Please disregard previous notice 01-155. The correct expiration day for the 
June 2001 Crude Oil options contract is Thursday, May 17, 2001. Notice 01-155 
follows. We apologize for any inconvenience.

Notice No. 01-155
May 11, 2001

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

FROM:
George Henderson, Vice President

RE:
Options Expiration Operational Procedures for the Trading Floor and Clearing 
Members
________________________________________________________________

The expiration date for the June 2001 options contract for Crude Oil (LOM1) 
is Thursday, May 17, 2001.

GENERAL OPERATIONAL PROCEDURES

All Clearing Members and Qualified Floor Traders that carried an options 
position as of the close of business day prior to the expiration day, or 
engaged in trading activity on Expiration Day in the expiring options 
contract will be required to have a knowledgeable, duly authorized 
representative present at their normal work station promptly at 5:30 p.m. 
until released by the Exchange staff as specified below.  All adjustments 
and/or corrections, must be accompanied by relevant supporting documentation 
prior to being incorporated into expiration processing, in essence making the 
expiration processing an extension of the afternoon trade resolution 
procedures.  All input to the NYMEX Clearing Department will conclude no 
later than 30 minutes after floor representatives are released.

Exchange Clearing (299-2110), Floor Trade Correction (299-2068 and 299-2169) 
personnel, as well as a representative of the Floor Committee will be 
available to assist with the processing of notices of Exercise and 
Abandonment, position transfers, trade corrections and other questions or 
problems you may have.

CLEARING DEPARTMENT OPERATIONAL PROCEDURES

The Option Expiration process is a screen based process for which all 
information is provided on the screens on C21 terminals. No Option Expiration 
Reports will be provided. The following screens will assist you through the 
Option Expiration process:

MEMBER TRADE INQUIRY
Contains real-time top day trade information, trade information for the 
previous 4 business days and trades adjusted for the previous 4 business days 
by adjustment date.

SINGLE POSITION MAINTENANCE
Contains a real-time snapshot for each option series from the start of day 
position to the projected end of day position.

REVIEW ACCEPT REJECT TRANSFERS
Contains all trade and position transfers "TO" your firm and the status of 
each transfer.

REVIEW SUBMITTED TRANSFERS
Contains all trade and position transfer "FROM" your firm and the status of 
each transfer.

EXERCISE NOTICE SUBMISSION
Contains your available long position and an input field to enter the number 
of long positions you wish to exercise.

DO NOT EXERCISE SUBMISSION
Contains your available long position and an input field to enter the number 
of long positions you wish to abandon.

POSITION CHANGE SUBMISSION
PCS may be submitted either by manual input or by electronic transmission.  
Any PCS input on a Clearing 21 terminal will be the input processed by the 
system.  This input may be made at any time prior to 6:45 p.m.  Any PCS input 
via transmission for that contract series will be disregarded.

ALL POSITIONS ARE DEEMED FINAL
Upon completion of all PCS input, all positions will be deemed final.

EXERCISE/ASSIGNMENT INFORMATION
Will be available to you on the Single Position Maintenance window by 
contract series or the Assignment List window which contains all your 
Assignments on one window. You will be notified of its availability by C21 
E-Mail and by Fast Facts. This should occur within 1 hour of the last PCS 
input.

All Clearing Members are required to have an authorized representative(s) at 
their C21 workstations in preparation for any communication during the 
expiration process.

FAST FACTS
Clearing Members should call the Fast Facts information service 301-4871, 
access code 700 for event messages advising Members of the event status.

E-MAIL
Clearing Members should read their C21 E-Mail messages immediately to be 
aware of event status.

The standard event Fast Facts and/or E-Mail messages and the sequence in 
which they will be announced are:

Standard Event Message: Announce Out-of-the Money Exercise and In-the-Money 
Do Not Exercise Submissions
Approximate Time of Message Availability: 5:45 PM
Usual Event Time: 5:45 PM
Announced via Fast Facts

Standard Event Message: Announce Final Input to C21 Cutoff Time
Approximate Time of Message Availability: 6:30 PM
Usual Event Time: 6:45 PM
Announced via e-mail

Standard Event Message: All positions are deemed final
Approximate Time of Message Availability: 7:30 PM
Usual Event Time: 6:45 PM
Announced via Fast Facts

Standard Event Message: Announce Exercise/Assignment Information Available on 
the Single Position Maintenance Windows
Approximate Time of Message Availability: 8:25 PM
Usual Event Time: 8:30 PM
Announced via Fast Facts and e-mail

Standard Event Message: All Report Distribution is completed
Approximate Time of Message Availability: 11:00 PM
Usual Event Time: 11:00 PM
Announced via Fast Facts

The times appearing in the Usual Event Time column are based on normal 
operational conditions and could vary.

NYMEX EXPIRATION DAY PROCESSING OVERVIEW OF MEMBER REQUIREMENTS

Time: 5:30 PM
Activity: Exercise Notice Submission
Event: Input to C21 Cutoff Time
Reference Number: 1

Time: 5:30 PM
Activity: Do Not Exercise Submission
Event: Input to C21 Cutoff Time
Reference Number: 2

Time: 5:45 PM
Activity: Announce Out-of-the-Money Exercise and In-the-Money Do Not Exercise 
Submissions
Event: Fast Facts Notice
Reference Number: 3

Time: 6:30 PM
Activity: Announce Final Input to C21 Cutoff Time
Event: C21 E-mail
Reference Number: 4

Time: 6:45 PM
Activity: Final Input to C21 Cutoff Time
Reference Number: 5

Time: 7:30 PM
Activity: All Positions are Deemed Final
Event: Fast Facts Notice
Reference Number: 6

Time: 8:25 PM
Activity: Announce Exercise/Assignment Information Available on the Single 
Position Maintenance Windows
Event: Fast Facts Notice and C21 E-mail
Reference Number: 7

If you have any questions concerning these procedures, please contact Charles 
V. Bebel at 299-2130, Angel Rivera at 299-2150 or Anthony Di Benedetto at 
299-2152 prior to the expiration date.



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