News Release

Exchange to Introduce New Brent Crude Oil Calendar Swap Futures

Fri Mar 04 2005
NEW YORK, N.Y., March 4, 2005 — The New York Mercantile Exchange, Inc., announced today that it will introduce a financially-settled Brent crude oil calendar swap futures contract for trading and clearing on its NYMEX ClearPortsm electronic platform beginning on March 6 for the March 7 trade date.

The contracts will be available for trading on NYMEX ClearPortsm from 7:00 PM Sundays through 2:30 PM Fridays, with a 45-minute break each day between 2:30 PM and 3:15 PM. Off-Exchange transactions can also be submitted solely for clearing through NYMEX ClearPortsm.

Margins for all months will be $2,500 for clearing members, $2,750 for members, and $3,375 for customers.

The contract will be listed for 72 consecutive months. The contract unit will be 1,000 barrels with the minimum price fluctuation of $0.01 per barrel.

Fees for transactions submitted for clearing on NYMEX ClearPortsm and for cash settlements will be $0.85 per contract for members and $1.35 for non-members. For trading on NYMEX ClearPortsm, members will receive $1.00 per contract, and the participant on the other side of the trade will pay an all-inclusive fee of $2.50.

The position accountability level will be 5,000 contracts for any single month or all months. Clearing members must identify customers with a position of 25 contracts or more to the Exchange.

Exchange President James E. Newsome said, "The Exchange is pleased to increase the trading opportunities available to participants hedging its Brent crude oil futures contract. We are committed to the success of these contracts and their users."

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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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