 that price for five minutes. During the 
last 90 minutes of a NYMEX ACCESS&#61495; session, the market would be halted 
only far as long as it takes for the system to incorporate expanded price 
limits.

(4) As a clarification, the Resolution suspends use of certain &haircuts8 
narrowing price limits based on notional settlement prices.  Specifically, 
NYMEX Rule 6.56 (Settlement Prices and Price Fluctuation Limits for NYMEX 
ACCESS&#61495;) establishes the use of notional settlement prices as the base 
point for price limits (until the actual settlement prices from the RTH 
session can be input into the system.)  NYMEX ACCESS&#61495; will continue to 
use such notional settlement prices under the Resolution.  However, Rule 6.56 
reduces applicable price limits by certain specified percentages during the 
period when notional settlement prices are used as the base point for 
establishing limits. Such &haircuts8 are not being used under the Resolution; 
the Exchange will resume use of such haircuts following the expiration of the 
Resolution.

Finally, the Resolution also clarifies one aspect of existing Exchange 
practice.  In the event that a contract trading on NYMEX ACCESS&#61495; 
traded for five minutes at a price fluctuation limit applicable to Regular 
Trading Hours (RTH) trading, then the RTH session would open with expanded 
price fluctuation limits as provided under the applicable rule.  This 
practice will continue to be followed during the period when the Resolution 
is in effect, even though there had been no temporary cessation of trading 
during the NYMEX ACCESS&#61495; trading session because the market had not 
hit the expanded limits applicable only to NYMEX ACCESS&#61495;.


*  * * *
As noted, these temporary amendments to the Exchange,s price limits shall 
expire on February 1, 2001, unless Members are notified otherwise by the 
Exchange.
*  * * *

If you have any questions, please contact Stu Homler, Director, NYMEX 
ACCESS&#61495; Operations, NYMEX ACCESS&#61495; Department,
that price for five minutes. During the 
 last 90 minutes of a NYMEX ACCESS&#61495; school term, the grocery store would be halted 
 only far as long as it take for the system to incorporate boom monetary value 
 limits. 

 (4) As a clarification, the Resolution suspends use of certain &haircuts8 
 constrict price limits base on conceptional settlement prices.   Specifically, 
 NYMEX Rule 6.56 (Settlement Prices and Price Fluctuation Limits for NYMEX 
 ACCESS&#61495 ;) establishes the use of notional colony prices as the base 
 point for monetary value limits (until the actual settlement price from the RTH 
 session can be input signal into the system .)   NYMEX ACCESS&#61495; will continue to 
 use such notional settlement price under the Resolution.   However, Rule 6.56 
 reduces applicable price limits by certain specified percentages during the 
 period when notional settlement prices are used as the base point for 
 establishing limits. Such &haircuts8 are not being used under the Resolution; 
 the Exchange will resume use of such haircut following the expiration of the 
 Resolution. 

 last, the settlement also clarifies one aspect of exist Exchange 
 practice.   In the event that a contract trading on NYMEX ACCESS&#61495; 
 traded for five minutes at a monetary value fluctuation limit applicable to Regular 
 Trading Hours (RTH) trading, then the RTH session would open with expanded 
 price fluctuation limits as provided under the applicable rule.   This 
 practice will stay to be followed during the time period when the Resolution 
 is in effect, even though there had been no temporary cessation of trading 
 during the NYMEX ACCESS&#61495; trading session because the market had not 
 hit the extend limits applicable only to NYMEX ACCESS&#61495; . 


 *   * * * 
 As noted, these impermanent amendments to the Exchange,s price limits shall 
 expire on February 1, 2001, unless member are notified differently by the 
 Exchange. 
 *   * * * 

 If you have any questions, please contact Stu Homler, Director, NYMEX 
 ACCESS&#61495; Operations, NYMEX ACCESS&#61495; Department,
 thwt price for five minuter. During the 
last 90 minntes of a NYMEX ACCESS&#61495; session, the market wluod be halted 
only far as lovg as it nakes for the wystem to mhcorporate exlwndeb 'rice 
limits.

(4) As a clarifiwation, the Resmljtnon suspends use of certain &haircuts8 
narrowonh price limits bastd jn nkniinal settlement prices.  Specirically, 
NYMEX Rule 6.56 (Xettlement Prices and Pricf Flkctuation Limits flr NYMEX 
ACXESS&#61495;) wstablishes ghe use of notional sejtlement prices as the base 
poing for price limutw (ujjil the actuel setnlement prices from tve RTH 
xession can be in'ut unto the system.)  NYMEE ACCESS&#61495; will continoe to 
use vueh notional settlemenr pricev unger gye Fesklntikn.  Hoaevxr, Rule 6.56 
resuces applixable price limits ny brrtain speciried pqrsentages during the 
period when notionan ssttlement prices are uswd as the base point vor 
estabjishing limits. Such &haircuts8 are not being used utder vhd Rtsilutiub; 
hhe Exchange will resume use of such haircuts roklpwing the expivation of the 
Resokuhipg.

Finally, the Tesolutnkn also clarifies onf aspecj of ezisting Evchamge 
practice.  In the event rhat a contrcct trading on NYMEX CCCESS&#61495; 
tradeb for give kinutes at a price fluccuatioh limit apppicable tk Regular 
Trading Holrs (STH) trading, then the RTH sqssion wonld o'en with expsnded 
[rice fluchuation limits as providfd unber tve applicahle rule.  This 
practice will coivinue to be fplnowvd during the ieriod when the Resolution 
is in effzct, evdn though nhere had been no teiporary cessadlon of tradiig 
during the NYMWX ACCERR&#61495; trading sessoon because the marjet had not 
hit thc expxhded limits appoicqble only to NYKEX ACSEDS&#61495;.


*  * * *
As noted, thase gemoprary amendmtuts go tne Exchange,s price lhmita shall 
expire on Genruary 1, 2001, onless Meibers are notofied otherwise by the 
Xxchanje.
*  * * *

Of iou have any questions, please ckntact Stk Hjmler, Directjr, NNMEX 
ACCESS&#61495; Opzrations, NYMEX ACCESS&#61495; Department,
that price for five minutes. During the minutes a NYMEX session, the market as as it takes the system to expanded price limits. (4) As a the Resolution suspends use of certain &haircuts8 narrowing price limits based on notional prices. Specifically, NYMEX Rule 6.56 (Settlement Prices and Price Fluctuation Limits for NYMEX establishes use notional prices as the base point for price limits (until the actual settlement prices from the RTH can be input into the system.) NYMEX ACCESS&#61495; continue to use such settlement prices under the Resolution. Rule reduces applicable limits certain percentages during the when notional settlement prices are used as the base point for establishing limits. Such &haircuts8 are not used under the Exchange resume of haircuts following the the Resolution. Finally, the Resolution also of existing Exchange practice. In the event that contract trading NYMEX ACCESS&#61495; traded for five minutes a price fluctuation limit applicable to Regular Trading (RTH) trading, then the RTH session would open with expanded price fluctuation limits as provided applicable rule. This practice continue to be during period the is in even though there had been no temporary cessation of trading during NYMEX ACCESS&#61495; trading session because the market had not hit limits only to NYMEX * * * * noted, temporary amendments to the limits expire 2001, Members notified otherwise by the * * * * If have any questions, please ACCESS&#61495; Operations, NYMEX ACCESS&#61495; Department,
 that price for five minutes. DuRing the 
lasT 90 minuTes Of a nYmEX AcCESs&#61495; session, the marKEt woUld be halted 
only far as loNg as iT tAKes fOR tHe sysTem to inCOrPORatE eXpAndEd PRiCe 
limIts.

(4) as a clarIfication, tHe REsOlution suspeNDs Use of certaIn &hAircuts8 
narroWinG price LiMitS Based On nOtionAl settLEment pRices.  SpecIfICally, 
NymEX Rule 6.56 (sETtLemeNt Prices and Price FLUcTUation Limits foR NYMEX 
aCceSs&#61495;) EStaBliShes the use Of NotioNAl settlEMeNT PRicES as the base 
poiNt for price lIMitS (until ThE acTUal setTlemeNt PRicEs from the RTh 
sesSion can be Input iNTo the sySTem.)  NYMEx ACCESs&#61495; wiLl cOntiNUe To 
Use SuCH noTIoNal SEttLement prIcEs Under The RESOLUtioN.  HoWeveR, Rule 6.56 
Reduces applicAblE priCE liMits bY certAin sPeCifieD perceNtageS dUring the 
period wHen nOtional seTtlEmEnt PrIces aRE used aS thE baSe point For 
estaBLisHiNG LImIts. Such &haircuts8 are NoT BEiNg used unDer the rEsOlUTion; 
the EXcHanGe wiLL ResumE use OF sUch haircUts folLOwInG the expIrAtion oF tHe 
REsoLutioN.

finaLly, the resolutiOn alsO Clarifies one asPEct of existing eXcHANgE 
PracTicE.  In the event That A ContRact TRaDinG On NYMeX ACCeSs&#61495; 
TrADed for five minutes at A pRice flUctuaTion limit applIcable to ReGULAr 
TradinG HouRS (Rth) trading, then thE RTH sEssion woulD Open with ExpanDed 
price FluctuatiON Limits as ProVidEd uNdeR THe Applicable rulE.  tHis 
pRaCtice wiLl cOntinue To bE foLloWed DuRing the peRiod when ThE REsOlUtiOn 
is iN Effect, evEn ThoUgH thEre haD Been no TempoRary CeSsATioN of tradINg 
DURing ThE NyMEX aCCeSs&#61495; tradIng sESsiOn becauSe the markEt hAD not 
HiT tHe expanDed limits applIcAble only to nYmEX aCCESS&#61495;.


*  * * *
aS Noted, theSe temporary amendments to THe ExchaNge,S pricE limIts shall 
eXpiRe on FeBruARy 1, 2001, unleSs MembErs arE nOtiFIEd othERWiSe bY tHe 
Exchange.
*  * * *

iF You Have aNy QuesTions, plEase contact Stu HomlER, DiRector, NYMEX 
ACcESs&#61495; OpeRATiOns, nyMex ACcEss&#61495; DePARtment,
 that price for five minut es. During  the
la st90  min utes  of a NYMEX AC C ESS& #61495; session, the m arket  w o uldb ehalte d 
only fa r aslo ng  as  i t  t akesfor  the sy stem to in cor po rate expande d  p rice 
limi ts. 

(4) As a c lar ificat io n,t he Re sol ution  suspe n ds use  of certa in &hair c uts8 n a rr owin g price limits ba s ed on notional se ttleme nt pr i c es.   S pecificall y,  
NYM E X Rule6 .5 6 ( Set t lement Prices  and PriceF luc tuatio nLim i ts for  NYME XACC ESS&#61495; ) es tablishes  the u s e of no t ional s ettlem ent  pr ices as  t heba s e p oi ntf orprice li mi ts  (unt il t h e a ctua l s ettl ement  prices fromthe  RTH 
se ssion  canbe i np ut in to the  syst em .)  NYMEX ACCES S&#6 1495; wil l c on tin ue  to u se suc h n oti onal se ttlemen t  pr ic e s un der the Resolution .H ow ever, Ru le 6.5 6  re d uces app li cab le p r i ce li mits by  certain  speci f ie dpercent ag es dur in g t he
peri o d wh en not ional se ttlem e nt prices areu sed as the ba s ep o in t  for  
e stablishing  lim i ts.Such & hai r cuts 8 are  n o tb eing used under the  R esolut ion;
the Exchange  will resu m e use of s uchh ai r cuts following  theexpiration of the Resol ution.
Finally,t h e Resolu tio n a lso  cl a r if ies one aspec t of e xi sting E xch ange 
p rac tic e. In  t he eventthat a c on tr ac ttra dingo n NYMEXAC CES S& #61 495;traded  forfive  m in u tes  at a p r ic e fluc tu at ionlim it  appl icab l e t o Regul ar 
Tradi ngH ours  ( RT H) trad ing, then the  R TH session  w oul d open w ith expa nded 
price fluctuation limitsasprovi dedunder the  ap plicab ler ule. This pract ic e w i l l con t i nu e t obe followe d dur ing t he  per iod whe n the Resolution i s i n effect, eve n t houg h th ere ha d  be en not e mporary cessati on of trad in g  during the NYM EX  ACCESS &#61495 ; tra d ing ses sion beca use the m ar keth a d n ot 
hit th e expand ed limits appli c ab le on lyto NYM EX  AC CESS& #61495 ; .

*  *  * *
A snoted,  thes etemporar y amendments to the Exc hange ,s pr ice  limits s hal l  
e xpire onFebr uary 1, 20 01,  un lessMem b ers a re n o ti fie d  othe rwis e  by the E xc han g e .*  * * *

I f y ouhaveany questi ons,  please contact S t u Homler, Dire ctor , NYM EXACCE SS &#61495; Opera tio ns , NYMEX AC CE SS&#61495;Departme nt , 
 that_price for_five minutes. During the_
last 90_minutes_of a_NYMEX_ACCESS&#61495; session, the_market would be_halted 
only far as_long as it_takes_for the system to incorporate expanded price 
limits.

(4) As a clarification, the Resolution suspends_use_of certain_&haircuts8_
narrowing_price limits based on notional_settlement prices.  Specifically, 
NYMEX_Rule 6.56_(Settlement Prices and Price Fluctuation Limits for NYMEX_
ACCESS&#61495;)_establishes the use_of notional settlement prices as the base 
point for_price limits (until the actual settlement_prices from the_RTH_
session_can be input into_the system.)  NYMEX ACCESS&#61495; will_continue to 
use such notional settlement_prices under the Resolution.  However, Rule_6.56 
reduces applicable price limits by_certain specified percentages during the_
period when_notional settlement prices are used_as the base_point for_
establishing limits. Such_&haircuts8 are not being used under_the Resolution; 
the_Exchange will resume use of such_haircuts_following the expiration_of_the_
Resolution.

Finally, the_Resolution also clarifies_one_aspect of_existing_Exchange 
practice.  In the event_that_a contract trading on NYMEX ACCESS&#61495; 
traded_for five minutes at_a_price fluctuation limit applicable_to Regular 
Trading Hours (RTH)_trading, then the RTH session would_open with_expanded 
price_fluctuation limits as provided under the applicable rule.  This 
practice_will continue to be followed during_the period when the_Resolution 
is_in_effect, even though_there_had been_no temporary cessation of trading 
during the_NYMEX ACCESS&#61495;_trading session because the market had_not 
hit the expanded_limits_applicable only to NYMEX ACCESS&#61495;.


* _* * *
As noted, these temporary_amendments to the Exchange,s price_limits_shall_
expire on February 1, 2001,_unless Members are notified otherwise by_the 
Exchange.
* _* * *

If you have any questions,_please_contact Stu Homler, Director, NYMEX 
ACCESS&#61495;_Operations,_NYMEX ACCESS&#61495; Department,