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                                                                      EXHIBIT 99

Press Releases

Release Date: 06/20/00

      Exchange Members Approve Demutualization Plan

            FOR IMMEDIATE RELEASE

            Contact:
            Nachamah Jacobovits
            (212)299-2430
            Maria Gonzalez
            (212) 299-2436

            NEW YORK, NEW YORK, June 20, 2000 - The members of the New York
            Mercantile Exchange voted 97.5% in favor of a demutualization plan
            which will make the Exchange the first in New York to convert from a
            not-for-profit membership structure to a for-profit organization.

            The demutualization plan calls for the equity in the Exchange to
            remain with the seat-owners of its NYMEX Division.

            Exchange Chairman Daniel Rappaport said, "Today's approval, is just
            the first step in repositioning the Exchange as a 21st century
            business enterprise that will create and pursue profitable new
            opportunities, react rapidly and decisively in an increasingly
            competitive marketplace, and explore interest by outside investors."

            The plan has already received approval from the Securities and
            Exchange Commission and the Exchange anticipates approval shortly
            from the Commodity Futures Trading Commission. It is also seeking a
            favorable tax ruling from the Internal Revenue Service.

            In order to pass, it required approval by at least two-thirds of the
            votes cast at today's special membership meeting with at least 150
            members voting. The voting results were 430 in favor and 11 opposed.

            As a result of today's vote, the Exchange, a not-for-profit
            membership corporation under New York law, will be reorganized as a
            for-profit membership corporation under Delaware law and will be
            renamed New York Mercantile Exchange, Inc. A new stock-holding
            company named NYMEX Holdings, Inc., will be formed to own all of the
            economic interests and most of the voting control in the for-profit
            membership corporation. Each existing NYMEX Division membership will
            be converted into one share of common stock in NYMEX Holdings,
            representing equity in the overall organization, and one membership
            in the Exchange representing trading privileges.

            The common stock and trading privileges will not be separable until
            a majority of stockholders vote to permit separate trading of the
            common stock and trading rights. Until that time, the boards of
            directors of NYMEX Holdings and New York Mercantile Exchange, Inc.,
            will be identical 22-person boards drawn from the same membership
            categories and in the same proportions as currently apply.
            Eligibility for membership will continue to be subject to the
            current rules.

            Mr. Rappaport added, "The Board considered a number of alternate
            demutualization plans and determined that a holding company
            structure would best enable us to reposition the Exchange and
            provide it with the opportunity to raise capital or complete
            strategic transactions at the holding company level, while at the
            same time dealing with purely Exchange-related matters at the
            Exchange level."

            The Exchange is the largest physical commodity exchange in the
            world, with volume reaching close to 110 million contracts in 1999.
            The futures and options contracts traded at the Exchange are based
            on such strategic commodities as oil, gold, silver, natural gas,
            electricity, copper, and aluminum.

            Editor's Note: A copy of the demutualization prospectus presented to
            the Exchange members is available on the Exchange website,
            www.nymex.com, or by calling the Exchange press office at (212)
            299-2436.