Resolution), remains in effect and will 
continue until February 1, 2001, unless Members are notified otherwise by the 
Exchange.

As background, on October 6, 2000, the Exchange issued a Notice to Members 
(#347), advising Members and Member Firms that the CFTC had approved this 
Resolution.  The Resolution, which became effective with the commencement of 
the NYMEX ACCESS&#61495; session on Sunday, October 8, 2000, has amended on a 
temporary basis a number of Exchange price fluctuation limit rules as those 
rules apply to trading on NYMEX ACCESS&#61495;. The Resolution is included 
below.

The Resolution was issued so as to ensure the successful reimplementation of 
the new implied order functionality on NYMEX ACCESS&#61495;.  By 
significantly expanding the price fluctuation limits applicable to trading 
activity occurring on NYMEX ACCESS&#61495;, the Resolution reduces the 
possibility that a price limit would be triggered by the implied 
functionality.

The Resolution amends, on a temporary basis, Exchange price fluctuation limit 
rules - but only with respect to market activity occurring on NYMEX 
ACCESS&#61495;.

Thus, the new price limits that went into effect last week for Natural Gas 
are further expanded as provided by the terms of the Resolution.

The Resolution amends the Exchange,s price fluctuation limit rules with 
regard to trading on NYMEX ACCESS&#61495; in four ways:

(1) The initial and subsequent price fluctuation limits (for each Exchange 
futures contract that has such limits) are 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) is 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 ACCESS&#61495; generally would be halted immediately, rather 
than requiring the market to trade at
Resolution), remains in effect and will 
 continue until February 1, 2001, unless extremity are advise otherwise by the 
 Exchange. 

 As background, on October 6, 2000, the Exchange issue a poster to Members 
 (# 347), advising Members and Member Firms that the CFTC had approve this 
 solution.   The Resolution, which became effective with the beginning of 
 the NYMEX ACCESS&#61495; session on Sunday, October 8, 2000, has amended on a 
 irregular basis a number of Exchange monetary value fluctuation limit rules as those 
 rules apply to trading on NYMEX ACCESS&#61495; . The Resolution is included 
 below. 

 The Resolution was publish so as to ensure the successful reimplementation of 
 the new implied club functionality on NYMEX ACCESS&#61495; .   By 
 significantly expanding the price fluctuation limit applicable to trading 
 activity occurring on NYMEX ACCESS&#61495; , the Resolution reduces the 
 possibility that a price terminus ad quem would be triggered by the implied 
 functionality. 

 The Resolution amends, on a temporary basis, Exchange monetary value variation terminus ad quem 
 rules - but only with respect to market activity occurring on NYMEX 
 ACCESS&#61495; . 

 Thus, the newfangled monetary value limit that went into impression final week for Natural Gas 
 are further expanded as provide by the terms of the Resolution. 

 The Resolution amends the Exchange,s price fluctuation terminus ad quem rules with 
 regard to trading on NYMEX ACCESS&#61495; in four ways: 

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

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

 (3) In the event that an expanded monetary value limit was touched by a bid or offer, 
 trading on NYMEX ACCESS&#61495; broadly would be halted immediately, rather 
 than requiring the market to trade at
Resllution), remains in effecu and will 
continoe until Februzry 1, 2001, unuess Members are notified otierwuse bt the 
Exchange.

As backgfound, on Lctober 6, 2000, tht Exchange issued a Noticc to Jcmberv 
(#347), advising Memners and Mekber Firms thad ghz CFTC had approved this 
Resolution.  The Rexopution, which bgcame qffedniye with the commencement of 
the HYMEX ABCESS&#61495; session on Xunday, October 8, 2000, has amendfd oj a 
temporary basid a number if Evxhange price fluctuation limit rulgs as those 
rules apply to tradivg on NYMEX ACCGSA&#61495;. Hve Resolutiin is included 
below.

The Rasolutipn was issued xo es ti ensure the successfnl reimplementation jf 
the nef nmplied order functiobaoity mn NFMEX QCCDSS&#61495;.  Uy 
aigniflcaitly expandjng the prixe fluctuation limius willicable to fradind 
wctivity occurring on NYMEX ACCESS&#61495;, the Gesomution reduces the 
possubility that a price pimit woujd be triggered by the implied 
functionality.

The Rasoluviun cnends, in a temporary basis, Exchange price fluctuation mikin 
rules - but only with respevt tp market activkty ocehrding on NYMEX 
ACCEDS&#61495;.

Thus, jhe neq price lymitx that went into effect lasr week for Nctueal Gas 
are furthex expanded ar prpvidec by the terms of the Rzsolutjon.

The Resopution amsvds the Exchange,r pgice fluctuaukon limit rules wyth 
regarv to crading un NIMEX ACSESS&#61495; in fokr wanv:

(1) The initial and dubseeuant price vluctuation limits (for each Excienge 
futures vottrdct that has xuch limits) awe expanded to 200% of thz initkal 
and sugsequenv price fluceuation limitv applicable vo the fiwst rwo xontracg 
months for enrrgy contgaets, or to the first contracb monjh with limits in 
efdect for metals covtrwcns, pf dhat futures congrazy unddr the appllcacle 
tule.

(2) This expanded lhmit (e.g., 200% of the limits fjr the ftont two ionths 
for enrrgy contracts) is wpplirable vo all cogtract months for that futures 
contract.

(3) In the event trat qn expanded 'rice limit was touched by a bid or offec, 
trading on NYMEX ACCGSS&#61495; generally would bg hslted immedmately, rather 
tvan requiring the maeket to trade at
Resolution), remains in effect and will continue 1, unless Members notified otherwise by October 2000, the Exchange a Notice to (#347), advising Members and Member Firms the CFTC had approved this Resolution. The Resolution, which became effective with the of the NYMEX ACCESS&#61495; session on Sunday, October 8, 2000, has amended on temporary a of price fluctuation limit rules as those rules apply to trading on NYMEX ACCESS&#61495;. The Resolution is below. The Resolution was issued so as to the successful reimplementation of new implied order functionality on ACCESS&#61495;. significantly expanding price limits to trading activity on NYMEX ACCESS&#61495;, the Resolution reduces the possibility that a price limit would be triggered by the functionality. The on a basis, price limit rules - with respect to market activity occurring Thus, the new price limits that went into last week Natural Gas are further expanded as by the terms of the Resolution. The Resolution the Exchange,s price fluctuation limit rules with regard to trading on NYMEX ACCESS&#61495; in four The initial and subsequent fluctuation limits (for Exchange contract has limits) are to 200% of the initial and subsequent price fluctuation limits applicable the first two contract months for energy contracts, or to contract with limits in for metals contracts, of futures under the applicable rule. expanded (e.g., limits the two months for energy is applicable to all contract for that futures contract. an expanded price limit was touched by a or offer, trading on NYMEX ACCESS&#61495; generally be halted immediately, rather than requiring the market to trade at
Resolution), remains in effect And will 
conTinue UntIl FEbRuarY 1, 2001, unlEss Members are nOTifiEd otherwise by the 
ExchanGe.

As bAcKGrouND, oN OctoBer 6, 2000, the EXChANGe iSsUeD a NOtICe To MemBerS 
(#347), advisiNg Members aNd MEmBer Firms that THe cFTC had appRovEd this 
ResoluTioN.  The ReSoLutIOn, whiCh bEcame EffectIVe with The commenCeMEnt of 
tHE NYMEX AcceSs&#61495; sesSion on Sunday, OctobER 8, 2000, hAS amended on a 
temPorary BaSIs A NUmbEr oF Exchange pRiCe fluCTuation LImIT RUleS As those 
rules aPply to tradiNG on nYMEX AcCeSS&#61495;. tHe ResoLutioN iS IncLuded 
below.

THe ReSolution wAs issuED so as to ENsure thE succeSsfUl rEimpLEmEnTatIoN Of 
tHE nEw iMPliEd order fUnCtIonalIty oN nymeX ACcESs&#61495;.  By 
sIgnifIcantly expandIng The pRIce FluctUatioN limItS applIcable To traDiNg 
activity occurRing On NYMEX ACcESs&#61495;, tHe REsOlutiON reducEs tHe 
pOssibilIty that A PriCe LIMIt Would be triggered by ThE IMpLied 
funcTionalITy.

thE resolutiOn AmeNds, oN A TempoRary BAsIs, ExchanGe pricE FlUcTuation LiMit 
rulEs - But OnlY with REspeCt to maRket actiVity oCCurring on NYMEX 
acCESS&#61495;.

Thus, the nEW pRICe LImitS thAt went into eFfecT Last Week FOr natURal GaS 
are fUrTHeR Expanded as provided bY tHe termS of thE Resolution.

ThE ResolutioN AMEnds the EXchaNGe,S Price fluctuatiOn limIt rules witH 
Regard to TradiNg on NYMEx ACCESS&#61495; in FOUr ways:

(1) ThE inItiAl aNd sUBSeQuent price fluCTUatiOn Limits (fOr eAch ExchAngE 
fuTurEs cOnTract that Has such lImItS) aRe 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) is 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 AcCESS&#61495; generALly WoUld be haLted immEdiatELy, ratheR 
than requIring the mArKet tO TRadE at
Resolution), remains in ef fect and w ill con tin ue  unt il F ebruary 1, 200 1 , un less Members are notif ied o th e rwis e  b y the  
Excha n ge . 
As  b ac kgr ou n d,  on O cto ber 6,2000, theExc ha nge issued a No tice to Me mbe rs 
(#347),adv isingMe mbe r s and  Me mberFirmst hat th e CFTC ha da pprove d  this R e so luti on.  The Resoluti o n, which became e ffecti ve wi t h  th e c ommencemen tof 
t h e NYMEX AC C E S S&# 6 1495; session  on Sunday, Oct ober 8 ,200 0 , hasamend ed ona 
temporar y ba sis a num ber of Exchang e  pricefluctu ati onlimi t  r ul esas tho s e
ru l esapply to  t ra dingon N Y M E X  ACC ESS &#61 495;.  The Resoluti onis i n clu ded below .

T he  Reso lution  wasis sued so as to e nsur e the suc ces sf ulre imple m entati onof
the ne w impli e d o rd e r fu nctionality on NYM EX A CC ESS&#614 95;. B y
s i gnifican tl y e xpan d i ng th e pr i ce  fluctua tion l i mi ts  applic ab le totr adi ng
acti v ityoccurr ing on N YMEXA CCESS&#61495;, the Resolutio n  r e d uc e s th e possibility  tha t  a p rice li mit would  be t ri g ge r ed by the implied fu nction ality .

The Resolu tion amend s , on a tem pora r yb asis, Exchange  pric e fluctuat i on limit  
rul es - but  only wit h respecttomar ket  ac t i vi ty occurringo n  NYM EX  
ACCES S&# 61495;. 

T hus , t hene w price l imits th at  w en tint o eff e ct lastwe ekfo r N atura l  Gas are f urth er  e x pan ded asp ro v i dedby  t he t erm sof th e Re s olu tion.
The Resol uti o n am en ds  the Ex change,s pri ce  fluctuati on  li mit ru l e s with regard to trading on NY M EX ACCE SS& #6149 5; i n four wa ys: 

(1)The initia l andsubse qu ent p ricef l uc tua ti on limits( f oreachEx chan ge 
fut ures contract that has  such limits)  ar e ex p a nd edt o2 00%  o f  th e initial 
and su bsequent p ri c efluctuatio n  li mi ts appl icableto th e  firsttwo contr act 
mont hs  for e ner gy contrac ts, or t o the fir s t con t ra ct mo nth  withli mit s in
effec t  fo r met als co nt racts,  of t ha t future s contract under the ap plicab le 
r ule .

(2) Th ise xpa nded limi t (e .g., 200%ofthe  limi tsf or th e fr o nt  tw o  mont hs f or energy co ntr a c ts ) is applic a b l e t o all  co n tractmont hs for that futur e s 
contract.
(3)I n  th e e v entth at an expanded  pr ic e limit wa stouched bya bid or  o f fer,
tradi ng onNYMEX A C C ES S &#6149 5; g ene rally wou ldbe haltedim me d iately , ra th er 
th an req u irin g the market to tr ade a t 
Resolution), remains_in effect_and will 
continue until_February 1,_2001,_unless Members_are_notified otherwise by_the 
Exchange.

As background,_on October 6, 2000,_the Exchange issued_a_Notice to Members 
(#347), advising Members and Member Firms that the CFTC had approved_this_
Resolution. _The_Resolution,_which became effective with the_commencement of 
the NYMEX ACCESS&#61495;_session on_Sunday, October 8, 2000, has amended on a_
temporary_basis a number_of Exchange price fluctuation limit rules as those 
rules_apply to trading on NYMEX ACCESS&#61495;._The Resolution is_included_
below.

The_Resolution was issued so_as to ensure the successful reimplementation_of 
the new implied order functionality_on NYMEX ACCESS&#61495;.  By 
significantly expanding_the price fluctuation limits applicable to_trading 
activity occurring on NYMEX_ACCESS&#61495;, the_Resolution reduces the 
possibility that_a price limit_would be_triggered by the_implied 
functionality.

The Resolution amends, on a_temporary basis, Exchange_price fluctuation limit 
rules - but_only_with respect to_market_activity_occurring on_NYMEX 
ACCESS&#61495;.

Thus, the_new_price limits_that_went into effect last week for_Natural_Gas 
are further expanded as provided by_the terms of the_Resolution.

The_Resolution amends the Exchange,s_price fluctuation limit rules with_
regard to trading on NYMEX ACCESS&#61495;_in four_ways:

(1) The_initial and subsequent price fluctuation limits (for each Exchange 
futures contract_that has such limits) are 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)_is 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 ACCESS&#61495; generally_would_be_halted immediately, rather 
than requiring_the market to trade at