(01-128) INTRODUCTION OF BRENT CRUDE OIL FUTURES CONTRACT ,
 Notice 01-128
April 11, 2001


TO:
All Exchange Members/Member Firms
All Exchange Clearing Members

FROM:
Neal Wolkoff
Executive Vice President

RE:
INTRODUCTION OF BRENT CRUDE OIL FUTURES CONTRACT

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--

At the recommendation of its crude oil advisory committee, the board of=20
directors of the New York Mercantile Exchange, Inc., this morning voted to=
=20
develop a 15-day Brent Blend crude oil futures contract that will be traded=
=20
in the ring alongside the Exchange=01,s benchmark light, sweet crude oil fu=
tures=20
contract.

The new contract will be cash-settled based on an index currently under=20
development by the Exchange staff and crude oil advisory committee.

This contract is a natural fit for our marketplace since many of our=20
customers and traders are already participating in this market.  Net=20
margining between the two benchmark crudes and an aggressive program to=20
reduce other trading costs will benefit our customers, members, and the=20
marketplace as a whole.  Being offered on the New York Mercantile Exchange=
=20
will enhance this market through absolute neutrality and our demonstrated=
=20
liquidity and expertise in creating efficient energy markets.

For more information, please call Robert Levin, Senior Vice President of=20
Planning and Development at (212) 299-2390, or Daniel Brusstar, Director of=
=20
Energy Research, at (212) 299-2604.


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