Nymex To Amend Spot Month Assessment Procedure For Physically Delivered Energy Contracts

The New York Mercantile Exchange, Inc., today announced that it would split its spot month assessment into a two-step process for all of its NYMEX Division physically delivered energy futures contracts beginning with the expiration of the September 2002 contracts.

The first increment of the assessment wil1 be charged at the close of business on the business day preceding the expiration of the futures contract and the second increment will be charged as of the close of business of the day of the contract expiration.

At current margin levels, clearing members will pay $600 in the first increment and $2,400 in the second; members will pay $660 in the first increment and $2,640 in the second; and customers will pay $810 in the first increment and $3,240 in the second.

Previously, market participants were required to pay the full amount following the close of business on the business day before expiration.

Physically delivered energy futures contracts include light, sweet crude oil; natural gas; heating oil; unleaded gasoline; propane; and coal.