Please be advised that the New York Mercantile Exchange, Inc., will launch four NOX Emissions Allowance futures contracts for allowances for various vintage years. These contracts include: Banked, One-Year Forward, Two-Year Forward and Three-Year Forward.

Except for the definition of deliverable vintage year, the contract language for all four of these contracts is exactly the same as the existing NOX futures contract. For each contract the deliverable vintage year is defined in Rule XXX. 03: Contract Unit.  The specific rule for each contract is provided below with the new language indicated in italics and the differences in the forward contracts underlined. 

BANKED

800. 03 Contract Unit           

The contract unit shall be ten (10) tons of NOX ozone season emissions allowances for delivery made by transfer through NATS. Deliverable NOX emissions allowances are of vintage years for which the compliance year trading deadline has passed and are not early reduction credits.

ONE-YEAR FORWARD

801. 03 Contract Unit           

The contract unit to be delivered by the seller shall be ten (10) tons of NOX ozone season emissions allowances for a delivery made by transfer through NATS. Deliverable NOX emission allowances are of the vintage year which is one year forward of the current calendar year.

TWO-YEAR FORWARD

802. 03 Contract Unit           

The contract unit to be delivered by the seller shall be ten (10) tons of NOX ozone season emissions allowances for a delivery made by transfer through NATS. Deliverable NOX emission allowances are of the vintage year which is two year forward of the current calendar year.

THREE-YEAR FORWARD

803. 03 Contract Unit           

The contract unit to be delivered by the seller shall be ten (10) tons of NOX ozone season emissions allowances for a delivery made by transfer through NATS. Deliverable NOX emission allowances are of the vintage year which is three years forward of the current calendar year.

Additional specifications are as follows:

Launch date: NYMEX trade date Sept. 26, 2005 (i.e. at 7:00 pm the evening of calendar date Sept. 25, 2005)

Listed Contracts All remaining months of the current calendar year (October, November and December), with listing a new year of months at the termination of December contract

“No-bust” range 4 ticks away from market

Commodity Codes Banked NOX: RO

One-Year Forward NOX: RP

Two-Year Forward NOX: RQ

Three-Year Forward NOX: RR

NYMEX Fees (Same as for other Emissions Contracts)

For Cleared: $7.50 for non-members; $6.50 for members

For Traded: Liquidity provider $5.00 paid

Opposite Side $10.00 all-inclusive.

All of these contracts will be listed for execution on the ClearPort sm Trading and Clearing systems during regular ClearPort sm hours.

Change in Contract Months Listed for Existing NOX contract

All twelve months in the calendar year are currently listed for the existing NOX Emissions Allowance futures contract. The December contract month will be delisted as that month becomes redundant with the Banked NOX Contract.