From: exchangeinfo@nymex.com
To: tana.jones@enron.com
Date: 2001-05-09 15:00:00+00:00
Subject: (01-156) NYMEX Post-Close Trading Session Rules

Notice # 01-156
May 9, 2001

TO:
All NYMEX Members and Member Firms

FROM:
Neal L. Wolkoff, Executive Vice President

RE:
NYMEX Post-Close Trading Session Rules

DATE:
May 8, 2001
===========================================================

This Notice advises Members and Member Firms of changes to the two post-close 
session rules applicable to the NYMEX Division.

! As a result of amendments to both rules, the post-close sessions generally 
offered Monday-Thursday will be the same as the Friday sessions with two 
exceptions.

! Monday-Thursday. These sessions will start at 3:25 p.m. and will be two 
minutes long.

! Fridays. These sessions will start at 3:30 p.m. and will be five minutes 
long.


End of Week Post-Close Trading Session (Rule 6.57A)

As a reminder and as a follow-up to a Notice distributed last week, please be 
advised that beginning on Friday, May 11, 2001, a number of amendments to 
NYMEX Rule 6.57A, the NYMEX End of Week post-close trading session rule, will 
become effective. The new version of this rule is attached below.

For Friday post-close sessions (and for post-close sessions the day before a 
mid-week Exchange holiday) the following changes will be in effect:

(1) Eligible contract months will be expanded from the first four to the 
first 12 consecutive listed contract months.

(2) The sessions now will be 5 minutes in duration.

(3) The trading range for these sessions will be expanded by adding the 
following ticks above (below) the
daily high (low) for the applicable contract month (provided that this 
expanded trading range does not violate the maximum permissible price 
fluctuation limits then in effect):

Crude Oil  20 ticks
Heating Oil   50 ticks
Unleaded Gas   50 ticks
Natural Gas  50 ticks


Monday-Thursday Post-Close Trading Sessions (Rule 6.57)

In addition, please be advised that beginning on Monday, May 14, 2001, a 
number of amendments to NYMEX Rule 6.57, the Exchange,s post-close trading 
session rule for days other than Fridays, will become effective.  The new 
version of this rule is attached below.

(1) Eligible contract months will be expanded from the first four to the 
first 12 consecutive listed contract months.

(2) The trading range for these sessions will be expanded by adding the 
following ticks above (below) the
daily high (low) for the applicable contract month (provided that this 
expanded trading range does not violate the maximum permissible price 
fluctuation limits then in effect):

Crude Oil  20 ticks
Heating Oil   50 ticks
Unleaded Gas   50 ticks
Natural Gas  50 ticks

(3) Customer participation will be expanded to the same extent as is 
permitted for the End of Week Post Close Session. Please note that any order 
submitted during the RTH session, including but not limited to resting orders 
such as stop orders, limit orders and good until cancelled (GTC) orders, will 
be deemed to have expired as of the end of RTH for purposes of this Session.  
Accordingly, in the event that a market participant with such an expired 
order seeks to participate in the Session, a new order must be submitted.

(4) As a consequence of the expanded trading range and customer 
participation, trades done during this period will be price reported on PRS.

Finally, please be advised that, as a matter of practice, the Exchange does 
not currently offer post-close trading sessions for Propane futures contracts.

If you have any questions concerning these changes, 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.

NEW VERSIONS OF  NYMEX RULE 6.57(&POST-CLOSE TRADING SESSION8) AND
NYMEX RULE 6.57A (&END OF WEEK TRADING SESSION8)

Rule 6.57.  (&POST-CLOSE TRADING SESSION8)

Fifteen (15) minutes after the close of trading in all futures contracts, or 
five (5) minutes after the closing range is established for all applicable 
contract months other than contract months in the Sour Crude Oil futures 
contract, whichever is later, trading shall resume for a period of two (2) 
minutes (the ``Session'') in all energy futures contracts, subject to the 
following conditions:

(A) Trading during the Session shall be limited to the first twelve listed 
delivery months;

(B) Trades occurring during the Session for a particular contract month of a 
futures contract shall be executed openly and competitively at a price within 
the daily trading range of the applicable contract month for that futures 
contract and as further expanded above the daily high and below the daily low 
only for the contracts listed below provided however that no such expanded 
trading range may exceed the price fluctuation limits in effect for the 
applicable contract as of the end of the RTH session:

Contract    Additional Ticks

Crude Oil    20 ticks
Natural Gas    50 ticks
Unleaded Gasoline   50 ticks
Heating Oil    50 ticks

(C) During the Session, Floor Members, Floor Brokers and their customers may 
participate in the same manner as trading occurring during the regular RTH 
session, except that any order submitted during the RTH session, including 
but not limited to resting orders such as stop orders, limit orders and good 
until cancelled (GTC) orders, will be deemed to have expired as of the end of 
RTH for purposes of this Session.  Accordingly, in the event that a market 
participant with such an expired order seeks to participate in the Session, a 
new order must be submitted.

(D) Prices for trades executed during the Session shall be reported on public 
ticker services as current market prices and trades executed during the 
Session shall not be considered in determining any settlement price; and

(E) Floor Members executing trades during the Session shall mark a line 
across their trading cards prior to the entry of a Session trade.

Rule 6.57A.  END OF WEEK TRADING SESSION

On the last trading day of the calendar week, and, in any week when an 
Exchange holiday falls on a Tuesday, Wednesday or Thursday on the trading day 
preceding such midweek Exchange holiday, there shall be no post-close trading 
session provided on the trading floor pursuant to Rule 6.57.  Instead, on 
such dates, an end of week trading session (the &End of Week Session'') shall 
commence on the trading floor pursuant to this rule and subsequent to the 
close.  Except as otherwise provided by the President or the President,s 
designee for a particular trade date, such End of Week Session shall commence 
twenty (20) minutes after the close of trading in all futures contracts and 
shall continue for a period of  five (5) minutes in all energy and metals 
futures contracts, subject to the following conditions:

(A) Trading during the End of Week Session shall be limited to the first 
twelve listed delivery months;

(B) Trades occurring during the End of Week Session for a particular contract 
month of a futures contract shall be executed openly and competitively at a 
price within the daily trading range of the applicable contract month for 
that futures contract and as further expanded above the daily high and below 
the daily low only for the contracts listed below provided however that no 
such expanded trading range may exceed the price fluctuation limits in effect 
for the applicable contract as of the end of the RTH session:

Contract    Additional Ticks

Crude Oil    20 ticks
Natural Gas    50 ticks
Unleaded Gasoline   50 ticks
Heating Oil    50 ticks

(C) During the End of Week Session, Floor Members, Floor Brokers and their 
customers may participate in the same manner as trading occurring during the 
regular RTH session, except that any order submitted during the RTH session, 
including but not limited to resting orders such as stop orders, limit orders 
and good until cancelled (GTC) orders, will be deemed to have expired as of 
the end of RTH for purposes of this End of Week Session.  Accordingly, in the 
event that a market participant with such an expired order seeks to 
participate in the End of Week Session, a new order must be submitted.

(D) Prices for trades executed during the End of Week Session shall  be 
reported on public ticker services;

(E) Current market prices and trades executed during the End of Week Session 
shall not be considered in determining any settlement price; and

(F) Floor Members executing trades during the End of Week Session shall mark 
a line across their trading cards prior to the entry of an End of Week 
Session trade.



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