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Content-Type: text/plain; charset=ANSI_X3.4-1968 Content-Transfer-Encoding: quoted-printable X-From: exchangeinfo@nymex.com X-To: tana.jones@enron.com X-cc: X-bcc: X-Folder: \Tanya_Jones_Dec2000\Notes Folders\All documents X-Origin: JONES-T X-FileName: tjones.nsf 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 =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= =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= =3D=3D=3D=3D=3D=3D=3D=3D=3D 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. __________________________________________________ Please click on the link below to indicate you have received this email. "http://208.206.41.61/email/email_log.cfm?useremail=3Dtana.jones@enron.com&= refdo c=3D(00-418)" Note: If you click on the above line and nothing happens, please copy the text between the quotes, open your internet browser, paste it into the web site address and press Return.
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