the transaction is a legitimate EFS transaction.  Upon the request of the
Exchange, all documentary evidence relating to the EFS, including a master
swap agreement and any supplements thereto, shall be obtained by the
Clearing Members from the buyer or seller and made available by the Clearing
Members for examination by the Exchange.  Additionally, if the buyer or
seller is a Member/Member Firm, the Exchange may obtain the information
directly from such person(s).

(2) For [all NYMEX Division contracts] * the Brent contract *, no EFS that
is linked to or contingent upon entry into a second, offsetting swap
transaction may be transacted during Regular Trading Hours at any time that
NYMEX offers trading in its contracts, unless trading in a market is halted,
such as during a physical emergency.   * For the Natural Gas contract, no
EFS that is linked to or contingent upon entry into a second, offsetting
swap transaction may be transacted at any time. *

(3)	Failure by a buyer or seller, or its Clearing Member to satisfy the
Exchange that an EFS transaction is bona fide shall subject such buyer or
seller, if a Member/Member Firm, or the Clearing Member to disciplinary
action.  Such disciplinary action, depending on the gravity of the offense,
may be deemed to be a major offense of the Exchange's rules.  Further, if
the buyer or seller is not a Member/Member Firm, the Exchange may conduct a
hearing before the Business Conduct Committee to limit, condition or deny
access to the market.

(E) Each EFS transaction shall be posted by the Floor Members and cleared
through the Exchange in accordance with normal procedures and by the
Clearing Members involved.

(F)  All omnibus accounts and foreign brokers shall submit a signed EFS
reporting agreement in the form prescribed by the Exchange to the Exchange's
Compliance Department.  Such Agreement shall provide that any omnibus
account or foreign broker identified by a Clearing Member (or another
omnibus account or foreign broker) as the buyer or seller of an EFS pursuant
to Rule 6.21A(C), shall supply the name of its customer and such other
information as the Exchange may require.  Such information shall be
submitted to the Exchange's Compliance Department by 12:00 noon no later
than two (2
the transaction is a legitimate EFS transaction.   Upon the request of the 
 Exchange, all documentary evidence relating to the EFS, including a master 
 barter agreement and any accessory thereto, shall be obtained by the 
 Clearing Members from the buyer or seller and made available by the Clearing 
 Members for interrogation by the Exchange.   Additionally, if the buyer or 
 seller is a Member / Member Firm, the Exchange may prevail the information 
 directly from such person(s). 

 (2) For [ all NYMEX Division contract ] * the Brent contract *, no EFS that 
 is linked to or contingent upon entry into a second, offset swap 
 transaction may be transacted during even Trading Hours at any time that 
 NYMEX offer trading in its contracts, unless trading in a market is halted, 
 such as during a physical hand brake.    * For the Natural Gas contract, no 
 EFS that is linked to or contingent upon entry into a second, offsetting 
 barter transaction may be transacted at any time. * 

 (3) 	 Failure by a buyer or seller, or its Clearing Member to satisfy the 
 Exchange that an EFS transaction is bona fide shall subject such buyer or 
 seller, if a Member / Member Firm, or the Clearing Member to corrective 
 action.   Such corrective action, depending on the gravity of the offense, 
 may be deem to be a major offense of the Exchange's rules.   Further, if 
 the buyer or seller is not a Member / Member Firm, the Exchange may conduct a 
 hearing before the Business Conduct Committee to limit, condition or deny 
 access to the market. 

 (E) Each EFS transaction shall be posted by the Floor Members and cleared 
 through the Exchange in accordance with normal procedures and by the 
 Clearing Members involved. 

 (F)   All omnibus accounts and alien brokers shall submit a bless EFS 
 coverage agreement in the human body prescribed by the Exchange to the Exchange's 
 Compliance Department.   Such Agreement shall provide that any omnibus 
 account or foreign broker identified by a Clearing Member (or another 
 omnibus bill or foreign broker) as the buyer or seller of an EFS pursuant 
 to Rule 6.21A(C), shall supply the name of its customer and such other 
 information as the Exchange may ask.   Such information shall be 
 submitted to the Exchange's Compliance Department by 12:00 noon no later 
 than two (2
the transaction is a legitioate EFS transaerion.  Npon ths requesg of the
Exchange, all documenvary evidtuce relating to the DFS, inclufing a mqstec
swap agreement ehd any supplejcnts chxreto, shall be pbtained bf the
Clearing Keobzrs from the buyer or seller and madq availsbpe by the Cleating
Mtmbqrs ror examination by the Exchange.  Asditionelly, if the buyrr or
seller is a Member/Memher Virm, the Exchange lay obtain jge ybformation
difectly from such persoh(s).

(2) For [all NYMEX Division contrxcts] * the Brent cintgdct *, no EFS that
ps linked to or contitgent ulon entry into a vecind, offsetting swap
trensaction may be tragsacted dgrnng Regular Trading Hiues at any timd thxt
NGMXX kffers treding in ita contracts, unless trading in s iqrket is haltsd,
such af during a physical emergency.   * For tht Nathral Gas contract, no
EFS that is linked to or contingegt upon entry into a second, offsetting
swap transawtion oay bc trxbswcted at any time. *

(3)	Failure by a buyer or sellew, ot pts Clearing Membcr to satisfy the
Eccjamde that an EFR transacfion is bona fide dhall sobject such buytr or
xeller, if a Member/Member Fiem, or the Clvaribg Member to disci'linary
actiou.  Sucn disviplinary action, dependnng on the gravitj of the kwfense,
may be deeoed tm be a major offense of thq Exchangx's rukes.  Fufthet, if
the buyer or dellev is not a Member/Melber Yirm, dhe Exchanhe may conduct a
hearing before vie Business Cpngucn Committze to kimit, conditijn or deny
accexs to tke maryet.

(E) Each VFS transection shall be posted by jhe Floor Memuers and sleaeed
tyrough gfe Exchange in accordanbe wity normal procedurex avs by the
Cleariny Nembers involvec.

(F)  Alj lmiibus dccounts and fordigv brokdrs shall smbmkt a signed EFS
reporting agrsement in the form pvescribed by the Qxchange to tne Exchange's
Compliwnce Vepartoent.  Sush Agreement shall provide thaf any omnlbuf
account or sorelgn froker ideutified by a Clearing Member (or another
onnibus account or doreign broker) as tke buyer or sxller jf an EFS pursuant
to Rule 6.21A(C), whall supply the kame of its customer ahd sucv othfr
information as the Exchange may require.  Such information shall be
submirted to the Exchanfe's Vomplpanee Bepartmqnt uy 12:00 noon no later
tnan two (2
the transaction is a legitimate EFS transaction. request the Exchange, documentary evidence relating master agreement and any thereto, shall be by the Clearing Members from the or seller and made available by the Clearing Members for examination by the Additionally, if the buyer or seller is a Member/Member Firm, the Exchange may the directly such (2) For [all NYMEX Division contracts] * the Brent contract *, no EFS that is linked or contingent upon entry into a second, offsetting transaction may be transacted Regular Trading Hours at any that offers trading its unless in a market halted, such as during a physical emergency. * For the Natural Gas contract, no EFS that is to or entry into second, swap may be transacted time. * (3) Failure by a or its Clearing Member to satisfy the Exchange an EFS is bona fide shall subject such or seller, if a Member/Member Firm, or the Member to disciplinary action. Such disciplinary action, depending on the gravity of the offense, may to be a major of the Exchange's Further, the or is not Member/Member Firm, the Exchange may conduct a hearing before the Business Committee to limit, condition or deny access to the market. EFS shall be posted the Floor Members and through Exchange in accordance with and the (F) omnibus and foreign brokers shall a signed EFS reporting agreement the form prescribed by Compliance Department. Such Agreement shall provide that any account or foreign broker identified by a Member (or another omnibus account or foreign broker) as the buyer or of an to Rule 6.21A(C), shall supply the name of customer and such other as the Exchange may require. Such information shall be to Exchange's Compliance by 12:00 noon later than two
the transaction is a legitimaTe EFS transActioN.  UpOn tHe RequEst oF the
Exchange, alL DocuMentary evidence relatinG to thE Efs, incLUdIng a mAster
swAP aGREemEnT aNd aNy SUpPlemeNts Thereto, Shall be obtAinEd By the
ClearinG meMbers from tHe bUyer or seller And Made avAiLabLE by thE ClEarinG
MembeRS for exAmination By THe ExchANge.  AddiTIOnAlly, If the buyer or
selleR Is A member/Member FiRm, the EXcHAnGE May ObtAin the infoRmAtion
DIrectly FRoM SUCh pERson(s).

(2) For [all NYmEX Division COntRacts] * tHe breNT contrAct *, no eFs ThaT
is linked to Or coNtingent uPon entRY into a sECond, offSettinG swAp
tRansACtIoN maY bE TraNSaCteD DurIng RegulAr trAding hourS AT ANy tiMe tHat
NyMEX oFfers trading iN itS conTRacTs, unlEss trAdinG iN a marKet is hAlted,
SuCh as during a physIcal Emergency.   * for ThE NaTuRal GaS ContraCt, nO
EFs that is Linked tO Or cOnTINGeNt upon entry into a seCoND, OfFsetting
Swap trANsAcTIon may be TrAnsActeD AT any tIme. *

(3)	FAIlUre by a buYer or sELlEr, Or its ClEaRing MeMbEr tO saTisfy THe
ExChange That an EFs tranSAction is bona fiDE shall subject SUcH BUyER or
sEllEr, if a Member/membER FirM, or tHE CLeaRIng MeMber tO dIScIPlinary
action.  Such diScIplinaRy actIon, depending oN the gravitY OF The offenSe,
maY Be DEemed to be a majoR offeNse of the ExCHange's ruLes.  FuRther, if
tHe buyer or SELler is noT a MEmbEr/MEmbER fiRm, the Exchange MAY conDuCt a
hearIng Before tHe BUsiNesS CoNdUct CommitTee to limIt, CoNdItIon Or denY
Access to ThE maRkEt.

(E) each Efs transActioN shaLl Be POstEd by the fLoOR membErS aNd clEarEd
ThrouGh thE excHange in AccordancE wiTH norMaL pRocedurEs and by the
CleArIng Members InVolVed.

(F)  AlL OMnibus acCounts and foreign brokers SHall subMit A signEd EFs
reportinG agReemenT in THe form PrescrIbed bY tHe EXCHange TO ThE ExChAnge's
ComplIANce deparTmEnt.  SUch AgreEment shall provide tHAt aNy omnibus
accoUnt Or foREIgN brOKeR IdeNtIFieD BY a Clearing MembeR (or another
OmNIbUs account oR ForEiGn brokeR) as the bUyer oR Seller oF an EFS purSuant
to RuLe 6.21a(C), shALL suPply the namE of its cuStomer and SUch otHEr
InforMatIon as tHe excHange May reqUIre.  such iNformaTiOn shalL be
suBmItted to tHe Exchange's Compliance DePartmeNt by 12:00 nOon No later
thAn tWO (2
the transaction is a legit imate EFStrans act ion . Upo n th e request of t h e
Ex change, all documentar y evi de n ce r e la tingto theE FS , inc lu di ngam as ter
s wap  agreem ent and an y s up plements the r et o, shall b e o btained by t heCleari ng  Me m bersfro m the  buyer or sel ler and m ad e  avail a ble byt h eClea ring
Members fore xa m ination by the  Excha ng e .A ddi tio nally, ifth e buy e r or
se l le r i s a Member/Member  Firm, theE xch ange m ay  ob t ain th e inf or m ati on
directly  fro m such pe rson(s ) .

(2)F or [all  NYMEX  Di vis ionc on tr act s] * t h eBre n t c ontract*,  n o EFS  tha t i s  lin ked  toor co ntingent upon  en tryi nto  a se cond,  off se tting  swaptrans ac tion may be tra nsac ted durin g R eg ula rTradi n g Hour s a t a ny time  that
N Y MEX  o f f e rs  trading in its co nt r a ct s, unles s trad i ng  i n  a marke tishalt e d ,
suc h as du ring a p hysica l  e me rgency.   * For  t heNat uralG as c ontrac t, no
EF S tha t  is linked too r contingentu po n en t ry i nto  a second,offs e ttin g
sw a ptra n sacti on ma yb et ransacted at any ti me . *

( 3)	Fa ilure by a bu yer or sel l e r , or its  Cle a ri n g Member to sa tisfy  the
Excha n ge thatan EF S transa ction isb o na fidesha llsub jec t su ch buyer or
s e l ler,  i f a Mem ber /Member  Fi rm,  or  th eClearingMember t odi sc ip lin ary
a c tion.  S uc h d is cip linar y  actio n, de pend in go n t he grav i ty o f th eof fens e,ma y bedeem e d t o be amajor off ens e  ofth eExchang e's rules.  F ur ther, if
t he  bu yer or s eller is  not a Member/Member Fi r m, theExc hange  may  conducta
h earing  be f ore th e Busi nessCo ndu c t  Comm i t te e t olimit, con d i tio n orde ny
a ccess t o the market.

(E) Eac h EFS transac tio n sh a l lbep os t edby the F loor Members an d clearedth r ou gh the Exc h ang ein acco rdancewithn ormal p rocedures  and by t he 
Cle a r ing  Members i nvolved. 

(F)  Al l  omni b us  acco unt s andfo rei gn br okerss hal l sub mit asi gned E FS
re po rting ag reement in the form pre scribe d bythe  Exchange  to the  Exchange 's
C omplianceDep art ment.   S u ch Ag reem e nt  sh a ll pr ovid e  that any om nib u s 
a ccount or f o r e ign  brok eri dentif iedby a Clearing Mem b er (or another 
omn i b usacc o untor  foreign broke r)as t he buyer  o r seller of  an EFSpu r suant 
to Ru le 6.2 1A(C),s h al l  suppl y th e n ame of it s c us t omer an dsu c h othe r
in fo rmatio n as t h e Ex c h ange may require .  Su c h  info r mat ion s ha ll be
s u bmit ted to the  Exchange's  Compl ianc e Dep artment  b y 12:0 0 n oo n no later than two(2
the transaction_is a_legitimate EFS transaction. _Upon the_request_of the
Exchange,_all_documentary evidence relating_to the EFS,_including a master
swap agreement_and any supplements_thereto,_shall be obtained by the
Clearing Members from the buyer or seller and made available_by_the Clearing
Members_for_examination_by the Exchange.  Additionally,_if the buyer or
seller is_a Member/Member_Firm, the Exchange may obtain the information
directly from_such_person(s).

(2) For [all_NYMEX Division contracts] * the Brent contract *, no_EFS that
is linked to or contingent_upon entry into_a_second,_offsetting swap
transaction may be_transacted during Regular Trading Hours at_any time that
NYMEX offers trading in_its contracts, unless trading in a market_is halted,
such as during a physical_emergency.   * For_the Natural_Gas contract, no
EFS that is_linked to or_contingent upon_entry into a_second, offsetting
swap transaction may be transacted_at any time._*

(3)	Failure by a buyer or seller,_or_its Clearing Member_to_satisfy_the
Exchange that_an EFS transaction_is_bona fide_shall_subject such buyer or
seller, if a_Member/Member_Firm, or the Clearing Member to disciplinary
action._ Such disciplinary action,_depending_on the gravity of_the offense,
may be deemed to_be a major offense of the_Exchange's rules._ Further,_if
the buyer or seller is not a Member/Member Firm, the Exchange_may conduct a
hearing before the Business_Conduct Committee to limit,_condition or_deny
access_to the market.

(E)_Each_EFS transaction_shall be posted by the Floor Members_and cleared
through_the Exchange in accordance with normal_procedures and by the
Clearing_Members_involved.

(F)  All omnibus accounts and_foreign brokers shall submit a signed_EFS
reporting agreement in the form_prescribed_by_the Exchange to the Exchange's
Compliance_Department.  Such Agreement shall provide_that any omnibus
account_or foreign broker identified by a Clearing_Member_(or another
omnibus account or foreign broker)_as_the buyer or seller of an_EFS_pursuant
to_Rule 6.21A(C), shall supply the_name of its customer and such_other
information as the Exchange may require.  Such information_shall be
submitted to_the Exchange's Compliance Department by_12:00_noon_no later
than two (2