News Release

Exchange to Decrease Margins for Natural Gas Futures, Swap Futures, and e-miNY(sm) Futures Contracts

Wed Feb 16 2005
NEW YORK, N.Y., February 16, 2005 — The New York Mercantile Exchange, Inc., announced today that it will decrease the margins on its natural gas futures, Henry Hub swap futures, and e-miNYsm futures contracts at the close of business tomorrow.

The margins on the first and second months of the natural gas futures contract will decrease to $5,500 from $7,000 for clearing members, to $6,050 from $7,700 for members, and to $7,425 from $9,450 for customers.

Margins on the third month will decrease to $4,750 from $6,000 for clearing members, to $5,225 from $6,600 for members, and to $6,413 from $8,100 for customers.

Margins on the fourth month will decrease to $4,500 from $5,500 for clearing members, to $4,950 from $6,050 for members, and to $6,075 from $7,425 for customers.

Margins on the fifth through 11th months will decrease to $4,250 from $5,000 for clearing members, to $4,675 from $5,500 for members, and to $5,738 from $6,750 for customers.

Margins on the 12th through 15th months will decrease to $4,000 from $4,500 for clearing members, to $4,400 from $4,950 for members, and to $5,400 from $6,075 for customers.

Margins on the 16th through 27th months will decrease to $2,000 from $2,500 for clearing members, to $2,200 from $2,750 for members, and to $2,700 from $3,375 for customers.

Margins on the 28th through 48th months will decrease to $1,500 from $2,000 for clearing members, to $1,650 from $2,200 for members, and to $2,025 from $2,700 for customers.

Margins on all other months will decrease to $1,250 from $1,750 for clearing members, to $1,375 from $1,925 for members, and to $1,688 from $2,363 for customers.

The margins on the first and second months of the Henry Hub swap futures contract will decrease to $1,375 from $1,750 for clearing members, to $1,513 from $1,925 for members, and to $1,856 from $2,363 for customers.

Margins on the third month will decrease to $1,188 from $1,500 for clearing members, to $1,306 from $1,650 for members, and to $1,603 from $2,025 for customers.

Margins on the fourth month will decrease to $1,125 from $1,375 for clearing members, to $1,238 from $1,513 for members, and to $1,519 from $1,856 for customers.

Margins on the fifth through 11th months will decrease to $1,063 from $1,250 for clearing members, to $1,169 from $1,375 for members, and to $1,434 from $1,688 for customers.

Margins on the 12th through 15th months will decrease to $1,000 from $1,125 for clearing members, to $1,100 from $1,238 for members, and to $1,350 from $1,519 for customers.

Margins on the 16th through 27th months will decrease to $500 from $625 for clearing members, to $550 from $688 for members, and to $675 from $844 for customers.

Margins on the 28th through 48th months will decrease to $375 from $500 for clearing members, to $413 from $550 for members, and to $506 from $675 for customers.

Margins on the all other months will decrease to $313 from $438 for clearing members, to $344 from $481 for members, and to $422 from $591 for customers.

Margins on all months the e-miNYsm natural gas futures contract will decrease to $2,750 from $3,500 for clearing members, to $3,025 from $3,850 for members, and to $3,713 from $4,725 for customers.

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Forward Looking and Cautionary Statements
This press release may contain forward–looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to our future performance, operating results, strategy, and other future events. Such statements generally include words such as could, can, anticipate, believe, expect, seek, pursue, and similar words and terms, in connection with any discussion of future results. Forward–looking statements involve a number of assumptions, risks, and uncertainties, any of which may cause actual results to differ materially from the anticipated, estimated, or projected results referenced in forward–looking statements. In particular, the forward–looking statements of NYMEX Holdings, Inc., and its subsidiaries are subject to the following risks and uncertainties: the success and timing of new futures contracts and products; changes in political, economic, or industry conditions; the unfavorable resolution of material legal proceedings; the impact and timing of technological changes and the adequacy of intellectual property protection; the impact of legislative and regulatory actions, including without limitation, actions by the Commodity Futures Trading Commission; and terrorist activities and international hostilities, which may affect the general economy as well as oil and other commodity markets. We assume no obligation to update or supplement our forward–looking statements.

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