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New York Mercantile Exchange Announces Clearing Fees For PJM Electricity Futures

Date 17/12/2003

The New York Mercantile Exchange, Inc., today announced the fees that it will begin charging for off-exchange transactions in daily and weekly PJM electricity futures contracts cleared through NYMEX ClearPortsm beginning with the January 5, 2004, business session.

Fees for a daily electricity futures transaction submitted for clearing on NYMEX ClearPortsm will be $0.36 per contract per side for Exchange members and $0.40 per contract per side for non-members. Fees for transactions in the weekly electricity contract submitted for clearing will be $1.44 per contract per side for members and $1.60 per contract per side for non-members.

Clearing fees have been waived for the weekly and daily contracts since their launch, and were implemented for the financially settled monthly PJM electricity futures contract on October 13.

Fees for trading in the monthly PJM futures contract will be waived through the end of the first quarter, including the surcharge for exchange of futures for swaps transactions conducted on the trading floor.

Under the terms of the program to reward liquidity providers on ClearPortsm trading, any trader in the weekly contract who makes a bid or offer that is subsequently accepted will receive $0.32 per contract and the participant on the other side of the trade will pay an all-inclusive fee of $1.12 per contract. A daily contract trader who initiates a transaction will received $0.08 per contract and the participant on the other side of the trade will pay $0.28 per contract.