New Rule 589 for Metals Futures and Options
This new rule is effective Sunday, December 21, 2014 and places special price fluctuation limits on gold and silver futures.
Gold futures price fluctuation limit tiers are: $100 / $200 / $300 / $400 per ounce.
Silver futures price fluctuation limit tiers are: $3 / $6 / $9 / $12 per ounce.
Effective Sunday, December 21, 2014 for trade date Monday, December 22, 2014, and pending all relevant Commodity Futures Trading Commission regulatory review periods, the New York Mercantile Exchange, Inc. (NYMEX) and Commodity Exchange, Inc. (COMEX) (collectively, the Exchanges) will implement new NYMEX/COMEX Rule 589 (Special Price Fluctuation Limits) to apply price fluctuation limits to certain metals futures and options contracts. Price fluctuation limits deter sharp price movements that may, for example, be driven by illiquid central limit order books prevailing from time to time in otherwise liquid markets.
Why might this rule be placed into effect now? Perhaps to prevent a Putin inspired Sunday melt-up?
I read the article on ZH yesterday. It may be nothing but the timing seems suspicious.
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