Notice No:  02-59
February 15, 2002



To:		NYMEX Division and COMEX Division Members

From:		Barry Loyal
		Human Resources Department

Subject:	Members' Group Long Term Disability Renewal


Effective March 1, 2002 the Members' Group Long -Term Disability plan will
be renewed with UNUM insurance company. As a result of poor claims
experience, the cost to maintain disability coverage for the membership has
increased dramatically. As a result, changes had to be made in order to
maintain this program for our Members.

The changes that will take effect March 1, 2002 are set forth below:

_ Mental/Nervous Disorder or Alcohol/Drug related disabilities would be
covered for 12 months instead of 24 months.

? The Elimination/Waiting period before one starts to receive benefits will
increase from 90 to 180 days.

? The final change relates to the offset of payments under the members'
disability policy should a member have other Group Disability insurance
policies. Commencing March 1, 2002 the policy will provide that if a Member
begins to receive benefits and has another Group Disability policy, payments
received under such other Group Disability policies would reduce benefits
received under the NYMEX policy. Please note that if you own an individual
policy that is not issued through a group or association it will not be
effected or reduced by any group policy.

These changes were necessary in order to keep our program in place for the
future. The rates that we were able to negotiate are only guaranteed for one
year and we hope that our claims experience improves so that we can maintain
this program at a competitive price for years to come.

For your information a summary sheet on the benefits offered members is
attached.

If you have any questions regarding these plan changes and how they might
affect you, please contact Warren Rosen at 212.949-9200. You may also call
me at 212-299-2203.

				NEW YORK MERCANTILE EXCHANGE, INC.
MEMBER BENEFIT SUMMARY SHEET

Eligibility:	All NYMEX Division members of record who own, lease or hold
a membership seat.  This does not include commercial associate members or
equity owners who have leased their last seat.
		All COMEX Division regular members of record who own or hold
a membership seat, including equity owners.  COMEX lessees are not included.
COMEX Division Option members are entitled to those benefits listed below.

	Life and Accidental Death and Dismemberment (AD&D) Insurance

$300,000 life insurance coverage, plus $300,000 accidental death and
dismemberment (AD&D).  At age 70, life insurance reduces to $75,000 and AD&D
reduces to $50,000.
COMEX Division Option members-$35,000 life insurance, plus $35,000 AD&D.
Reducing to 65% of the original amount at age 70, 45% at age 75, 30% at age
80.

		Voluntary Optional Group Term Life Insurance

All members can now purchase term insurance up to four times Annual Earnings
up to a maximum of $1,500,000.  A total of $500,000 is issued Guaranteed
without Evidence of Insurability required. This amount is combined with your
current coverage under the NYMEX basic life plan. The competitive premiums
are Group rates.

				Long-Term Disability
				NYMEX and Comex Division       	NYMEX
Division
				Owners/ABC Holders
Lessees
Minimum Service			1 year				      1 year
Requirement:

Benefits Amount	      60% of income, up to:		   60% of income, up
to:
(per month)		   $3,000 (1-3 yrs. service)	            $2,000
(1-3 yrs. service)
			 *$6,000 (over 3 yrs. service)		$4,000 (over
3 yrs. service)

Elimination period:		   180 days
180 days

Occupation Limitation:    1 year own occupation		   1 year own
occupation

Benefits Reimbursement Program

Eligible members who enroll in major medical, dental, individual life or
long-term care plans coordinated through Warren Rosen & Co. will receive a
$150 monthly allocation to be applied to their premium payment.  Please
contact Mr. Rosen at 212-949-9200.

You will receive a 1099 for all premium payments made on your behalf.
Members with multiple memberships receive only single benefit coverage.


*COMEX Division Option members receive a maximum benefit of 60% of income up
to $5,000 per month.