The approved amendments are effective, Monday, December 20, 2004 for the January 2005 Platinum Futures Contract and Palladium Futures Contract.

The approved amendments would allow for an additional trading day during the delivery month by changing the last day of trading from the fourth business day prior to the end of the delivery month to the third business day prior to the end of the delivery month. The approved amendments would also provide for an additional delivery day by moving the first Delivery Day from the second business day of the delivery month to the first business day of the delivery month and would require the payment of storage and handling fees through the delivery day, and require the refund by the buyer to the seller of any prepaid storage charges which extend beyond the day of delivery up through the end of the delivery month.

The approved amendments introduce the terms Allocation Notice and Delivery Invoice, both of which are provided to the buyer and seller. After receipt of a Notice of Intention to Deliver from the seller, the Clearing Department would issue an Allocation Notice, which would indicate the quantity of the platinum or palladium and the parties who are matched for delivery. The Delivery Invoice, also prepared by the Clearing Department, would provide all the information necessary to facilitate delivery including the weight, grade, depository location and payment.

The approved rule amendments are attached. Underlining indicates additions and bracketing [ ] indicates deletions.

Should you have any questions or require any further information please contact Albert J. Getz at 212-299-2608 or Anthony DiBenedetto at 212-299-2152.


Approved Amendments to the NYMEX Platinum Futures Contract
Underlining indicates additions; bracketing [ ] indicates deletions.

Rule 90.07 Termination of Trading

Trading in the current delivery month shall cease at the close of business on the [fourth] third business day prior to the end of the delivery month.

Rule 90.08 Delivery Procedure

(A) Initiation of Deliveries

A Notice of Intention to Deliver may be given by the seller to the Clearing House by [5:00 p.m.] no later than one hour after the close of trading on the next to the last business day of the month preceding the delivery month or any subsequent business day but no later than the next to the last [third] business day prior to the end of the delivery month; however, in the event the Notice of Intention to Deliver is given on the next to the last business day of the delivery month, it must be given by 12:30 p.m. on such day.

Sections (B) and (C) remain unchanged.

(D) Notice Day

Except for the next to last business day of the delivery month, the Clearing House shall pass the Allocation Notice [of Intention to Deliver] to the buyer on the morning of the next business day prior to the opening of trading. On the next to the last business day of the delivery month, the Clearing House shall pass the Allocation Notice to the buyer prior to the end of that day. The day the buyer receives the Allocation Notice [of Intention to Deliver] shall be referred to as the Notice Day.

(E) Allocation of Notices of Intention to Deliver; Allocation Notice and Delivery Invoice

The Clearing House shall allocate Notices of Intention to Deliver for a given day by using a percentage of Notices of Intentions to Deliver received compared with the outstanding long position that day and shall issue an Allocation Notice and Delivery Invoice to the seller and buyer.

(F) Non-Transferable

The buyer who receives an Allocation Notice [Notice of Intention to Deliver] from the Clearing House shall be deemed to have agreed to accept delivery. Allocation Notices [Notice of Intention to Deliver] are not transferable.

Rule 90.12 Handling and Storage Charges

All platinum must be delivered to the buyer with handling charges paid up to and including the Delivery Day and storage charges paid through the end of the delivery month. The buyer may require the seller to furnish satisfactory proof of such payment. Any storage charges prepaid by the seller for a period extending beyond the Delivery Date (but not later than the end of the delivery month) shall be refunded by the buyer to the seller on a pro rata basis for the unexpired term.

Approved Amendments to the NYMEX Palladium Futures Contract
Underlining indicates additions; bracketing [ ] indicates deletions.

Rule 100.07 Termination of Trading

Trading in the current delivery month shall cease at the close of business on the [fourth] third business day prior to the end of the delivery month.

Rule 100.08 Delivery Procedure

(A) Initiation of Deliveries

A Notice of Intention to Deliver may be given by the seller to the Clearing House by [5:00 p.m.] no later than one hour after the close of trading on the next to the last business day of the month preceding the delivery month or any subsequent business day but no later than the next to the last [third] business day prior to the end of the delivery month; however, in the event the Notice of Intention to Deliver is given on the next to the last business of the delivery month, it must be given by 12:30 p.m. on such day.

Sections (B) and (C) remain unchanged.

(D) Notice Day

Except for the next to last business day of the delivery month, the Clearing House shall pass the Allocation Notice [of Intention to Deliver] to the buyer on the morning of the next business day prior to the opening of trading. On the next to the last business day of the delivery month, the Clearing House shall pass the Allocation Notice to the buyer prior to the end of that day. The day the buyer receives the Allocation Notice [of Intention to Deliver] shall be referred to as the Notice Day.

(E) Allocation of Notices of Intention to Deliver; Allocation Notice and Delivery Invoice

The Clearing House shall allocate Notices of Intention to Deliver for a given day by using a percentage of Notices of Intentions to Deliver received compared with the outstanding long position that day and shall issue an Allocation Notice and Delivery Invoice to the seller and buyer.

(F) Non-Transferable

The buyer who receives an Allocation Notice [Notice of Intention to Deliver] from the Clearing House shall be deemed to have agreed to accept delivery. Allocation Notices [Notice of Intention to Deliver] are not transferable.

Rule 100.12 Handling and Storage Charges

All palladium must be delivered to the buyer with handling charges paid up to and including the Delivery Day and storage charges paid through the end of the delivery month. The buyer may require the seller to furnish satisfactory proof of such payment. Any storage charges prepaid by the seller for a period extending beyond the Delivery Date (but not later than the end of the delivery month) shall be refunded by the buyer to the seller on a pro rata basis for the unexpired term.