(00-392) CFTC Approval of Amendments to NYMEX Rule 3.47 ("Audit ,
 Notice No. 00-392
November 17, 2000

TO: ALL NYMEX AND COMEX DIVISION MEMBERS

FROM: Neal L. Wolkoff, Executive Vice President

DATE:  November 17, 2000

RE:  Notice of CFTC Approval of Amendments to NYMEX Rule 3.47 ("Audit=20
Committee")
____________________________________________________________________

Please be advised that the CFTC has approved amendments to NYMEX Rule 3.47=
=20
("Audit Committee"), which are shown below and are now in effect.  The=20
amendments add an additional Public Director and expand the duties of the=
=20
Audit Committee to encompass consideration of the information to be include=
d=20
in NYMEX filings to the SEC.

If you have any questions, please contact Michael Lugo, Vice President of=
=20
Internal Auditing, at  (212) 299-2268.

APPROVED AMENDMENTS TO NYMEX RULE 6.40A

(An asterisk indicates deletions; parentheses indicate deletions.)

Rule 3.47 AUDIT COMMITTEE

(A) The Audit Committee shall be a regular committee and shall consist of t=
he=20
Chairman of the Board and *two*(three) Public Directors appointed by the=20
Board.  One of the Public Directors shall serve as Chairman of the Committe=
e
(B) The Audit Committee shall:
(i) *on* (On) an annual basis:
(a) make a recommendation to the Board of Directors regarding selection,=20
retention and discharge of independent auditors for the ensuing year; and
(b) *(b)* review the scope and general extent of the independent auditors=
=01,=20
examination, the significant audit procedures which will be utilized, and=
=20
fees charged for their services.
((ii) Review the audited financial statements and discuss them with=20
management and the independent auditors. These discussions shall include, b=
ut=20
not be limited to, the matters required to be disclosed under Statement of=
=20
Auditing Standards No. 61 (established by the Auditing Standards Board) and=
=20
consideration of the quality of the Exchange=01,s accounting principles as=
=20
applied in its financial reporting, including a review of sensitive=20
accounting estimates, reserves and accruals, judgement areas, audit=20
adjustments (whether or not recorded), and other such inquires as the=20
Committee or the independent auditors shall deem appropriate.  Based on suc=
h=20
review, the Committee shall make its recommendation to the Board as to the=
=20
inclusion of the Exchange=01,s audited financial statements in the Exchange=
=01,s=20
Annual Report on Form 10-K.
(iii) Discuss with representatives of management and the independent audito=
rs:
(a) the interim financial information contained in the Exchange=01,s
Quarterly Report on Form 10-Q prior to its filing; and
(b) the results of the review by the independent auditors.)
(iv) *(ii) on* (On) a monthly basis, or at such times as the Committee shal=
l=20
determine, but not less than twice each year, meet with the independent=20
auditors, President, Senior Vice President of Finance, *Director* (Vice=20
President) of Internal Audit and other personnel as the Committee deems=20
appropriate to review:
(a) the scope of the audit plan;
(b) the Exchange=01,s financial statements;
(c) the results of external and internal audits;
(d) the effectiveness of the Exchange=01,s system of internal controls;
(e) any limitations imposed by Exchange personnel on the independent=20
auditors; and
(f) such other matters as the Committee shall deem appropriate upon advisin=
g=20
the Executive Committee.
((v)) * review *(Review) the internal audit function of the Exchange,=20
including proposed audit programs for the coming year, the coordination of=
=20
such a programs with the independent auditors, the extent to which=20
recommendations made by the internal auditors or by the independent auditor=
s=20
have been implemented, and management=01,s response to the recommendations =
of=20
the independent *auditors;* (auditors.)
(vi) *(iv)review,* (Review,)  at its discretion, compliance with codes of=
=20
conduct established the * Exchange;*(Exchange.)
((vii)) * consult* (Consult) with the independent auditors, and when=20
appropriate the * Director*  (Vice President) of Internal Audit, out of the=
=20
presence of management.
 * establish * ((viii)Establish) direct communication between the auditors=
=20
and the * Board; * (Board)
((ix))* initiate* (Initiate,) at its discretion, investigations within the=
=20
parameters of foregoing responsibilities, and for that purpose with the=20
approval of the Board, retain outside legal counsel, independent auditors, =
or=20
any other such experts as if may deem   *appropriate; and* (appropriate.)
((x))  * report* (Report) to the entire Board at such time as the (Committe=
e=20
determines,) but not less than twice a year on the activities described in=
=20
this Rule.


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