Notice # 01-56
February 9, 2001

TO:     All New York Mercantile Exchange Members and Member Firms

FROM:  Neal Wolkoff, Executive Vice President

RE:        CFTC Approval and Exchange Implementation of New End of Week 
Post-  Close Trading Session

DATE:   February 9, 2001

Notice #  01-56
===========================================================

Please be advised that beginning on Friday, February 16, 2001, the Exchange 
will offer a new end of week trading session. The new program applies only to 
the NYMEX Division and does not affect COMEX,s existing post-settlement 
session.

This new End of Week Session is being offered only for the crude oil, heating 
oil, unleaded gasoline and natural gas futures contracts.  It is not 
available for options contracts in these commodities.  In addition, the End 
of Week Session is not available for NYMEX Division metals contracts nor will 
it be offered for the Exchange,s propane futures contract.

Specifically, the new program provides for a special trading session (the 
"End of Week Session") to be offered on certain days after the close as a 
substitute on such days for the NYMEX Division post-close trading session.  
This End of Week Session will be offered on Fridays and additionally on the 
day before any mid-week Exchange holiday, e.g., Thanksgiving.

This End of Week Session shall be offered (20) minutes after the close of 
trading in all futures contracts and shall be ten minutes in duration.  Thus, 
on most Fridays, the End of Week Session will be offered from 3:30 to 3:40 
p.m.  However, because next Friday is the Friday before an Exchange holiday 
(President,s Day), early closing hours shall be in effect.

Therefore, for this reason, the End of Week Session to be offered next Friday 
on February 16 shall be commence at 1:20 p.m. and shall continue until 1:30 
p.m. On the following Friday, the End of Week Session shall be offered at the 
3:30-3:40 time slot.

The new End of Week Session is both similar to and different from the present 
post-close trading session.  Like the current post-close session, the End of 
Week Session is limited to the first four listed contract months.  Also, like 
the current post-close session, trading transacted during the new End of Week 
Session shall not be included in the calculation of settlement prices.

Unlike the current post-close session, the trading range for the new End of 
Week Session shall be the trading range for the entire day.  The more 
expansive trading range should provide a better opportunity for unfilled 
orders to be executed and for market participants to get flat in the market 
for that trading session.

Also, unlike the current post-close session, there shall be no restrictions 
on participation in the new End of Week Session.  However, only orders 
submitted after regular trading hours may be executed in the End of Week 
Session.

  If you have any questions concerning the new End of Week trading session, 
please contact George Henderson, Vice President, NYMEX Floor Department, at 
(212) 299-2071; Rob Stasi, Manager of Trading Floor Systems, NYMEX Floor 
Department, at (212) 299-2067, or Brian Regan, Senior Associate General 
Counsel, at (212) 299-2207.



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