Notice No. 01-92
March 14, 2001


TO:
All NYMEX Division Floor Members and Member Firms
All NYMEX Division Clearing Firms
All NYMEX Division Operations Managers

FROM:
Neal Wolkoff
Executive Vice President

RE:
Amendments to Delivery Rules Concerning Payment in the Heating Oil, Unleaded 
Gasoline, Propane, Platinum and Palladium Futures Contracts
______________________________________________________________________________

  Please be advised that effective, Thursday, March 15, 2001, payment for 
delivery of NYMEX Division energy contracts Heating Oil, Unleaded Gasoline 
and Propane, as well as metal contracts Platinum and Palladium, may be 
consummated by money wire if agreed upon by both clearing members.

  Currently, the above-mentioned contracts require payment by certified check 
only.  These amendments will offer added flexibility through an additional 
option to the clearing members upon mutual consent.  The amendments for the 
relevant contracts are attached for your review.

  If you have any questions concerning this Notice, please contact Thomas 
LaSala, Vice President, Compliance, at (212) 299-2897, or Nicholas Galati, 
Director, Market Surveillance, at (212) 299-2920.




Attachment


(underlining indicates additions)

NY Harbor Unleaded Gasoline:

Rule 190.09(F)(2)  Delivery Day

 The buyer shall pay the seller at the office of the seller by certified 
check by 12:00 noon of the business day following the receipt of the product, 
or by 12:00 noon on the last business day of the delivery month, whichever is 
earlier.  The amount of payment shall be based on volume delivered as 
determined in accordance with Rule 190.02.  Should the inspector, appointed 
under Rule 190.12, be unable to supply quantitative results prior to the time 
established herein for payment of the product, a pro forma payment based on 
42,000 U.S. gallons per contract shall be made.  Payment adjustments based on 
actual quantity transferred shall be completed between Clearing Members by 
12:00 noon of the first business day after receipt of the telexed Inspector,s 
report but no later than the third business day after transfer of physical 
product.  Alternatively, buyer and seller may mutually agree to effect 
payment or adjustment, as otherwise prescribed in this Rule, by federal funds 
money!
 w!
ire as a substitution for a certified check.


NY Harbor Heating Oil:

Rule 150.09(F)(2)  Delivery Day

 The buyer shall pay the seller at the office of the seller by certified 
check by 12:00 noon of the business day following the receipt of the product, 
or by 12:00 noon on the last business day of the delivery month, whichever is 
earlier.  The amount of payment shall be based on volume delivered as 
determined in Rule 150.02.  Should the inspector, appointed under Rule 
150.12, be unable to supply quantitative results prior to the time 
established herein for payment of the product, a pro forma payment based on 
42,000 U.S. gallons per contract shall be made.  Payment adjustments based on 
actual quantity transferred shall be completed between Clearing Members by 
12:00 noon of the first business day after receipt of the telexed Inspector,s 
report but no later than the third business day after transfer of physical 
product.  Alternatively, buyer and seller may mutually agree to effect 
payment or adjustment, as otherwise prescribed in this Rule, by federal funds 
money wire as a subst!
it!
ution for a certified check.


Platinum:

Rule 90.08(G)  Delivery Day

 The buyer who receives a Notice of Intention to Deliver shall present it 
before 12:00 noon of the following business day at the office of the seller 
by whom it was issued with a certified check for the amount payable as shown 
on the Notice of Intention of Deliver.  Upon the receipt of the certified 
check, the seller shall give the buyer a depository receipt and, unless such 
receipt was issued pursuant to Rule 90.10(a)(5) or (6), an assay certificate 
which corresponds to the Notice of Intention of Deliver.  The seller must 
endorse the depository receipt and set forth the date of endorsement.  The 
day the buyer receives the stated documents shall be referred to as the 
Delivery Day.  Alternatively, buyer and seller may mutually agree to effect 
payment on Delivery Day by federal funds money wire as a substitution for a 
certified check.


Palladium:

Rule 100.08(G)  Delivery Day

 The buyer who receives a Notice of Intention to Deliver shall present it 
before 12:00 noon of the following business day at the office of the seller 
by whom it was issued with a certified check for the amount payable as shown 
on the Notice of Intention of Deliver.  Upon the receipt of the certified 
check, the seller shall give the buyer a depository receipt and, unless such 
receipt was issued pursuant to Rule 100.10(A)(5) or (6), an assay certificate 
which corresponds to the Notice of Intention of Deliver.  The seller must 
endorse the depository receipt and set forth the date of endorsement.  The 
day the buyer receives the stated documents shall be referred to as the 
Delivery Day.  Alternatively, buyer and seller may mutually agree to effect 
payment on Delivery Day by federal funds money wire as a substitution for a 
certified check.


Propane:

Rule 230.14(C)  Payment Date

 The buyer shall pay the seller at the office of the seller by certified 
check by 12:00 noon of the second business day following completion of 
delivery.  The amount of payment shall be based on the volume delivered as 
determined in Rule 230.04.  If the seller requires multiple delivery dates, 
payment for partial delivery shall be required for each portion of product 
transferred.  The seller, upon receipt of payment, shall give the buyer all 
appropriate documents necessary to transfer ownership of the product to the 
buyer.  Alternatively, buyer and seller may mutually agree to effect payment, 
as otherwise prescribed by this Rule, by federal funds money wire as a 
substitution for a certified check.



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