Notice Number: 01-391
November 21, 2001

TO:
ALL COMEX DIVISION MEMBERS
ALL NYMEX DIVISION MEMBERS

FROM:
J. Robert Collins, Jr., President

SUBJECT:
Emergency Rules - ScotiaMocatta Warrants


As a result of the attack on the World Trade Center and the inaccessibility
of the precious metals stored at ScotiaMocatta Depository ("SMD"), an
Exchange Licensed Depository, located in Four World Trade Center ("4WTC"),
the NYMEX Board of Directors implemented emergency rules pertaining to the
warrants issued by SMD.  In summary, these emergency rules permitted an
individual or firm taking delivery the option to reject a warrant for metal
on deposit at the SMD vault at 4WTC.

SMD has successfully relocated, using an Exchange Approved Carrier, all of
the precious metals stored at 4WTC to an SMD custodial account at the
Brink's Inc Exchange Licensed Depository and has applied to the Exchange to
establish a new Licensed Depository in New York City.

Therefore, the Exchange has, effectively immediately, rescinded the
emergency rules pertaining to the warrants issued by SMD.  As a result, the
Exchange Rules relating to warrants are those which were in effect prior to
the declaration of the emergency.

Prior to the establishment of its new facility as an Exchange-licensed
depository, SMD will offer its clients the options of leaving the metal in
storage; selling it to SMD; exchanging depository receipts for those of
another Exchange-licensed depository acceptable to ScotiaMocatta, with any
ounce differential cash-settled on the basis of a published price determined
by SMD; or delivering replacement metal to a mutually agreeable location, in
exchange for the metal at the ScotiaMocatta depository, subject to payment
by the client of the current price differential, as quoted by SMD.

Should you have any questions please contact Thomas LaSala at 212-299-2897,
Albert J. Getz at 212-299-2608 or Nick Galati at 212-299-2920.