The Rules will become effective on August 15, 2003. However, as stated in Rule 6.44A(B), Lessee Floor Brokers, or Billing Entities whose combined Member ownership interest is wholly comprised of leased membership(s), executing customer business prior to the effective date of this Rule (August 15, 2003), shall be required to comply with the provisions of this Rule prior to January 1, 2004.

(Strike-throughs indicate deletions; boldface print indicates additions.)

NYMEX Rule 6.44 — Registration for Billing of Floor and NYMEX ACCESS®

A. Any Member may bill floor brokerage in his own name for customer orders which he personally executes provided he is properly registered to execute customer orders as a floor broker. Any Member Firm operating a brokerage business on the Exchange Floor may bill floor brokerage in the name of the member firm. Member Firms and Floor Members operating brokerage businesses on the Exchange Floor for which floor brokerage will be billed must register as a Billing Entity with the Compliance Department of Exchange if the brokerage is to billed in a name other than the name of the executing floor broker. Such registration must be completed prior to the billing of any brokerage through the ATOM system. Information supplied to the Compliance Department upon registration must include: the name of the Brokerage member firm or floor member, the names of the entities under which brokerage will be billed, the names of all persons having ownership interests in such entities, including the percentage of their ownership interests, and all supporting information requested by the Compliance Department or the Membership Department.

B. Any Billing Entity under which floor brokerage will be billed that is not a Member Firm of the Exchange must be:

1. a sole proprietorship owned by a Member of the Exchange;

2. a corporation that is more than 50% owned by a Member or Members of the Exchange; or

3. a partnership, provided that the general partners who are Members of the Exchange own more than 50% of the partnership;

provided that where the Member ownership interest is wholly comprised of leased membership(s), the provisions of Rule 6.44A “Financial Obligations of Lessee Owned Billing Entities” shall also apply; and provided that if a NYMEX equity holder(s), Comex Member(s), non-member or non-members have an interest in a corporation or partnership provided for in subsection (2) or (3) herein, the NYMEX equity holder(s), Comex Member(s), non-member or non-members' interest cannot exceed the interest of the Member with the largest interest;.

C. Billing Entities that are sole proprietorships, corporations or partnerships, as described in (B)(1), (2) and (3) above, may bill brokerage through ATOM either in the legal name of the sole proprietorship, corporation or partnership or in the name of any member with floor trading privileges who owns an interest in the billing entity. Billing Entities electing to bill brokerage through ATOM using a legal name must file documentation with the Exchange Compliance Department demonstrating that the entity is properly registered to use that name as a sole proprietorship, corporation or partnership. Billing entities are prohibited from billing brokerage through ATOM in any other name including a non-member owner of the Billing Entity or a non-owner of the Billing Entity.

D. It will be a major offense for any Member to receive payment for brokerage services rendered, unless duly registered with the Exchange as described herein. All brokerage must be billed through ATOM, as described in Rule 9.40 – Required Use of ATOM by Clearing Members and Floor Brokers.

E. It will be a major offense for any Member, Electronic Trader or Member Firm to pay non-registered entities for brokerage services rendered. It is the obligation of all Members, Member Firms and Electronic Traders to confirm that the brokerage businesses it utilizes are so registered with the Exchange.

F. For the purposes of this rule, the terms "Member" shall include Class A shareholders of the Exchange with floor or ACCESS® trading privileges on the Exchange and persons with floor trading privileges leasing trading rights from Class A members of the Exchange. "Member", "Member Firm" and "Floor Member" shall include COMEX Members who have NYMEX Division trading privileges, provided that the floor brokerage billed is limited to the NYMEX Division markets for which they have trading privileges to execute customer orders.

G. Members who are owners, shareholders or general partners of entities under which floor brokerage will be billed shall be responsible for the acts of the employees and agents of those entities.

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Rule 6.44A -- Financial Obligations of Lessee Floor Brokers and Lessee-Owned Billing Entities

(A) Any person or entity that qualifies as a Floor Broker trading pursuant to a lease (a “leased membership”), or as a Billing Entity pursuant to NYMEX Rule 6.44 where the combined Member ownership interest of the Billing Entity is wholly comprised of leased membership(s), shall be required to comply with the following terms immediately upon registration for billing in ATOM and at all times thereafter, or as provided in (B), below:

(1) Post funds with the Exchange in the amount of $100,000;

(2) Posted funds may not be associated with a loan extended from any NYMEX Clearing Member;

(3) Posted funds shall consist of either:

(a) United States Currency; or

(b) Securities issued by the Department of the Treasury of the United States maturing within ten (10) years of the date of the deposit and guaranteed as to principal and interest by the United States Government. Such securities shall be valued at ninety five percent (95%) of par value.

(B) Lessee Floor Brokers, or Billing Entities whose combined Member ownership interest is wholly comprised of leased membership(s), executing customer business prior to the effective date of this Rule, shall be required to comply with the provisions of this Rule prior to January 1, 2004.

(C) A Billing Entity whose ownership interest is changed or modified such that the combined Member ownership interest is wholly comprised of leased membership(s), shall be required to comply with the provisions of this Rule within (5) business days of such change or modification.

(D) Any amount awarded by an Exchange arbitration panel or assessed by any other duly authorized Exchange committee related to activity of the lessee-owned Billing Entity or lessee Floor Broker, which are not otherwise satisfied, shall be paid from posted funds.

(E) A Class of Members may be exempted from the provisions of this Rule by resolution of the Board.