COMEX Molice lo Members Commodity Exchange, Inc., Four World Trade Center, New York, NY 10048 EXHIBIT 2 Notice #79-84 September 6, 1979 CHANGES IN PRICE LIMITS, LIMIT BOOK PROCEDURES AND SILVER MARGINS Effective today, September 6, 1979, Comex has adopted a system for expanding the daily price limits in all of its markets. This new system will remain in effect for thirty (30) days or until further notice. Whenever on two successive business days any contract month closes at the normal daily price limit in the same direction (not necessarily the same contract month on both days) an expanded daily price limit schedule shall go into effect as follows: 1. 2. 3. The third day's price limit in all contract months shall If any contract month closes at its expanded daily price limit on the third day in the same direction, then the fourth day's expanded daily price limit and each successive day's thereafter, shall be 200% of the normal daily price limit, so long as any contract month closes at its expanded daily price limit. Whenever the foregoing daily price limit schedule is in In addition, effective with today's opening, Comex will not maintain limit books in any commodity when the market is limit up or down. Trading at limits will be done by open outcry. This suspension of limit book procedures will continue for thirty (30) days or until further notice. (more) The normal daily price limit for silver remains at plus or minus 40¢ per ounce, the price limit adopted by the Board on Tuesday, September 4, 1979. INCREASE OF SILVER MARGINS The Board of Governors has resolved that effective with the close of business today, THURSDAY, SEPTEMBER 6, 1979, and retroactive for all pre-existing positions, the minimum original margin requirement for Silver shall be increased in accordance with the following schedule: Inquiries regarding the above should be directed to the Office of the Secretary at (212) 938-2921 or 938-2934. Additional amount required for transactions entered into on or after the first notice day of a current delivery month (including straddles involving the current delivery month). AUGUST TRADING SUMMARY Comex trading volume for August 1979 reached 1,205,742 contracts, representing a 35.8% increase over August of last year. This is the ninth month in Exchange history that trading volume has exceeded one million contracts. Total 1979 volume now stands at 9,011,692, an increase of 78.5% over the same period one year ago. More significant, however, is the fact that Comex volume for the first eight months of 1979 has surpassed the total trading volume of 1978 by 37,864 contracts and 1978 was a record volume year. 1 Individual commodity statistics for the period are summarized in the table following: Pursuant to the authority delegated to the Special Silver Committee by the Board of Governors of Commodity Exchange, Inc. under the power vested in it by Section 103-A(D) of the By-Laws, the Special Committee requires that you furnish the following information as of the close of business on October 5, 1979: A. The names and addresses of each of your customers whose interest in Comex silver contracts exceeds 300 lots (net) or 1,000 lots (straddle) in all delivery months. Similar information is requested for Clearing Member's own position in Comex silver contracts. (All such accounts are hereafter referred to as "reportable accounts".) Jan '80 Mar 80 May '80 Name and Address of Dec'79 Lng. Sht. B. C. 1. 2. 3. 4. (use additional sheet if necessary) The positions held by "reportable accounts" in the Chicago and London Silver markets, regardless of position size. The positions, name of beneficial owner, and address of all accounts (regardless of size) related to "reportable accounts". In this context related means any (1) financial relationship; (ii) trading discretion or power of attorney; (iii) family relationship; or (iv) corporate affiliation. (Such accounts are herein called "related accounts".) 2 October 5, 1979 D. If any Reportable Accounts or Related Accounts use an address other than a United States address, then furnish the names of the persons who enter orders for those accounts, the relationship of such persons with the Clearing Member, if any, the names of the persons who control those accounts. E. (use additional sheet if necessary) With respect to warehouse receipts against silver in Comex Licensed Depositories furnish: (i) amount of silver underlying receipts held for the benefit of your firm; (ii) the amount of silver underlying receipts held for the benefit of any customers of your firm and the names of such customers; (iii) if any receipts have been delivered by you to customers since September 1, 1979, furnish the name and address of that customer and the quantity of silver underlying such receipts. If any customers below have been named in (A) or (B) above refer to them by number in Chart A or B (for example - A(1); B(3), etc.) The information requested above should be supplied by completing the attached copy of this letter (using additional pages where necessary) and returning it to the Exchange not later than 11:00 a.m. on Wednesday, October 10, 1979. The report must be signed by a Partner or Officer of the firm or corporation and delivered to David J.S. Rutledge at Commodity Exchange, Inc., before the aforementioned time and date. All replies will be held in strictest confidence. If you have any questions in reference to this matter, please contact either Lee H. Berendt, President or David J.S. Rutledge, Vice-President, Economics & Research. The Accuracy of the foregoing is confirmed Dr. Andrew F. Brimmer Comex Special Silver Committee (Partner or Officer) EXHIBIT 4 COMMODITY EXCHANGE, INC. FOUR WORLD TRADE CENTER NEW YORK, NY 10048 October 23, 1979 TO ALL EXCHANGE LICENSED DEPOSITORIES: Pursuant to the request of October 5, 1979, from the Comex Special Silver Committee, the Committee requests that you provide the following information: 1) 2) At mid-month and at the end of each month through Once each week during this same period of time, Please submit the above information to the undersigned at the Exchange. (212) 938-2900 TELEX 12-7066 David J.S. Rutledge Vice President, Economics & Research ALL RECEIVED COPIES (HAND DELIVERED): Chase Manhattan Bank Citibank Iron Mountain Depository Irving Trust Company Republic National Bank of New York Swiss Bank Corporation |