April 17, 2001
Notice No. 01-134

TO:
ALL EXCHANGE MEMBERS / MEMBER FIRMS
ALL EXCHANGE CLEARING MEMBERS

FROM:
Neil Wolkoff, Executive Vice President

SUBJECT:
Cost Incentive Program for Brent Trading

The Board of Directors of the New York Mercantile Exchange, Inc., this
morning agreed to waive all clearing and exchange fees for its new Brent
crude oil futures contract for the first year of trading and to offer
rebates for three months on any light, sweet crude futures contract traded
to offset a position in the Exchange Brent futures contract.

The rebates will be for up to 24 cents per side, depending on the type of
trade, which can currently range from nine cents to $1.35 per side.







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