Notice No. 00-392
November 17, 2000

TO: ALL NYMEX AND COMEX DIVISION MEMBERS

FROM: Neal L. Wolkoff, Executive Vice President

DATE:  November 17, 2000

RE:  Notice of CFTC Approval of Amendments to NYMEX Rule 3.47 ("Audit 
Committee")
____________________________________________________________________

Please be advised that the CFTC has approved amendments to NYMEX Rule 3.47 
("Audit Committee"), which are shown below and are now in effect.  The 
amendments add an additional Public Director and expand the duties of the 
Audit Committee to encompass consideration of the information to be included 
in NYMEX filings to the SEC.

If you have any questions, please contact Michael Lugo, Vice President of 
Internal Auditing, at  (212) 299-2268.

APPROVED AMENDMENTS TO NYMEX RULE 6.40A

(An asterisk indicates deletions; parentheses indicate deletions.)

Rule 3.47 AUDIT COMMITTEE

(A) The Audit Committee shall be a regular committee and shall consist of the 
Chairman of the Board and *two*(three) Public Directors appointed by the 
Board.  One of the Public Directors shall serve as Chairman of the Committee
(B) The Audit Committee shall:
(i) *on* (On) an annual basis:
(a) make a recommendation to the Board of Directors regarding selection, 
retention and discharge of independent auditors for the ensuing year; and
(b) *(b)* review the scope and general extent of the independent auditors, 
examination, the significant audit procedures which will be utilized, and 
fees charged for their services.
((ii) Review the audited financial statements and discuss them with 
management and the independent auditors. These discussions shall include, but 
not be limited to, the matters required to be disclosed under Statement of 
Auditing Standards No. 61 (established by the Auditing Standards Board) and 
consideration of the quality of the Exchange,s accounting principles as 
applied in its financial reporting, including a review of sensitive 
accounting estimates, reserves and accruals, judgement areas, audit 
adjustments (whether or not recorded), and other such inquires as the 
Committee or the independent auditors shall deem appropriate.  Based on such 
review, the Committee shall make its recommendation to the Board as to the 
inclusion of the Exchange,s audited financial statements in the Exchange,s 
Annual Report on Form 10-K.
(iii) Discuss with representatives of management and the independent auditors:
(a) the interim financial information contained in the Exchange,s
Quarterly Report on Form 10-Q prior to its filing; and
(b) the results of the review by the independent auditors.)
(iv) *(ii) on* (On) a monthly basis, or at such times as the Committee shall 
determine, but not less than twice each year, meet with the independent 
auditors, President, Senior Vice President of Finance, *Director* (Vice 
President) of Internal Audit and other personnel as the Committee deems 
appropriate to review:
(a) the scope of the audit plan;
(b) the Exchange,s financial statements;
(c) the results of external and internal audits;
(d) the effectiveness of the Exchange,s system of internal controls;
(e) any limitations imposed by Exchange personnel on the independent 
auditors; and
(f) such other matters as the Committee shall deem appropriate upon advising 
the Executive Committee.
((v)) * review *(Review) the internal audit function of the Exchange, 
including proposed audit programs for the coming year, the coordination of 
such a programs with the independent auditors, the extent to which 
recommendations made by the internal auditors or by the independent auditors 
have been implemented, and management,s response to the recommendations of 
the independent *auditors;* (auditors.)
(vi) *(iv)review,* (Review,)  at its discretion, compliance with codes of 
conduct established the * Exchange;*(Exchange.)
((vii)) * consult* (Consult) with the independent auditors, and when 
appropriate the * Director*  (Vice President) of Internal Audit, out of the 
presence of management.
 * establish * ((viii)Establish) direct communication between the auditors 
and the * Board; * (Board)
((ix))* initiate* (Initiate,) at its discretion, investigations within the 
parameters of foregoing responsibilities, and for that purpose with the 
approval of the Board, retain outside legal counsel, independent auditors, or 
any other such experts as if may deem   *appropriate; and* (appropriate.)
((x))  * report* (Report) to the entire Board at such time as the (Committee 
determines,) but not less than twice a year on the activities described in 
this Rule.


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