 and rounding to the nearest thousandth of 

a troy ounce. The Warrant shall represent that the standard platinum unit or larger platinum unit: 

1. is a Brand, meeting the grade and quality specifications herein, received directly from its 

Producer by means of one or more Carriers and/or, with respect to platinum from the Producer, 

by means of such Producer’s own transport, or 

2. is a Brand, meeting the grade and quality specifications herein, received directly from one or 

more storage vaults located in Zurich, Switzerland owned or controlled by either Credit Suisse 

Group or UBS AG, by means of one or more Carriers. Such storage vaults are delivery locations 

for the London Platinum and Palladium Market. Upon request of the Depository, the seller’s 
7

clearing member shall provide to the Depository a pro forma invoice and a bar list issued by 

either Credit Suisse Group or UBS AG (or the wholly-owned subsidiary that owns such vault), 

and, if so requested, the Depository is not required to issue a Warrant for any such contract unit 

until such documentation has been provided, or 

3. is a Brand, meeting the grade and quality specifications herein, received directly from one or 

more storage vaults located in Zurich, Switzerland or London, U.K. owned or controlled by 

members of the London Precious Metals Clearing Limited (“LPMCL”) or custodians offering 

vaulting services in the Loco London Market, by means of one or more Carriers. Upon request 

of the Depository, the seller’s clearing member shall provide to the Depository a bar list issued 

by the aforementioned vault or custodian and, if so requested, the Depository is not required to 

issue a Warrant for any such standard platinum unit or larger platinum unit until such 

documentation has been provided, or

4. was received directly from an Assayer or Producer by means of one or more Carriers and/or, 

with respect to platinum from the Producer, by means of such Producer’s own transport, and 

was accompanied by an Assay Certificate(s) for each piece in the standard platinum unit or 

larger platinum unit, or 

5. was received directly from an Assayer or Producer by means of one or more Carriers and/or, 

with respect to platinum from the Producer, by means of such Producer’s own transport, and 

was not accompanied by an Assay Certificate(s) for each piece in the standard platinum or larger 

platinum unit but has been determined to be Eligible after having been inspected by an Assayer 

or Producer, or 

6. was received directly from another Depository by means of one or more Carriers, provided, 

however, that the platinum was previously Eligible, or

7. was deposited at a Depository, and thereafter inspected by an Assayer or Producer and 

determined to be Eligible.

105102. TRADING SPECIFICATIONS

The number of months open for trading at a given time shall be determined by the Exchange.

105102.A. Trading Schedule 

The hours for trading shall be determined by the Exchange.

105102.B. Trading Unit 

The contract unit shall be 50 troy ounces.

105102.C. Price Increments 

The minimum price fluctuation shall be ten cents ($0.10) per troy ounce. Prices shall be quoted in 

dollars and cents per troy ounce. 

105102.D. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply 

to the Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion.

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits.

105102.E. Termination of Trading

No trades in Platinum futures deliverable in the current month shall be made after the third last 

business day of that month. Any contracts remaining open after the last trade date must be either:

(A) Settled by delivery which shall take place on any business day beginning on the first business 

day of the delivery month or any subsequent business day of the delivery month, but no later 

than the last business day of the delivery month.

(B) Liquidated by means of a bona fide Exchange for Related Position (“EFRP”) pursuant to Rule 

538. An EFRP is permitted in an expired futures contract until 12:00 p.m. on the business day 

following termination of trading in the expired futures contract. An EFRP which establishes a 

futures position for either the buyer or the seller in an expired futures contract shall not be 

permitted following the termination of trading of an expired futures contract.
8

105102.F. Special Price Fluctuation Limits

 At the commencement of each trading day, the contract shall be subject to special price fluctuation 

limits as to set forth in Rule 589. and in the Special Price Fluctuation Limits Table in the 

Interpretations & Special Notices Section of Chapter 5.

105103. INSPECTION AND ASSAY CERTIFICATE (FOR CONTRACT MONTHS UP TO AND 

INCLUDING APRIL 2024)

Except for platinum delivered pursuant to Rules 105101.C (1), (2), (3) or (5), the Depository shall, 

upon receipt of the commodity, cause an inspection to be made by an Assayer or a Producer. The 

Assayer or Producer shall issue Assay Certificate(s) covering each piece in the contract in the form 

approved by the Exchange.

Each Assay Certificate shall report the lot or bar number, weight, grade, the name of the Assayer or 

Producer, the symbol identifying the metal or the name of the metal and the date of inspection. On 

all Assay Certificates, weight shall be expressed in troy ounces. 

Every lot inspected must bear on the package the lot number, seal number, date of inspection, 

weight, grade, and the name of the Assayer or Producer who made the inspection. (Effective as to 

platinum assayed prior to October 1, 1979)

Every lot inspected, if packaged, must bear on such package the lot or bar number, weight, grade, 

the name or logo of the Assayer or Producer, and the symbol identifying the metal or the name of 

the metal. Every lot inspected, if unpackaged, must be incised with the lot or bar number, weight, 

grade, the name or logo of the Assayer, and the symbol identifying the metal. (Effective as to platinum 

assayed on and after October 1, 1979) 

If a contract unit of platinum is surrendered to the bearer of a Warrant, or if the contract unit is in a 

package and the seal is broken, the Assay Certificate(s) for such contract unit is no longer valid and 

such contract unit is no longer Eligible. 

The seller shall bear the costs of inspection, delivery to the Depository, charges of the Depository, 

and all other expenses, if any, to determine that the platinum is Eligible. 

105103. INSPECTION AND ASSAY CERTIFICATE (FOR CONTRACT MONTHS COMMENCING 

WITH MAY 2024 AND BEYOND)

Except for platinum delivered pursuant to Rules 105101.C (1), (2), (3) or (5), the Depository shall, 

upon receipt of the commodity, cause an inspection to be made by an Assayer or a Producer. The 

Assayer or Producer shall issue Assay Certificate(s) covering each piece in the contract in the form 

approved by the Exchange.

Each Assay Certificate shall report the lot or bar number, weight, grade, the name of the Assayer or 

Producer, the symbol identifying the metal or the name of the metal and the date of inspection. On 

all Assay Certificates, weight shall be expressed in troy ounces. 

Every lot inspected must bear on the package the lot number, seal number, date of inspection, 

weight, grade, and the name of the Assayer or Producer who made the inspection. (Effective as to 

platinum assayed prior to October 1, 1979)

Every lot inspected, if packaged, must bear on such package the lot or bar number, weight, grade, 

the name or logo of the Assayer or Producer, and the symbol identifying the metal or the name of 

the metal. Every lot inspected, if unpackaged, must be incised with the lot or bar number, weight, 

grade, the name or logo of the Assayer, and the symbol identifying the metal. (Effective as to platinum 

assayed on and after October 1, 1979) 

If a standard contract unit of platinum or a larger platinum unit is surrendered to the bearer of a 

Warrant, or if the standard contract unit or larger platinum unit is in a package and the seal is broken, 

the Assay Certificate(s) for such standard contract unit or larger contract unit is no longer valid and 

such standard contract unit or larger platinum unit is no longer Eligible. 

The seller shall bear the costs of inspection, delivery to the Depository, charges of the Depository, 

and all other expenses, if any, to determine that the platinum is Eligible. 

105104.-107. [RESERVED]

105108. VALIDITY OF DOCUMENTS

The Exchange makes no representation respecting the authenticity, validity or accuracy of any 

document or instrument delivered pursuant to these rules.
9

Exhibit B

NYMEX Rulebook

(deletions struck through)

(Effective February 28, 2024)

Chapter 105

Platinum Futures

105100. SCOPE OF CHAPTER

This chapter is limited in application to Platinum futures. The procedures for trading, clearing, delivery 

and settlement not specifically covered herein or in Chapter 7 shall be governed by the general rules 

of the Exchange.

The provisions of these rules shall apply to all platinum bought or sold for future delivery on the 

Exchange. 

The terms “seller” and “buyer” shall mean the seller of the physical product and the buyer of the 

physical product, respectively. Terms not specifically defined herein shall be defined in Chapter 7.

For purposes of these rules, unless otherwise specified, times referred to herein shall refer to and 

indicate New York time.

105101. CONTRACT SPECIFICATIONS (FOR CONTRACT MONTHS UP TO AND INCLUDING 

APRIL 2024)

105101.A. Grade and Quality Specifications

The contract for delivery on futures contracts shall be 50 troy ounces of platinum, weighed to the 

nearest thousandth of a troy ounce, or the equivalent weight in grams, of homogeneous cast plate 

and/or ingot, with a weight tolerance of 10% either higher or lower. Each contract may consist of 

more than one piece of plate and/or ingot, with no individual piece weighing less than 10 troy ounces, 

or the equivalent weight in grams. Platinum delivered under this contract shall be a minimum of 

99.95% pure and must be a brand approved by the Exchange. 

105101.B. Packing Methods

Platinum may be delivered in packaged or unpackaged form. 

3. If platinum is delivered in packaged form, the platinum must be in a package sealed by an 

Assayer or Producer such that the package may not be opened without destruction of the seal. 

Each package must contain exactly one contract unit of platinum and must bear: 

k. the lot or identification number(s) of each ingot and/or plate contained therein; 

l. the actual weight of the platinum therein;

m. the grade of the pieces therein; 

n. the name or logo of the Assayer or mark of the Brand; and 

o. the chemical symbol for platinum “Pt” and/or the word “Platinum”. 

4. If platinum is delivered in unpackaged form, each piece of platinum comprising the contract unit 

shall be incised with: 

k. the lot or identification number of such ingot and/or plate contained therein; 

l. its actual weight (provided that if the piece was previously sampled, the weight on the 

Assay Certificate shall govern);

m. the grade of such piece; 

n. the name or logo of the Assayer or mark of the Brand; and 

o. the chemical symbol for platinum “Pt” and/or the word “Platinum”.

105101.C. Warrant 

Each Warrant shall contain the information set forth in the Assay Certificate, incised on the bar, or 

clearly identified on the package; provided, however, that weight shall be expressed in troy ounces. 
10

If the weight incised on the bar or set forth on the Assay Certificate is in grams, it shall be converted 

to troy ounces by dividing the weight in grams by 31.1035 and rounding to the nearest thousandth of 

a troy ounce. The Warrant shall represent that the contract unit: 

8. is a Brand, meeting the grade and quality specifications herein, received directly from its 

Producer by means of one or more Carriers and/or, with respect to platinum from the Producer, 

by means of such Producer’s own transport, or 

9. is a Brand, meeting the grade and quality specifications herein, received directly from one or 

more storage vaults located in Zurich, Switzerland owned or controlled by either Credit Suisse 

Group or UBS AG, by means of one or more Carriers. Such storage vaults are delivery locations 

for the London Platinum and Palladium Market. Upon request of the Depository, the seller’s 

clearing member shall provide to the Depository a pro forma invoice and a bar list issued by 

either Credit Suisse Group or UBS AG (or the wholly-owned subsidiary that owns such vault), 

and, if so requested, the Depository is not required to issue a Warrant for any such contract unit 

until such documentation has been provided, or 

10. is a Brand, meeting the grade and quality specifications herein, received directly from one or 

more storage vaults located in Zurich, Switzerland or London, U.K. owned or controlled by 

members of the London Precious Metals Clearing Limited (“LPMCL”) or custodians offering 

vaulting services in the Loco London Market, by means of one or more Carriers. Upon request

of the Depository, the seller’s clearing member shall provide to the Depository a bar list issued 

by the aforementioned vault or custodian and, if so requested, the Depository is not required to 

issue a Warrant for any such contract unit until such documentation has been provided, or

11. was received directly from an Assayer or Producer by means of one or more Carriers and/or, 

with respect to platinum from the Producer, by means of such Producer’s own transport, and 

was accompanied by an Assay Certificate(s) for each piece in the contract unit, or 

12. was received directly from an Assayer or Producer by means of one or more Carriers and/or, 

with respect to platinum from the Producer, by means of such Producer’s own transport, and 

was not accompanied by an Assay Certificate(s) for each piece in the contract unit but has been 

determined to be Eligible after having been inspected by an Assayer or Producer, or 

13. was received directly from another Depository by means of one or more Carriers, provided, 

however, that the platinum was previously Eligible, or

14. was deposited at a Depository, and thereafter inspected by an Assayer or Producer and 

determined to be Eligible. 

105101. CONTRACT SPECIFICATIONS (FOR CONTRACT MONTHS COMMENCING WITH 

MAY 2024 AND BEYOND)

105101.A. Grade and Quality Specifications

The contract for delivery on futures contracts shall either be (i) a standard unit which is defined as 50 

troy ounces of platinum, weighed to the nearest thousandth of a troy ounce, or the equivalent weight 

in grams, of homogeneous cast plate and/or ingot, with a weight tolerance of 10% either higher or 

lower, or (ii) a larger platinum unit which is defined as platinum with weight greater than 55 troy 

ounces and less than or equal to 192.904 troy ounces (6 kilograms) weighed to the nearest 

thousandth of a troy ounce, or the equivalent in grams, of homogenous cast plate and/or ingot. 

The contract for delivery on futures contracts shall be either: 

(A) a standard platinum unit. Each standard platinum unit may consist of more than one piece 

of plate and/or ingot, with no individual piece weighing less than 10 troy ounces, or the 

equivalent weight in grams; or 

(B) five (5) Accumulated Certificates of Exchange (“ACE”) in platinum issued by the Clearing 

House.

Each ACE represents a share in the ownership of either a standard platinum unit or a larger 

platinum unit held in the form of a Warrant. Each larger platinum unit may consist of more 

than one piece of plate and/or ingot, with no individual piece weighing less than 10 troy 

ounces. 

Upon delivery, the buyer’s clearing member receives and the seller’s clearing member 

delivers five (5) ACEs, issued by the Clearing House. 
11

A clearing member may request the issuance of ACEs by electronically endorsing to the 

Clearing House a Warrant representing one (1) standard platinum unit or one (1) larger 

platinum unit. 

In respect of standard platinum units, the Clearing House will issue five (5) ACEs, with each 

such ACE representing an equal share in the ownership of the standard platinum unit 

(subject to any necessary rounding requirements). In respect of larger platinum units, the 

Clearing House will issue an ACE for each division of 10 troy ounces, or residual part 

thereof, within the larger platinum unit, with each such ACE representing an equal share in 

the ownership of the larger platinum unit based on the number of ACEs being issued in 

respect of the larger platinum unit (subject to any necessary rounding requirements). 

ACEs may only be redeemed for a Warrant upon the accumulation of sufficient number 

such ACEs. Upon presentation and endorsement to the Clearing House of ACEs, the owner 

will receive either one (1) Warrant for a standard platinum unit, or one (1) Warrant for a 

larger platinum unit. Tolerance adjustments for ounces received vs. ounces represented by 

the ACEs will be made through the Clearing House. 

Storage charges are invoiced to the clearing member who owns the ACEs. 

Platinum delivered under this contract shall be a minimum of 99.95% pure and must be a brand 

approved by the Exchange. 

105101.B. Packing Methods

Platinum may be delivered in packaged or unpackaged form. 

3. If platinum is delivered in packaged form, the platinum must be in a package sealed by an 

Assayer or Producer such that the package may not be opened without destruction of the seal. 

Each package must contain either (1) exactly one standard platinum unit, or (ii) one larger 

platinum unit, and must bear: 

p. the lot or identification number(s) of each ingot and/or plate contained therein; 

q. the actual weight of the platinum therein;

r. the grade of the pieces therein; 

s. the name or logo of the Assayer or mark of the Brand; and 

t. the chemical symbol for platinum “Pt” and/or the word “Platinum”. 

4. If platinum is delivered in unpackaged form, each piece of platinum comprising the standard 

platinum unit or larger platinum unit shall be incised with: 

p. the lot or identification number of such ingot and/or plate contained therein; 

q. its actual weight (provided that if the piece was previously sampled, the weight on the Assay 

Certificate shall govern);

r. the grade of such piece; 

s. the name or logo of the Assayer or mark of the Brand; and 

t. the chemical symbol for platinum “Pt” and/or the word “Platinum”.

105101.C. Warrant 

Each Warrant shall contain the information set forth in the Assay Certificate, incised on the bar, or 

clearly identified on the package; provided, however, that weight shall be expressed in troy ounces. 

If the weight incised on the bar or set forth on the Assay Certificate is in grams, it shall be converted 

to troy ounces by dividing the weight in grams by 31.1035 and rounding to the nearest thousandth of 

a troy ounce. The Warrant shall represent that the standard platinum unit or larger platinum unit: 

8. is a Brand, meeting the grade and quality specifications herein, received directly from its 

Producer by means of one or more Carriers and/or, with respect to platinum from the Producer, 

by means of such Producer’s own transport, or 

9. is a Brand, meeting the grade and quality specifications herein, received directly from one or 

more storage vaults located in Zurich, Switzerland owned or controlled by either Credit Suisse 

Group or UBS AG, by means of one or more Carriers. Such storage vaults are delivery locations 

for the London Platinum and Palladium Market. Upon request of the Depository, the seller’s 
12

clearing member shall provide to the Depository a pro forma invoice and a bar list issued by 

either Credit Suisse Group or UBS AG (or the wholly-owned subsidiary that owns such vault), 

and, if so requested, the Depository is not required to issue a Warrant for any such contract unit 

until such documentation has been provided, or 

10. is a Brand, meeting the grade and quality specifications herein, received directly from one or 

more storage vaults located in Zurich, Switzerland or London, U.K. owned or controlled by 

members of the London Precious Metals Clearing Limited (“LPMCL”) or custodians offering 

vaulting services in the Loco London Market, by means of one or more Carriers. Upon request 

of the Depository, the seller’s clearing member shall provide to the Depository a bar list issued 

by the aforementioned vault or custodian and, if so requested, the Depository is not required to 

issue a Warrant for any such standard platinum unit or larger platinum unit until such 

documentation has been provided, or

11. was received directly from an Assayer or Producer by means of one or more Carriers and/or, 

with respect to platinum from the Producer, by means of such Producer’s own transport, and 

was accompanied by an Assay Certificate(s) for each piece in the standard platinum unit or 

larger platinum unit, or 

12. was received directly from an Assayer or Producer by means of one or more Carriers and/or,

with respect to platinum from the Producer, by means of such Producer’s own transport, and 

was not accompanied by an Assay Certificate(s) for each piece in the standard platinum or larger 

platinum unit but has been determined to be Eligible after having been inspected by an Assayer 

or Producer, or 

13. was received directly from another Depository by means of one or more Carriers, provided, 

however, that the platinum was previously Eligible, or

14. was deposited at a Depository, and thereafter inspected by an Assayer or Producer and 

determined to be Eligible.

105102. TRADING SPECIFICATIONS

The number of months open for trading at a given time shall be determined by the Exchange.

105102.A. Trading Schedule 

The hours for trading shall be determined by the Exchange.

105102.B. Trading Unit 

The contract unit shall be 50 troy ounces.

105102.C. Price Increments 

The minimum price fluctuation shall be ten cents ($0.10) per troy ounce. Prices shall be quoted in 

dollars and cents per troy ounce. 

105102.D. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply 

to the Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion.

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits.

105102.E. Termination of Trading

No trades in Platinum futures deliverable in the current month shall be made after the third last 

business day of that month. Any contracts remaining open after the last trade date must be either:

(C) Settled by delivery which shall take place on any business day beginning on the first business 

day of the delivery month or any subsequent business day of the delivery month, but no later 

than the last business day of the delivery month.

(D) Liquidated by means of a bona fide Exchange for Related Position (“EFRP”) pursuant to Rule 

538. An EFRP is permitted in an expired futures contract until 12:00 p.m. on the business day 

following termination of trading in the expired futures contract. An EFRP which establishes a 

futures position for either the buyer or the seller in an expired futures contract shall not be 

permitted following the termination of trading of an expired futures contract.
13

105102.F. Special Price Fluctuation Limits

 At the commencement of each trading day, the contract shall be subject to special price fluctuation 

limits as to set forth in Rule 589. and in the Special Price Fluctuation Limits Table in the 

Interpretations & Special Notices Section of Chapter 5.

105103. INSPECTION AND ASSAY CERTIFICATE (FOR CONTRACT MONTHS UP TO AND 

INCLUDING APRIL 2024)

Except for platinum delivered pursuant to Rules 105101.C (1), (2), (3) or (5), the Depository shall, 

upon receipt of the commodity, cause an inspection to be made by an Assayer or a Producer. The 

Assayer or Producer shall issue Assay Certificate(s) covering each piece in the contract in the form 

approved by the Exchange.

Each Assay Certificate shall report the lot or bar number, weight, grade, the name of the Assayer or 

Producer, the symbol identifying the metal or the name of the metal and the date of inspection. On 

all Assay Certificates, weight shall be expressed in troy ounces. 

Every lot inspected must bear on the package the lot number, seal number, date of inspection, 

weight, grade, and the name of the Assayer or Producer who made the inspection. (Effective as to 

platinum assayed prior to October 1, 1979)

Every lot inspected, if packaged, must bear on such package the lot or bar number, weight, grade, 

the name or logo of the Assayer or Producer, and the symbol identifying the metal or the name of 

the metal. Every lot inspected, if unpackaged, must be incised with the lot or bar number, weight, 

grade, the name or logo of the Assayer, and the symbol identifying the metal. (Effective as to platinum 

assayed on and after October 1, 1979) 

If a contract unit of platinum is surrendered to the bearer of a Warrant, or if the contract unit is in a 

package and the seal is broken, the Assay Certificate(s) for such contract unit is no longer valid and 

such contract unit is no longer Eligible. 

The seller shall bear the costs of inspection, delivery to the Depository, charges of the Depository, 

and all other expenses, if any, to determine that the platinum is Eligible. 

105103. INSPECTION AND ASSAY CERTIFICATE (FOR CONTRACT MONTHS COMMENCING 

WITH MAY 2024 AND BEYOND)

Except for platinum delivered pursuant to Rules 105101.C (1), (2), (3) or (5), the Depository shall, 

upon receipt of the commodity, cause an inspection to be made by an Assayer or a Producer. The 

Assayer or Producer shall issue Assay Certificate(s) covering each piece in the contract in the form 

approved by the Exchange.

Each Assay Certificate shall report the lot or bar number, weight, grade, the name of the Assayer or 

Producer, the symbol identifying the metal or the name of the metal and the date of inspection. On 

all Assay Certificates, weight shall be expressed in troy ounces. 

Every lot inspected must bear on the package the lot number, seal number, date of inspection, 

weight, grade, and the name of the Assayer or Producer who made the inspection. (Effective as to 

platinum assayed prior to October 1, 1979)

Every lot inspected, if packaged, must bear on such package the lot or bar number, weight, grade, 

the name or logo of the Assayer or Producer, and the symbol identifying the metal or the name of 

the metal. Every lot inspected, if unpackaged, must be incised with the lot or bar number, weight, 

grade, the name or logo of the Assayer, and the symbol identifying the metal. (Effective as to platinum 

assayed on and after October 1, 1979) 

If a standard contract unit of platinum or a larger platinum unit is surrendered to the bearer of a 

Warrant, or if the standard contract unit or larger platinum unit is in a package and the seal is broken, 

the Assay Certificate(s) for such standard contract unit or larger contract unit is no longer valid and 

such standard contract unit or larger platinum unit is no longer Eligible. 

The seller shall bear the costs of inspection, delivery to the Depository, charges of the Depository, 

and all other expenses, if any, to determine that the platinum is Eligible. 

105104.-107. [RESERVED]

105108. VALIDITY OF DOCUMENTS

The Exchange makes no representation respecting the authenticity, validity or accuracy of any 

document or instrument delivered pursuant to these rules.
14

Exhibit C

NYMEX/COMEX Rulebook

(additions underlined; deletions overstruck)

(Effective May 8, 2023)

Chapter 7

DELIVERY FACILITIES AND PROCEDURES

GENERAL

...

704. STORAGE OF METALS

704.A. Storage and Handling Charges

In the event that a depository or warehouse wishes to change its maximum fees, the depository or 

warehouse shall make application for the desired change on a form prescribed by the Exchange. The 

Exchange, in its sole discretion, may determine to not approve the requested changes. 

Increases to maximum fees for a depository or warehouse shall be effective ninety (90) days after 

the Exchange posts a notice that a bona fide application has been approved.

The maximum storage and delivery out charges by a depository shall not exceed the following:

Maximum Storage Maximum Delivery Out

Gold (GC) 

(per contract)

$15.00 $35.00

Gold (Enhanced 

Delivery) (4GC) 

(per contract)

$15.00 $35.00

Gold Kilo (GCK)

(per contract)

$6.50 $12.50

Silver (SI)

(per bar)

$8.50 $35.00

Platinum (PL)

(per contract)

$20.00 $30.00

Palladium (PA)

(per contract)

$20.00 $30.00

For larger platinum and palladium units (as defined in NYMEX Chapters 105 and 106, 

respectively), the maximum storage and delivery out charges shall be pro-rated from the above 

table based on the weight of the larger platinum or palladium unit. For 400 troy ounce bars 

deliverable against the Gold (Enhanced Delivery) futures contract, the maximum storage and delivery 

charges shall be pro-rated from the above table.

...

[Remainder of chapter is unchanged]
15

 Exhibit D

Platinum Deliverable Supply Analysis

Consistent with Core Principle 3 of the Commodity Exchange Act, Appendix C of Part 38, the Exchange 

based the definition of deliverable supply on existing registered and eligible inventories at its Exchange 

approved depositories for Exchange delivery. 

As of March 31, 2023, the platinum inventory held at Exchange approved depositories totaled 227,924.166

troy ounces, the equivalent of 4,558 Platinum Futures contracts (contract size = 50 troy ounces). Exchange 

practice is to set spot month position limits at a maximum level of 25% of deliverable supply over the most 

recent three-year period. Deliverable supply is calculated as the sum of total reported registered platinum 

with total reported eligible platinum, after taking a 10% discount for eligible platinum. Table 1 below shows 

the monthly average platinum stocks in Exchange approved depositories for the most recent three-year 

period in contract equivalents. 

Table 1. Platinum Inventories Held at Exchange Approved Depositories

(contract equivalents)

Month

Average 

Eligible 

Inventory 

(with 

10% 

haircut)

Average 

Registered 

Inventory

Average 

Total 

Inventory

20-Apr 1,780 1,098 2,878

20-May 1,753 1,118 2,871

20-Jun 1,955 1,523 3,478

20-Jul 2,268 4,459 6,727

20-Aug 3,399 5,023 8,422

20-Sep 4,778 5,850 10,628

20-Oct 2,772 9,963 12,735

20-Nov 2,613 9,703 12,316

20-Dec 2,583 9,596 12,179

21-Jan 2,648 9,986 12,634

21-Feb 2,525 10,073 12,598

21-Mar 2,404 10,324 12,728

21-Apr 2,352 11,231 13,583

21-May 2,291 11,236 13,527

21-Jun 2,190 11,327 13,517

21-Jul 1,971 10,629 12,600

21-Aug 1,852 9,114 10,966

21-Sep 1,713 8,740 10,452

21-Oct 1,979 8,487 10,466

21-Nov 2,448 7,800 10,248

21-Dec 2,049 7,685 9,734
16

22-Jan 2,763 6,416 9,179

22-Feb 2,359 5,439 7,798

22-Mar 2,277 5,528 7,805

22-Apr 2,533 5,710 8,243

22-May 2,849 4,161 7,010

22-Jun 2,236 3,965 6,201

22-Jul 2,779 2,928 5,707

22-Aug 2,218 2,507 4,725

22-Sep 2,114 2,077 4,191

Oct-22 1,793 1,511 3,304

Nov-22 1,354 1,498 2,852

Dec-22 1,048 1,559 2,608

Jan-23 1,401 2,381 3,783

Feb-23 1,395 2,370 3,765

Mar-23 1,147 2,868 4,015

3-year 

Average 2,239 5,997 8,235

Source: CME Group

Based on the above analysis, it is estimated that the deliverable supply, as defined above, for the Platinum 

Futures contract to be 8,235 futures contract equivalents based on the average total inventory in the 

Exchange approved depositories during the most recent three (3) year period. The current spot month 

position limit for the Platinum Futures contract is 500 contracts which represents approximately 6.1% of 

deliverable supply at Exchange approved warehouses during the most recent three (3) year period.