Notice No. 02-61
	February 21, 2002


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

	FROM:	J. ROBERT COLLINS, JR., PRESIDENT

		RE:  		Accurate Reporting of Open Interest by
Clearing
				Members

		Exchange rules require clearing members to carry all
customer accounts accurately at the clearinghouse.  The previous three
monthly contract expirations for NYMEX energy futures has shown open
interest on the business day following the (EFP only session) for crude oil
and the products, and discrepancies in open interest as compared to delivery
notices for natural gas and propane.  The Exchange attributes this
overstating of open interest to incorrect reporting of gross positions by
clearing members and thus a failure to bring down these positions at the
clearinghouse in a timely manner, i.e., by the 10:00 a.m. Exchange cutoff
time for open interest calculation.

		 As a reminder, clearing members are required to process, on
a daily basis, correct open interest figures.  NYMEX Rule 9.04(P) - Clearing
Procedure, states, in pertinent part, that "(1) concurrent long and short
positions in the current delivery month may not be offset by netting,
transfer, expit, adjustment or any other bookkeeping procedures, but each
side must be offset by normal floor transactions in accordance with Exchange
Rules.  Provided however, that a clearing member will be exempt from this
requirement if: (i) one side of the concurrent position is established the
business day prior to the date... [of] the offset [adjustment]...with the
Clearing House...

		(2) For the purposes of this Rule 9.04(P), the current
delivery month for energy futures contracts commences on the open of trading
on the third business day prior to the respective futures contract,
including the termination date.  "

		Therefore, for concurrent positions established within this
three-day period, position adjustments must be processed via the C-21
terminals no later than 10:00 a.m. on the following business day, (including
the business day following contract termination), in order to correctly
reflect open interest in the expiring contract month.

		If you have any questions concerning this matter, please
contact Nick Galati at (212) 299-2920, Nick Falcone at (212) 299-2919 or
Bonnie Yurga at (212) 299-2879.