CFBTA News

Tiffany & Co. - 15 % Discount For NYBOT Members

TIFFANY & CO. IS PLEASED TO OFFER NYBOT MEMBERS A
15 % DISCOUNT THAT WILL ALLOW OUR MEMBERSHIP TO PURCHASE BUSINESS GIFTS THROUGHOUT THE YEAR.

Tiffany & Co. — a universally recognized resource for business gifts and awards

• Renowned for quality, exclusivity and value
• Experience in international cultural traditions and customs regulations
• Consistently ranked among the top global luxury brands
• Over 150 stores serve customers throughout the world
• Gifts and awards to fit varied budget requirements
• Broad selection of exclusive designs
• High quality materials and fine craftsmanship
• In-house customization
• Thorough quality assurance
• Fast program implementation
• State-of-the-art order fulfillment and tracking
• Gifts arrive presentation-ready in the Tiffany Blue Box ®

Benefits Include

• A 15% business discount privilege on all eligible purchases – Baby & Wedding Gifts, Holiday gifts, Thank you gifts, Referral gifts etc. (items with gemstones are not discountable)
• Access to gifts and awards designed exclusively for business account holders.
• Ordering by phone, on-line, in any Tiffany Domestic Retail location or by contacting our account manager directly.

To have your name added to the business account, please send an e-mail to Carolyn Paszke, cpaszke@nybot.com. Please include the following: Your name, title, e-mail address, address & phone number.

NYMEX to transition NYMEX miNY^sm futures to NYMEX ClearPort®

The New York Mercantile Exchange, Inc., will transition its NYMEX miNY^sm crude oil and natural gas futures contracts to NYMEX ClearPortsm from the Chicago Mercantile Exchange CME® Globex® electronic trading system on Sunday, November 20, for trade date November 21.

The NYMEX miNYsm crude oil and natural gas futures contracts will cease trading on the CME® Globex® platform at 2:30 PM on November 18, and will commence trading on the NYMEX ClearPort^smtrading platform on November 20 at 7:00 PM New York time. This will affect the December NYMEX miNY^sm natural gas futures contract and the January NYMEX miNY^sm crude oil and natural gas futures contracts.

Exchange President James E. Newsome said,"We are pleased to consolidate the NYMEX miNY^sm contracts on to the NYMEX ClearPort^sm trading platform, offering our customers the ability to manage their market risk from a single electronic venue."

NYMEX and Multi Commodity Exchange of India Sign Memorandum of Understanding

NEW YORK, N.Y., October 10, 2005 — The New York Mercantile Exchange, Inc. (NYMEX), and the Multi Commodity Exchange of India Limited (MCX) announced today that they have signed a memorandum of understanding to explore areas of cooperation that could mutually benefit the exchanges.

MCX, located in Mumbai, offers light, sweet crude oil and Brent crude oil futures contracts. The exchanges will work together to develop areas of cooperation and business opportunities with the goal of assisting and benefiting the underlying producers, end-users, and investors in their commonly traded products by maximizing the application of itnernational best practices for price risk management and exchange operations.

NYMEX President James E. Newsome said, "We are pleased to work with the Multi Commodity Exchange of India. With the unprecedented demand in Asia, we are proud to work with such a reputable partner to serve this growing marketplace."

Jignesh Shah, MCX managing director and chief executive officer, said, "We believe in the best, and, therefore, we are happy to integrate the Indian energy sector with the best and the largest energy marketplace in the world at a time when all economies are facing an energy crisis. We believe NYMEX and MCX will work closely to help the Indian petroleum and petrochemical industries to hedge their price risk more efficiently."

About the New York Mercantile Exchange
The New York Mercantile Exchange is the largest physical commodity exchange in the world, offering futures and options trading in energy and metals contracts and clearing services for off–exchange energy transactions. Through a combination of open outcry floor trading and the NYMEX ACCESS® and NYMEX ClearPort® electronic trading platforms, a wide range of crude oil, petroleum product, natural gas, coal, electricity, gold, silver, copper, aluminum, and platinum group metals markets are available virtually 24 hours each day.

About Multi Commodity Exchange of India Ltd.
Multi Commodity Exchange of India Ltd., having a permanent recognition from the Government of India, is an independent and demutualised multi–commodity exchange. MCX is a state–of–the–art nationwide, digital exchange facilitates online trading, clearing and settlement operations for commodity futures trading. The key shareholders of MCX are State Bank of India (India's largest commercial bank) & all its subsidiaries, National Stock Exchange (NSE), National Bank for Agriculture & Rural Development (NABARD), SBI Life Insurance Co. Limited, Canara Bank, Corporation Bank, HDFC Bank, Bank of India, Union Bank of India, Bank of Baroda and a leading software company, Financial Technologies (India) Limited. Headquartered in Mumbai, MCX is led by an expert management team with deep domain knowledge of the commodity futures markets. MCX has grown exponentially transcending regional boundaries, striking strategic global alliances & initiating many fronts in commodity futures markets. The exchange now clocks an average daily turnover of about INR 3,300 Crores, which is equal to US$ 767.50 million.

NYMEX and General Atlantic Sign Letter of Intent for a $135 Million Equity Investment

NYMEX Holdings, Inc. today announced that it has signed a non-binding letter of intent with General Atlantic LLC, a leading global private equity firm, by which General Atlantic would invest $135 million for a 10% equity stake in NYMEX.

This proposed transaction values NYMEX at $1.35 billion post-investment. The investment, if completed, would serve as the next step in NYMEX’s continuing transformation, which began with its demutualization in 2000, to allow its members the opportunity to realize the equity value of their holdings. It is expected that the net proceeds from the investment would be distributed to NYMEX shareholders. General Atlantic would not participate in that distribution.

As previously announced, NYMEX’s board of directors began a review of its strategic direction in early 2005. The board formed a special committee to lead the process and engaged J.P. Morgan Securities Inc. as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel to provide guidance.

NYMEX plans to hold an informational presentation for shareholders and members in New York City on Thursday, September 29, to introduce General Atlantic and to discuss the proposed investment and other recent NYMEX developments.

Consummation of the transaction with General Atlantic will require successful negotiation and execution of definitive documentation as well as the approval of Exchange shareholders and Commodity Futures Trading Commission (CFTC) approval. Therefore, there can be no assurance that the proposed investment by General Atlantic in NYMEX will be completed on the currently proposed terms or will ever be completed, or that the required corporate and CFTC approvals will be obtained.

2005 Annual Meeting of Members

Floor

(2 positions open)

                                      Robert G. Ahrens                 311

                                      Thomas A. Butler, Jr.            184        

                                      John Marchisotto                  203

Sugar Trade                   Patrick C. Bennett                 242

Cotton Trade                 Joseph T. Nicosia                  248

Trade At Large              Charles H. Falk                     272

FCM                              Sebastian Angelico               264     

                                      Martin B. Greenberg             189

                                      Michael J. Nugent                 218

Non-FCM Floor Firm    Paul Dapolito, III                 258

                                      Paul Liubicich                      246      

NYBOT and NYMEX Summer Dress Code Policies:

NYBOT

2005 Summer Dress Code For The Trading Floor

The Summer Dress Code will take effect on May 31, 2005 and end Labor Day, September 5, 2005. During this time golf shirts may be worn on the trading floor and trading jackets are optional. As a reminder, cargo pants continue to be prohibited under the Summer Dress Code.

The Executive Floor Committee wishes to remind members and clerks that when the summer dress code is in effect, a professional business atmosphere is to be maintained on the trading floor at all times.

If you choose not to wear a trading jacket, shirts must be tucked in to be in compliance with the dress code.

As a further reminder, the following provisions of the dress code under the rules continue to apply: Personal attire and appearance must be clean, neat and presentable. Clothing that is dirty, frayed, torn, badly wrinkled, ill-fitting, or which distracts from business atmosphere is not in conformity with the dress code.

Official warning notices will be issued to those who do not conform to the dress code. Thereafter, failure to adhere to the dress code will result in an automatic minimum fine of $100. Subsequent violations will incur increased fines in accordance with Exchange Rules, i.e., second offense a minimum of $250; third offense a minimum of $500.

The Executive Floor Committee asks for your cooperation in maintaining a professional environment on the trading floor.

NYMEX / COMEX

2005 Summer Dress Code Policy

Beginning on Tuesday, May 31, 2005, the Exchange will conduct Casual Dress Days (Monday through Friday) for the NYMEX and COMEX Division trading floors. Members and clerks wishing to wear golf shirts (collared) on the trading floors will be permitted. The wearing of a trading floor jacket will not be mandatory.

THIS SUMMER 2005 DRESS CODE POLICY WILL BE CONDUCTED UNTIL THE LABOR DAY WEEKEND, FRIDAY, SEPTEMBER 2, 2005.

ALL OTHER ASPECTS OF THE EXCHANGES DRESS CODE POLICY WILL REMAIN IN FORCE INCLUDING THE PROHIBITION OF THE WEARING OF JEANS AND T-SHIRTS.

PERSONS ENTERING THE TRADING FLOOR DRESSED IMPROPERLY WILL BE STOPPED BY THE FLOOR COMMITTEE, SECURITY AND/OR STAFF AND NOTIFIED THAT THEY ARE IN VIOLATION OF THE EXCHANGES DRESS CODE POLICIES AND FINED ACCORDINGLY.

Should you require further information with regard to this policy, please contact any one of us or Brian Bartichek 299-2057, Fred Tantao at 299-2045 or Joe Giordano at 299-2052.

NYMEX Launches Northwest Europe Gasoil Futures Contract in Dublin

Any traders who currently trade Brent crude oil will be able to trade gasoil. The trader’s clearing firm must enable the contract for their account.

The New York Mercantile Exchange, Inc. will launch the Northwest Europe gasoil futures contract in Dublin starting on Friday, April 8, 2005. The new contract will feature physical delivery of gasoil of 0.2% sulfur (similar to heating oil) in Amsterdam, Rotterdam, Antwerp (ARA).

The contract will be listed for 18 consecutive months forward, starting with the May 2005 contract month. The regular trading hours will occur from 9:15 AM to 5:30 PM prevailing Dublin time, with after-hours electronic trading on the NYMEX ACCESS® system from 6:30 PM to 8:45 AM Dublin time (the Sunday NYMEX ACCESS® session will run from 12:00 Midnight until 8:45 AM Monday).

The new gasoil contract (commodity code GR) will be 100 metric tons in size, with minimum tick size of $0.25 per ton. Trading in the front month terminates at 12 Noon on the second business day prior to the 14th calendar day of the delivery month. The Exchange will allow Exchange of Futures for Physical (EFP) and Exchange of Futures for Swaps (EFS) transactions. Trading at Settlement will also be allowed in the front two months.

The chapters setting forth the terms and condition product specification rules for the new futures contract is available in the Exchange's online rulebook. Margins and position limits will be announced in separate follow-up notices.

Fees The Exchange will waive fees for a period of at least three months. In addition, the Exchange will offer incentives and trading permits to encourage liquidity in the new contract.

NYBOT Offers Groundbreaking Ethics Classes

New York, NY, February 22, 2005 – The New York Board of Trade® (NYBOT®) announced today the development of the first and only online ethics course specifically designed for futures exchanges.

NYBOT partnered with Exchange Analytics Inc., the premier provider of Internet-based, interactive ethics and compliance training courses for the futures industry, to develop an ethics training course specifically designed for the New York Board of Trade. The NYBOT will require all its members and their floor personnel to complete the course.

“We recognize that professional ethical standards are the foundation of our business,” said NYBOT Senior Vice President Joseph J. O’Neill. “We also believe that a proactive approach by our exchange is in the best interests of the entire futures industry as well as our members and customers.”

Exchange Analytics Inc. President Larry Israel said, “We applaud the NYBOT for their leadership in the ethics arena. It is more important than ever to strive for the highest ethical standards. We have constructed the leading compliance courses which fully meet the Commodity Futures Trading Commissions’ Statement of Acceptable Practices criteria. Our goal is to provide the highest quality, most relevant and convenient training available.”

Exchange Analytics Inc. has provided more than 100,000 courses to registrants in both the futures and securities industries for nearly a decade. Exchange Analytics Inc.'s corporate clients include many of the world's largest and most respected brokerage firms, primary dealers, global banks and exchanges.

The company was co-founded by Larry Israel in 1995. Larry Israel is the chief author of Exchange Analytics Inc. ethics training courses and a former floor broker and trader. He has been a member of the Chicago Board of Trade for more than 25 years and is an adjunct lecturer at Northwestern University.

For more information about Exchange Analytics Inc., log onto Exchange Analytics Inc. website at www.xanalytics.com. Or to request an interview, contact Laura LaBarbera, Volare Media Consulting, LLC, at (312) 805-6569, or send email inquires to LLABARBERA@AOL.COM.

The New York Board of Trade (NYBOT) is New York’s original futures exchange, where the world trades food, fiber and financial products. For well over a century, the New York Board of Trade has provided reliability, integrity and security in a global marketplace for cocoa, coffee, cotton, ethanol, orange juice and sugar, as well as currency and index futures and options. Information about the New York Board of Trade can be found at www.nybot.com and www.nybotlive.com.

NYBOT Floor Broker Directory Available on nybot.com

At the request of members and market users, the Exchange has compiled a directory of Floor Brokers who wish to have their contact information made available to the public via the Exchange’s website.

To visit the website, go to www.nybot.com. Under the heading “NYBOT Services”, click on Floor Broker Directory to view the members who have registered to be included in the directory.

New York Mercantile Exchange Announces Plans for Open Outcry Oil Trading in Dublin

NEW YORK, NY, October 19, 2004 — The board of directors of the New York Mercantile Exchange, Inc., last night approved opening a trading floor in Dublin as close as possible to November 1 for the purpose of offering open outcry Brent crude oil futures trading.

The Exchange will lease space from the New York Board of Trade's FINEX Dublin operation and make trading permits available to its traders as well as energy traders in New York and London.

The contract will include the same terms and conditions as the Brent crude oil futures contract currently listed for trading on the Exchange trading floor in New York, except that it will be listed 30 consecutive months forward with additional long–dated futures initially listed 36, 48, 60, 72, and 84 months prior to delivery and trading will occur from 10 AM to 7:30 PM prevailing Dublin time, with after–hours electronic trading on the NYMEX ACCESS® system.

Final settlement will be based on the Platts Brent Index, which will include cash deals and hourly price indications as provided by Platts during the trading day. As a further component, hourly price indications from Platts will also be included in the formula.

Trading in the New York-based Brent crude oil futures contract will cease.

The market will operate as a designated contract market, subject to regulation by the Commodity Future Trading Commission and the Irish Financial Services Regulatory Authority. Final arrangements are subject to approval by both regulators.

The launch is intended to coincide as closely as possible with the move by the International Petroleum Exchange to close its Brent trading ring during morning hours.

Exchange President James E. Newsome said, "Both our oil industry customers and the London oil trading community have been adamant about their desire to maintain open outcry energy trading with the liquidity uniquely provided by that forum. As the world's largest energy market and premier physical commodity exchange, we feel it is incumbent on us to fill the void that is opening up and to be as immediately responsive as possible to our customer requests."

Politics Update: End of Congressional Session is Last Chance for Energy Bill, Tax Cut Extensions

Republican leaders are expected to make a final attempt to pass the Energy Bill before Congress adjourns for the year on October 1. The bill is considered "dead" by many on Capitol Hill, despite the fact that both parties favor many parts of the bill, and both the House and the Senate have passed similar versions of it. However, since 2003, Congress has failed to reach a compromise deal between the House and Senate versions.

Attempts have been made by democrats to pass the pieces of the Energy Bill that are agreed upon by both parties as separate bills. Most recently Senator Maria Cantwell (D-WA) asked Senate Majority Leader Bill Frist (R-TN) to allow a vote on her bill, which is virtually identical to the Energy Bill measure to improve grid reliability. Senator Frist and republican leadership have refused to allow votes on "stand-alone" pieces of the Energy Bill in order to increase pressure on democrats to pass the entire bill, which also includes more controversial measures that are specific to certain utility interests. If the Energy Bill fails to move during the next three weeks, it is unlikely the next Congress would take up such a broad piece of energy legislation again.

Republican leaders are more optimistic about passing a five-year extension of the President's $125 billion in tax cut package. They are expected to move on the bill next week or the week of September 20. The extension of tax cuts has been a centerpiece of President Bush's campaign for reelection. If they are not extended, the tax cuts will expire at the end of 2004.

NYBOT Floor Broker Directory

At the request of many of our members and market users, it has been requested that
NYBOT provide a Broker Directory for public use.

This directory will become available on the Exchange’s public website at
NYBOT.com. Participation is voluntary.

Any member or member firm wishing to be included in this directory should
complete the enclosed form and submit it to the Member Services Department. If you wish,
you may complete the form online, print it out and send it to the Member Services
Department. Forms will also be available at the Member Relations Help Desk on the
Trading Floor and in the Member Services Department.

Expected Travel Delays Next Week Due To The Republican National Convention

The Republican National Convention will be held next week from August 30 until September 2 at Madison Square Garden.

City officials are expecting travel delays for New York City. Exchange Members and Staff should allow extra time for the daily commute in light of the weeklong event.

Additionally, Members and Staff should be aware of the possibility of VIPs touring the floor during this period.

Politics Update: FTC, CFTC Nominations and Appointments

President Acts on FTC Nominations Stalled in Senate. The White House announced July 30 that the President would use his authority to issue recess appointments to Deborah P. Majoras and Jon D. Leibowitz as Commissioners at the FTC now that Congress is in recess. The April and May nominations of Leibowitz and Majoras never came to a Senate vote. A scheduled vote on Majoras' nomination to head the FTC was blocked in the Senate Commerce, Science, and Transportation Committee July 22 when Sen. Ron Wyden (D-OR) invoked an obscure rule to prevent conduct of committee business after the Senate has been in session two hours. Wyden and Sen. Barbara Boxer (D-CA) had objected to Majoras' nomination, suggesting that her prior legal work with Texaco-Chevron could pose a conflict of interest.

Wyden had also placed a hold on Majoras' nomination in May, citing dissatisfaction with her plans to address rising gasoline prices. The President announced July 30 that Majoras will be designated Chairman of the agency.

In response to questions about plans for change at the FTC, Majoras has said she would create an energy counsel on her executive staff to examine refinery capacity, to assess reasons for refinery closures, and to determine why there is so little investment in that sector.

Majoras was appointed in 2001 to DOJ's Antitrust Division and served as Principal Deputy Assistant Attorney General for civil enforcement. She returned to private law practice in 2003, and has represented clients in the energy, pharmaceuticals, and high-tech sectors.

Leibowitz, whose FTC term will run until 2010, succeeds Commissioner Mozelle W. Thompson. Leibowitz is currently Vice President for Congressional Affairs with the Motion Picture Association of America and has served as Democratic Chief Counsel and Staff Director of the Senate Judiciary Committee's Antitrust, Business Rights and Competition Subcommittee.

The White House appointed CFTC Commissioner Sharon Brown-Hruska as Acting Chairman of the agency effective July 24. Former Chairman James Newsome resigned from the CFTC July 23 to become President of the New York Mercantile Exchange August 2.

Disaster Recovery Site Questionnaire

Introduction

The New York Mercantile Exchange needs to gauge the level of participation it will expect during the upcoming October 9th disaster recovery drill. The questions listed below are designed to answer questions regarding member firm participation and help understand what preparation is required.

The New York Mercantile Exchange maintains a back up trading facility and has developed comprehensive planning to activate this facility during an emergency. The Exchange has the ability to conduct open outcry as well as operate electronic trading venues from this facility.

The New York Mercantile Exchange is asking all member firms to supply information regarding their plans if an event occurs that causes the loss of access to the Exchange building and/or its New York location. Please complete the questions below and return to: Eric Aldrich at bcp@nymex.com.

Questions

1. Your answers to the following questions will assist the Exchange in the event of an emergency situation that causes the loss of access to the Exchange trading floor and/or its New York location.

   a. Does your firm service customer accounts?

   b. Does your firm have a disaster recovery plan that will enable it to recover its systems? Please briefly describe your plan.

   c. Does your firm have a disaster recovery site in New York or Chicago? If so, what is the location (specific address not required)?

   d. Does your firm have a connection to the Exchange’s electronic trading platforms in another location that can handle your trading and bookkeeping needs

   e. Does your disaster recovery plan incorporate your firm’s (Exchange) member affiliates and customers with direct access?

2. If your firm does not have the capability to resume trading, what is your plan for handling customer accounts during an emergency?

3. Does your firm have a phone number or web site set up to give out information regarding the firm during an emergency situation?

4. For clearing firms, will you have the capability to report large trader and open interest position data to the Exchange?

5. For agents of regular firms, who will be available to handle the processing of receipts and shipping certificates for deliveries?

6. Please designate whether your firm would like to receive a list of firms that are able to connect to an Exchange electronic trading platform (NYMEX ACCESS® or NYMEX ClearPortsm) and would be willing to provide execution facilities.

7. In the event that an emergency situation causes the loss of the primary Exchange electronic trading platform, the Exchange will be prepared to recover electronic trading within 24 hours of the emergency. Does your recovery plan accommodate this time frame? How quickly can your systems be recovered?

8. Would your firm be willing to provide execution services for other firms that are unable to access an Exchange electronic trading platform?

9. Would your firm be willing to be placed on a contact list to be distributed to all participating member firms that are unable to connect to an Exchange electronic trading platform?

Contact and Location Information
It is essential that the Exchange have updated contact information for key people who can answer questions regarding the firm’s condition for trading. Therefore, we ask that you provide the following information.

It is required that all information be provided for a minimum of two officers with bolded titles as well as all information for Operations Manager and Business Continuity/Disaster Recovery Manager.

Alternate Site:
If your firm has the capability to resume trading at another location or disaster recovery site, please provide:

A contact person at the alternative location_____________________________________

A phone number at the alternative location_____________________________________

An e-mail address at the alternative location_____________________________________

A fax number at the alternative location_____________________________________

Chief Executive Officer:
Last Name_______________________________________

First Name_______________________________________

Office Phone_____________________________________

Home Phone_____________________________________

Cell Phone_______________________________________

Office Address____________________________________

________________________________________________

________________________________________________

Office e-mail address_______________________________

Home e-mail______________________________________

President:
Last Name_______________________________________

First Name_______________________________________

Office Phone_____________________________________

Home Phone_____________________________________

Cell Phone_______________________________________

Office Address____________________________________

________________________________________________

________________________________________________

Office e-mail address_______________________________

Home e-mail______________________________________

Chief Financial Officer:
Last Name_______________________________________

First Name_______________________________________

Office Phone_____________________________________

Home Phone_____________________________________

Cell Phone_______________________________________

Office Address____________________________________

________________________________________________

________________________________________________

Office e-mail address_______________________________

Home e-mail______________________________________

Chief Operating Officer:
Last Name_______________________________________

First Name_______________________________________

Office Phone_____________________________________

Home Phone_____________________________________

Cell Phone_______________________________________

Office Address____________________________________

________________________________________________

________________________________________________

Office e-mail address_______________________________

Home e-mail______________________________________

Managing Director:
Last Name_______________________________________

First Name_______________________________________

Office Phone_____________________________________

Home Phone_____________________________________

Cell Phone_______________________________________

Office Address____________________________________

________________________________________________

________________________________________________

Office e-mail address_______________________________

Home e-mail______________________________________

Managing Member:
Last Name_______________________________________

First Name_______________________________________

Office Phone_____________________________________

Home Phone_____________________________________

Cell Phone_______________________________________

Office Address____________________________________

________________________________________________

________________________________________________

Office e-mail address_______________________________

Home e-mail______________________________________

Compliance Officer:
Last Name_______________________________________

First Name_______________________________________

Office Phone_____________________________________

Cell Phone_______________________________________

Office Address____________________________________

________________________________________________

________________________________________________

Office e-mail address_______________________________

Delivery Manager:
Last Name_______________________________________

First Name_______________________________________

Office Phone_____________________________________

Home Phone_____________________________________

Cell Phone_______________________________________

Office Address____________________________________

________________________________________________

________________________________________________

Office e-mail address_______________________________

Home e-mail______________________________________

Back Office/Operations Manager:
Last Name_______________________________________

First Name_______________________________________

Office Phone_____________________________________

Home Phone_____________________________________

Cell Phone_______________________________________

Office Address____________________________________

________________________________________________

________________________________________________

Office e-mail address_______________________________

Home e-mail______________________________________

Back Office/Operations Manager - BACKUP:
Last Name_______________________________________

First Name_______________________________________

Office Phone_____________________________________

Home Phone_____________________________________

Cell Phone_______________________________________

Office Address____________________________________

________________________________________________

________________________________________________

Office e-mail address_______________________________

Home e-mail______________________________________

Manager of Business Continuity or Disaster Recovery Planning:
Last Name_______________________________________

First Name_______________________________________

Office Phone_____________________________________

Home Phone_____________________________________

Cell Phone_______________________________________

Office Address____________________________________

________________________________________________

________________________________________________

Office e-mail address_______________________________

Home e-mail______________________________________

Annual International Platinum Dinner

Please note that the Annual International Platinum Dinner will be held on Thursday, September 23 at the St. Regis in New York.

An invitation will be sent shortly.

Security Update

The north arcade entrance door will be closed until further notice. All persons will be directed to the main entrance at the south end of the building. Thank your for your cooperation.

Trade the Stock Market at 1 North End Avenue

The NYSE Composite Index offers diversity, containing 71% total market capitalization of US equity and 29% of total market capitalization of non-US equity representing 52 countries. Each stock in the index meets the high standards for listing on the New York Stock Exchange.

Whether trading the broad market, large cap, small cap, value, growth or international stocks all NYMEX and COMEX floor trading members can personally execute trades or trade through a floor broker, all at member rates from February 1 through July 31, 2004.

All equity index contracts are traded on the seventh floor in NYBOT’s stock index pit located on the west wall between the currency and cocoa pits.

To apply for these trading privileges, simply fill out the one-page application on the reverse side of this notice and drop it off at Member Services on the 8th Floor. Member Services will contact your clearing member guarantor to arrange for a guarantee to be put in place. Once the guarantee is in place, Member Services will issue you a NYBOT trading badge.

Contact Regina Rocker or Helene Recco for more information at 212-748-4090/4164 or visit www.nybot.com. Visit www.nybotlive.com for real-time market data direct from the NYBOT trading floor.

Click Here to download an application.

EQUITY SHAREHOLDER UPDATE

Rebate Cut In Half Then Terminated
Contradiction in terms? Not really. At the Sunday, Sept. 14th Board of Directors meeting, the directors voted to terminate the NYMEX and COMEX Proprietary Fee Reduction Program effective December 31, 2003. In the meantime, effective October 1, 2003, the NYMEX rebate will be reduced by 12 cents per round turn. Members who lease their seats and those who their membership under an ABC Agreement will have their fees reduced by 2.50 cents per round turn. The Equity Holders Advisory Committee at its July and September meetings voted to recommend to the Board that the rebate be terminated. It was further recommended that the Exchange consider implementing an equitable incentive trading program. The Finance Committee also strongly recommended that the rebate programs be terminated.

Ice Heats Up
The IPE is scheduled to begin side by side, open outcry and electronically, on October 6th. This process has been delayed several times over the past two years.

Up in the Air
The drive for cleaner air is still "up in the air." At present, New York, New Jersey and Connecticut do not have a consistent policy as to whether to ban MTBE and if so, when the ban should go into effect. There is fear that there will not be a uniform grade specification between these three states and by extension New York Harbor. The New York Assembly is scheduled to meet October 8th to consider several issues. It is anticipated that the MTBE issue will be addressed then or shortly thereafter. In addition, on the Federal level, the House and Senate are completing conference legislation on this issue. Timing appears to be increasingly important.

Public Directors Review Compensation
Many questions have been asked recently about executive compensation. In 2002, the Board of Directors created a Compensation Committee composed of public directors. This committee reviews and determines the compensation and annual incentive bonus for the Chairman of the Board, Vice Chairman, Executive Committee, President and Senior Vice Presidents of the Company. This committee will also review and approve compensation and bonus for Vice Presidents.

Governance
Months before the current New York Stock Exchange uproar the NYMEX Board created the Corporate Governance Committee. Thus far, this committee is studying all aspects of our corporation and is in the process of making several recommendations to the Board of Directors.

Oil Turns Silver
On November 14, 1978, the heating oil contract was introduced. Although this was the second time that our exchange tried trading heating oil, this time it worked and the rest, as they say, is history. The Long and the Short of It

• 1. Emini New York energy contracts increase in size from 40% to 50% of regular contract ( 2-1 ratio.)
• a. Crude from 400 barrels to 500 barrels
• b. Natural Gas from 4000 mmBtu to 5000 mmBtu
• 2. New York Board of Trade now shares 58,000 square feet of trading and office space at NYMEX. 10 year lease
• 3. IMPORTANT: Look for letter from NYMEX regarding NYMEX PAC.

• Equity Shareholder Representatives
• Mitchell Steinhause msteinhause@nymex.com
• Michel Marks mdmarks@ix.netcom.com
• Joe Cicchetti tradewise@comcast.net
• Joel Faber fabr753@aol.com

CFTC Should Keep Hands-Off Approach!

The CFTC moved into this hands-off approach with passage of the Modernization Act of 2000. While Hruska admitted that critics have said this leaves holes in the regulatory oversight of the industry, she disagrees: "I believe that the government cannot be the engineer on every train, and that a hold-every-hand model is costly and not any more effective than an oversight model. Even in the exempt market, we retain and have exercised our authority to police against fraud and manipulation. In the OTC energy markets, for example, we have vigorously pursued those who engaged in false price reporting and manipulation. In the retail foreign exchange markets, we have been equally effective in prosecuting fraudulent activity that takes place outside the confines of our contract markets. Rather than limiting our authority or our jurisdictional reach, the tiered oversight model has increased our strength and effectiveness as a regulatory agency."

Hruska would like to see the CFTC continue in its hands-off regulatory approach. She said, "Many of you who know me and my work know that I have long been critical of actions by regulators to dictate specific terms and conditions related to contract design and market structure…economic incentives are a driving force not only to market operation, but also to effective market self-regulation."

One area she would like to see streamlined to cut costs is disclosure documents rules. "It is clear that this requirement, like Pinocchio's nose, grew and grew. As the requirement expanded, the length, detail and complexity of disclosure statements have increased. The result is that fewer customers are willing to read them." She proposes not only cutting the length of these disclosure documents (which, in the case of options can be 55 pages), but rather to focus on delivery the information that is needed and ensure that those who need it not only get it, but understand it.

"We as regulators need to move quickly and effectively to ensure that we do not create artificial barriers to entry and that we remove impediments to legitimate business activity where they exist," Hruska said in closing. "Granted regulatory innovation is difficult, but I believe that because if it, we will be more effective in our primary mission to protect investors and ensure the financial and economic integrity of our markets."

(A full copy of Commissioner Hruska's speech is available on the CFTC website - www.cftc.gov .)