(00-393)Notice of Availability of Demutualization Rules ,
 Notice No. 00-393
November 20, 2000

TO: ALL NYMEX AND COMEX MEMBERS AND MEMBER FIRMS

FROM: Neal L. Wolkoff, Executive Vice President

DATE: November 20, 2000

RE: Notice of Availability of Demutualization Rules
____________________________________________________________________

The purpose of this Notice is to advise Members and Member Firms that the=
=20
bylaws for NYMEX Holdings and for NYMEX Inc., along with related rule chang=
es=20
for NYMEX Inc., which implement the demutualization transaction, can be fou=
nd=20
on the Exchange=01,s website at=20
http:\\www.nymex.com\refernce\notices\ntm393.htm. In addition, hard copies =
of=20
the new bylaws for NYMEX Holdings, a "black-line" version of the bylaws for=
=20
NYMEX Inc. showing all actual changes to such bylaws, and the rule changes=
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for NYMEX Inc. can be obtained from Kelly Ann Neeson in the Legal=20
Department.  The Commerce Clearing House, which reprints the NYMEX rulebook=
,=20
also will distribute an update in the near future containing these by-laws=
=20
and rule changes.

If you have any questions concerning these rules, please contact Christophe=
r=20
K. Bowen, Senior Vice President and General Counsel, at  (212) 299-2200 or=
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Robin Zablow, Associate General Counsel, at (212) 299-2212.



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