03/14/2005
Tiered Volume Market Maker Program
| Name of Program: | Tiered Volume Market Maker Program |
| Registration Deadline: | March 21, 2005, 5:00 PM |
| Commencement Date: | March 29, 2005 |
| Eligibility: | Number of participants will be limited to applicants who register for
the program by March 21, 2005. Participation will be limited to persons/entities who: (i) have a demonstrated commitment to the NYMEX Europe Brent contract; (ii) must demonstrate continuous market-making presence on the Dublin trading floor and (iii) upon request, make a bid/ask market for 25 contracts on either side of the market. The satisfaction of these criteria is determined by NYMEX Europe staff in its sole discretion. |
| Term: | The market maker program will continue for the duration that Brent futures
are traded at the NYMEX Europe facility in Dublin. Any extension of the market maker program to apply following the launch of the NYMEX Europe Limited trading floor in London will be subject to Board of Directors discretion and regulatory review and/or approval. |
| Types of Trade: | All proprietary trading in Brent futures must be traded via open outcry to be eligible. |
| Description of Program: | All persons/entities who register and qualify for the program will be
eligible for the following payments as follows: Tier 1 User Payment: $100,000/month Volume requirement: Average of 800 sides/day in Brent for each business day of the relevant month. Tier 2 User Payment: $50,000/month Volume requirement: Average of 500 – 799 sides/day in Brent for each business day of the relevant month. Tier 3 User Payment: $15,000/month Volume requirement: Average of 250 – 499 sides/day in Brent for each business day of the relevant month. |
| Limitations: | Program is capped at a total of $15,000,000. |
| N.B. | March 2005 payments will be pro rated based on number of business days in the month. |
Implementation of all market maker programs are subject to regulatory review and/or approval by the applicable regulators.