Notice to Members
Notice No. 424 08/04/2006
NYMEX ACCESS® Surcharge Elimination
The NYMEX Board of Directors voted unanimously on August 2nd 2006 to eliminate the NYMEX ACCESS® surcharge for after hours trading of energy products. NYMEX ACCESS® energy products will move to the CME Globex ® trading platform on August 6th for trade date August 7th 2006. For the NYMEX energy products, the NYMEX ACCESS ® surcharge will be eliminated (which are $0.50 for members and $1.00 for non-members). The migrating NYMEX ACCESS® futures contracts will be subject to the $0.10 (ten cents) surcharge per contract previously communicated on July 21, 2006. If you have any questions please contact NYMEX Marketing Hotline at 212-299-2301. This elimination of the surcharge triggers the provisions of the New York Mercantile Exchange, Inc. (the"Exchange") Bylaws that were recently amended in connection with the closing of the General Atlantic transaction in March 2006, which contain new rights for owners of Class A Memberships as well as procedures to be followed for any proposed Bylaw or other changes affecting such rights. (These procedures are similar to the procedures that have been in place for nearly twelve years with regard to certain rule or product changes on the COMEX Division in relation to the NYMEX-COMEX merger agreement.) Section 311 of the Exchange Bylaws contains rights pertaining to NYMEX "Core Products", which are defined to include various listed NYMEX futures and option contracts and also to include "similar or "look-alike" contracts or successor or similar contracts or products." In particular, Section 311 provides that any change in fees of any kind for Core Products is a "Special Matter," subject to approval by the owners of Class A Memberships. This Fee Schedule therefore constitutes a Special Matter. Accordingly, owners of Class A Memberships have fifteen (15) days from the date of this Notice to submit a petition by the owners of 82 Class A Memberships (representing at least 10% of the 816 outstanding Class A Memberships) requesting a Special Meeting of the owners of Class A Memberships to vote on the Fee Schedule. If such petition is not received within this time period, or if the Fee Schedule is approved at such a Special Meeting, the Fee Schedule will be deemed approved and will subsequently be submitted to the Commodity Futures Trading Commission (CFTC). A special meeting request form is attached to the end of this Notice in satisfaction of Exchange Bylaw Section 202 (B). Inquiries regarding the aforementioned may be directed to Donna Talamo, Vice President – Office of the Corporate Secretary, at dtalamo@nymex.com or by fax to 212-301-4645. RESPONSE FORM - REQUEST FOR SPECIAL MEETING My name is _____________________ and I am the owner, either directly or by ABC, of __________ Class A Membership(s) in the New York Mercantile Exchange, Inc., and I hereby request a special meeting in response to the Fee Schedule contained in this Notice. Signed By: _____________________ Print Name:
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com