(00-418) REVISED Exchange Board Approves Amendments to Price Limit ,
 REVISED -- REVISED -- REVISED -- REVISED

TO:     All New York Mercantile Exchange members

FROM: Neal Wolkoff, Executive Vice President

RE:        Exchange Board Approves Amendments to Price Limit Rules

DATE:   December 7, 2000

Notice # 00-418
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=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
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The New York Mercantile Exchange, Inc., board of directors last night=20
approved expanding the initial price limits of its natural gas futures=20
contracts, creating uniform limits across all months of trading, =20
abbreviating the trading halt, expanding the new limits by 200 % when the=
=20
initial limit is reached.

The new natural gas limit would be $1.000 per million British thermal units=
.

The board amended the procedures for expanding the limits, so that if any=
=20
contract is traded, bid, or offered at the limit for five minutes, the mark=
et=20
is halted for 15 minutes.  When trading resumes, expanded limits are in pla=
ce=20
that allow the price to fluctuate by $2.000 in either direction of the=20
previous day=01,s settlement price.

Currently, the market is halted for one hour if the price in one of the fir=
st=20
two months is traded at $.75 for five minutes.  When the market reopens,=20
those limits are extended to all months, but are moved to surround the=20
previous limit in place in the direction of the move.

Under the new rules, if a halt occurs during the last two days of trading i=
n=20
a contract, when the market reopens, there are no price limits placed on=20
either of the first two nearby contract months.

These changes must be approved by the Commodity Futures Trading Commission=
=20
prior to implementation.



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