News Release

New York Mercantile Exchange and Central Japan Commodity Exchange Sign Memorandum of Understanding on Cooperation

Wed Jan 26 2005

NEW YORK/NAGOYA, January 26, 2005 — The New York Mercantile Exchange, Inc., and the Central Japan Commodity Exchange (C–COM) announced today that they have signed memorandum of understanding on the formation of cooperative relationship for projects which will mutually benefit both exchanges.

The MOU between the exchanges is expected to bring about fruitful results in various specific areas under the dynamically changing commodity futures environment towards globalization.

The areas of cooperation include:

  • Cooperation in opening electronic trading of each exchange to the other
  • Cooperation in communicating and sharing information with regard to market management to reinforcing the ability of each exchange to operate in a fair and orderly manner
  • Cooperation in securing the appropriate regulatory approval in the United States and Japan

New York Mercantile Exchange Chairman Mitchell Steinhause said, "We are pleased to work with C–COM towards our common goals, providing more risk management opportunities to our members and customers alike. The Exchange is committed to serving its customers in Asia as is evidenced by the recent opening of our Tokyo office."

Central Japan Commodity Exchange Chairman Fumihiko Kimura said, "We are delighted that the two exchanges have signed the memorandum of understanding. As there will be more and more interactions across borders in commodity futures markets, we believe the key to growth is to promote our cross-border business. The MOU is a great step forward to C–COM's strategic activities, and we are determined to produce fruitful results for the mutual benefit of our two exchanges."

About the New York Mercantile Exchange
The New York Mercantile Exchange is the largest physical commodity exchange in the world, offering futures and options trading in energy and metals contracts and clearing services for off–exchange energy transactions. Through a combination of open outcry floor trading and NYMEX ACCESS® and NYMEX ClearPortsm electronic trading platforms, a wide range of crude oil, petroleum products, natural gas, coal, electricity, gold, silver, copper, aluminum, and platinum group metals markets are available virtually 24 hours each day.

About the Central Japan Commodity Exchange
The Central Japan Commodity Exchange, ranked second and seventh largest exchange in the Japanese and global marketplaces respectively, provides gasoline, kerosene, and gasoil contracts on its oil market and the world's only shell egg futures contract on the livestock market. C–COM is currently working to list up a number of new commodity contracts such as U.S.–dollar denominated gold and ferrous scrap metals to meet the needs of the market.

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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