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EXHIBIT 10.3

FIRST AMENDMENT

TO


EMPLOYMENT AGREEMENT TERM SHEET


J. ROBERT COLLINS, JR.

THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT TERM
SHEET  J. ROBERT COLLINS, JR., dated as of
April 29, 2004 (this Amendment), is by
and among NYMEX Holdings, Inc. (NYMEX
Holdings), New York Mercantile Exchange, Inc.
(NYMEX Exchange and, together with NYMEX
Holdings, NYMEX) and J. Robert
Collins, Jr. (the Executive). Unless
otherwise defined herein or the context clearly requires
otherwise, capitalized terms shall have the meanings given to
them in the Employment Agreement Term Sheet  J.
Robert Collins, Jr., effective as of July 23, 2001
(the Employment Agreement), by and among
NYMEX and the Executive.

RECITALS

WHEREAS,pursuant to
Section 1(b) of the Employment Agreement, the term of the
Employment Agreement automatically extends for additional one
year periods unless either party gives at least sixty
(60) days notice of non-renewal to the other party;

WHEREAS,pursuant to
the Employment Agreement, the initial term is set to expire on
June 30, 2004 and notice of non-renewal must be given by
May 1, 2004 if any party to the Employment Agreement elects
not to extend its term; and

WHEREAS,the parties
to the Employment Agreement wish to shorten the time frame
within which notice of non-renewal must be given.

AGREEMENT

NOW, THEREFORE,in
consideration of the foregoing, the mutual agreements herein
contained, and other good and valuable consideration, the
receipt and sufficiency of all of which are hereby acknowledged,
the parties hereto agree to be bound as follows:



| |                                                                                                                       
| | ----------------------------------------------------------------------------------------------------------------------
| | 1. Section 1(b) of the Employment
    Agreement is hereby deleted in its entirety and replaced with
    the following:



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The initial term of the Employment Agreement
    shall automatically extend for an additional one (1) year
    term (the First Additional Year) unless
    written notice of non-renewal is given by either party to the
    other prior to June 4, 2004. In the event that the
    Employment Agreement is renewed for the First Additional Year,
    thereafter the term of the Employment Agreement shall
    automatically extend for additional one year terms (each, a
    Subsequent Additional Year and, together with
    the First Additional Year, the Additional
    Years) unless at least sixty (60) days written
    notice of non-renewal is given by either party to the other
    prior to the conclusion of the then-current term. Base salary
    shall increase by the CPI Index for each Additional Year.



| |                                                                                                                                                                                                                                                                                                                                                                   
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 2. The Employment Agreement, as amended by
    this Amendment, constitutes the entire agreement between NYMEX
    and the Executive regarding the Executives employment with
    NYMEX, and all other agreements (whether written or oral)
    entered into prior to the date hereof are superseded by the
    Employment Agreement as amended by this Amendment.
|
| | 3. Any amendment or other modification of
    the Employment Agreement, as amended by this Amendment, must be
    in writing and signed by NYMEX and the Executive.                                                                                                                                                                                               
|
| | 4. The Employment Agreement, as amended by
    this Amendment, shall be governed by the laws of the State of
    New York.                                                                                                                                                                                                                                        





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| |                                                                                                                                                                
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 5. Except as modified by this Amendment, all
    of the provisions, terms and conditions of the Employment
    Agreement shall remain in full force and effect.
|
| | 6. This Amendment may be executed in
    counterparts, each of which when taken together shall constitute
    an original of this Amendment.                   

IN WITNESS WHEREOF,the parties hereto have caused this
Amendment to be executed as of the date first set forth above.

|                                   |  |                                                     |  |                           
|---------------------------------- |  | --------------------------------------------------- |  | --------------------------
|NYMEX HOLDINGS, INC.               |  | J. ROBERT COLLINS, JR.                             
|                                  
|By:                                |  | /s/ MITCHELL STEINHAUSE                             |  | /s/ J. ROBERT COLLINS, JR.
|                                   |  |                                                     |  |                           
|                                   |  | Name: Mitchell Steinhause
    Title:   Chairman     |  |                           
|                                  
|                                  
|NEW YORK MERCANTILE EXCHANGE, INC. |  |                                                    
|                                  
|By:                                |  | /s/ MITCHELL STEINHAUSE                             |  |                           
|                                   |  | Name: Mitchell
    Steinhause
    Title:   Chairman |  |                           

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