Notice No. 02-43
February 5, 2002


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

FROM:		J. ROBERT COLLINS, JR., PRESIDENT

RE:		POSITION ADJUSTMENT DEADLINES FOR THE MARCH 2002  METAL AND
ENERGY CONTRACTS [NYMEX RULE 9.04(P) AND
		COMEX RULE 4.37(A)]

	As a reminder, position adjustments for both NYMEX and COMEX
Division metals contracts are prohibited beginning on the tenth business day
prior to the first business day of the delivery month, and throughout the
delivery month.  Therefore, all position adjustments of concurrent futures
positions for the March 2002 metals contracts must be completed prior to
February 14, 2002.

	Additionally, position adjustments of concurrent futures positions
for NYMEX Division energy contracts are not permitted during the last three
trading days of the respective contracts.  Rules 9.04(P) and 4.37(A) are
attached.

	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.

NYMEX RULE 9.04 - CLEARING PROCEDURE

(P) Concurrent Futures Positions

(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 that
the offset memoranda are filed with the Clearing House; (II) a clearing
member filing such offset memoranda can satisfy the Exchange at its request
that the delay in effecting the offset is attributed to an error in the
filing of its clearing sheets; and (III) by 10:30 a.m. on the same date that
a clearing member files such offset memoranda, the clearing member also
files with the clearing house an updated and accurate Long Open Interest
Report.

(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 termination of the respective futures contract,
including the termination date. The current delivery month in platinum and
palladium commences on the tenth (10th) business day prior to the first
business day of the delivery month.

COMEX RULE 4.37A - CONCURRENT FUTURES POSITIONS

(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 one side of the
concurrent position is established the business day prior to the date that
the open positions are filed with the Clearing House.

(2) For the purposes of this Rule 4.37A, the current delivery month for
metals futures contracts commences on the open of trading on the tenth
(10th) business day, prior to the first business day of the delivery month.
The current delivery month for Eurotop futures commences on the open of
trading on the tenth (10th) business day prior to the termination of the
respective futures contract, including the termination date.