Notice No. 00-347
October 6, 2000

MEMORANDUM

TO: ALL NYMEX AND COMEX MEMBERS

FROM: Neal L. Wolkoff, Executive Vice President

DATE: October 6, 2000

RE:
Notice of CFTC Approval of Executive Committee Resolution Amending Price 
Fluctuation Limits for Trading on NYMEX ACCESSc
____________________________________________________________________

Please be advised that the CFTC has approved a Resolution of the Executive 
Committee of the Board of Directors.  The Resolution amends on a temporary 
basis a number of Exchange price fluctuation limit rules for trading on NYMEX 
ACCESSc so as to ensure the successful implementation of the new implied 
order functionality on NYMEX ACCESSc. (The price fluctuation limit rules that 
are now in effect for the Exchange,s contracts will remain the same for 
trading occurring during Regular Trading Hours ("RTH") on the trading 
floor.)  The Resolution is attached and will become effective with the 
commencement of the NYMEX ACCESSc session on Sunday, October 8, 2000.

By significantly expanding the price fluctuation limits applicable to trading 
activity occurring on NYMEX ACCESSc, the Resolution reduces the possibility 
that a price limit would be triggered by the implied functionality.  The 
Resolution amends the Exchange,s price fluctuation limit rules with regard to 
trading on NYMEX ACCESSc in three ways:

(1) The initial and subsequent price fluctuation limits (for each Exchange 
futures contract that has such limits) would be expanded to 200% of the 
initial and subsequent price fluctuation limits applicable to the first two 
contract months for energy contracts, or to the first contract month with 
limits in effect for metals contracts, of that futures contract under the 
applicable rule.

(2) This expanded limit (e.g., 200% of the limits for the front two months 
for energy contracts) would be applicable to all contract months for that 
futures contract.

(3) In the event that an expanded price limit was touched by a bid or offer, 
trading on NYMEX ACCESSc generally would be halted immediately, rather than 
requiring the market to trade at that price for five minutes. During the last 
90 minutes of a NYMEX ACCESSc session, the market would be halted only far as 
long as it takes for the system to incorporate expanded price limits.

Finally, notwithstanding the changes noted above, in the event that a 
contract trading on NYMEX ACCESSc traded for five minutes at a price 
fluctuation limit applicable to RTH trading, then the RTH session would open 
with expanded price fluctuation limits as provided under the applicable rule, 
even though there had been no temporary cessation of trading during the NYMEX 
ACCESSc trading session.

If you have any questions, please contact Stu Homler, Director, NYMEX ACCESSc 
Operations, NYMEX ACCESSc Department, at (212) 299-2754, Matt Morano, NYMEX 
ACCESSc Department, at (212) 299-2679, or Brian Regan, Senior Associate 
General Counsel, at (212) 299-2207.

APPROVED RESOLUTION OF THE EXECUTIVE COMMITTEE
OF THE BOARD OF DIRECTORS REGARDING PRICE
FLUCTUATION LIMITS FOR EXCHANGE CONTRACTS

The Executive Committee of the Board of Directors hereby

Resolves that, until further notice, the price fluctuation limit rules for 
each futures contract that is listed for trading on NYMEX ACCESSc and that 
has such applicable rules shall continue in effect except as amended below 
with regard to market activity occurring on NYMEX ACCESSc:

The initial and subsequent price fluctuation limits (for each Exchange 
futures contract that has such limits) shall be expanded to 200% of the 
initial and subsequent price fluctuation limits applicable to the first two 
contract months of that futures contract that have price limits under the 
applicable rule.

This expanded limit (200% of the limits for the first two months with limits) 
shall be applicable to all contract months for that futures contract.

In the event that such a price fluctuation limit is reached by a bona fide 
bid at the high price fluctuation limit or a bona fide offer at the low price 
fluctuation limit, trading on NYMEX ACCESSc shall be halted immediately 
except as directed otherwise by the President or the President,s designee.  
Following resumption of trading, the price limits in effect shall be 200% of 
the limits applicable to RTH trading.  In the event that a limit is touched 
during the last 90 minutes of a NYMEX ACCESSc session, the market shall be 
halted briefly, and price limits shall be expanded thereafter

In addition, in the event that a contract trading on NYMEX ACCESSc traded for 
five minutes during the NYMEX ACCESSc session at a price fluctuation limit 
applicable to the Regular Trading Hours session, then the RTH session shall 
open with expanded price fluctuation limits as provided under the applicable 
rule, even though no temporary cessation of trading occurred during the NYMEX 
ACCESSc trading session.


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