Notice to Members No: 00-379
November 3, 2000


TO:
ALL NYMEX MEMBERS
ALL NYMEX MEMBER FIRMS
ALL NYMEX CLEARING MEMBERS

FROM:  Neal Wolkoff, Executive Vice President

SUBJECT: DELIVERY ISSUES)PLATINUM and PALLADIUM FUTURES CONTRACTS


The Exchange proposes to amend;

1) Platinum Futures Contract Rules: 90.02, &Contract Unit8; 90.03, &Grade and 
Quality Specifications8; 90.08, &Delivery Procedure8; 90.10, &Depository 
Receipt8; 90.11, &Inspection8; 90.14, &Rights and Obligations in a Delivery8; 
90.18, &Transition of 99.5 Contract to 99.9 Contract8; 90.18A, &Transition 
Rules8 and Supplement No.5, &Approved Brands Acceptable on the London 
Platinum and Palladium Market8 and

2) Palladium Futures Contract Rules: 100.02, &Contract Unit8; 100.03, &Grade 
and Quality Specification8; 100.04, &Packaging and Marking8; 100.08 &Delivery 
Procedure8; 100.10, &Depository Receipt8; 100.11, &Inspection8; 100.14, 
&Rights and Obligations in a Delivery8; 100.17, &Transition of 99.8 Contract 
to 99.9 Contract8; 100.17A, &Transition Rules8 and Supplement No.5, &Approved 
Brands Acceptable on the London Platinum and Palladium Market8.

The proposed amendments:

1) increase the weight tolerance on the platinum and palladium ingots/plate 
delivered from five (5) percent to seven (7) percent;

2) expand the list of approved brands acceptable for delivery against the 
respective Exchange contracts by adding all of the brands of platinum and 
palladium acceptable on the London Platinum and Palladium Market (&LPPM8) as 
of September 18, 2000;

3) permit the delivery of approved brands of platinum and palladium to an 
Exchange approved depository directly from the vaults of Credit Suisse First 
Boston and UBS Warburg in Zurich, Switzerland, which are delivery locations 
for the London Platinum and Palladium Market, by an Exchange approved carrier 
without the requirement for an assay certificate;

4) eliminate the transition rules which were applicable when the contract,s 
quality specifications were transitioned to the current 99.95% pure 
specification; and

5) establish procedures and safeguards for the buyer in the event the metal 
being delivered does not meet the quality specifications of the contract.

Pending approval by the Commodity Futures Trading Commission, the Exchange 
proposes to implement the proposed Rule amendments effective for deliveries 
in the December 2000 Palladium Futures Contract and in the January 2001 
Platinum Futures Contract.  The Exchange Membership will be notified when 
CFTC approval is received.

The proposed rule amendments may be found on the Exchange,s website at 
http://www.nymex.com/refernce/notices/ntm_379.htm

Should you have any questions or require any further information please 
contact Albert J. Getz at 212-299-2608.



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