NYMEX Postpones Launch of Exchange for SWAPS (EFS) Transactions

The New York Mercantile Exchange has decided to defer the introduction of EFS transactions for NYMEX Division contracts previously scheduled for launch on February 1, 1999. The postponement will be reviewed by the Board of Directors at its regular monthly meeting when it is expected that the Board will approve a seminar program to provide more information to the membership about EFSs. The exchange said that there is a need to clarify a number of operational, procedural and regulatory matters, both among the trading floor and upstairs trading communities.