Notice 605 November 24, 2008 Amendments to NYMEX Rules 150.07A, 191.07A, 200.06A, 220.08A and 230.07A, "Special Price Fluctuation Limits" The New York Mercantile Exchange, Inc. ("NYMEX" or "Exchange") is amending NYMEX Rules 150.07A, 191.07A, 200.06A, 220.08A and 230.07A, "Special Price Fluctuation Limits," for the New York Harbor No. 2 Heating Oil (HO) Futures Contract, the New York Harbor Gasoline Blendstock (RBOB) Futures Contract, the Light "Sweet" Crude Oil (CL) Futures Contract, the Natural Gas (NG) Futures Contract, and the Liquefied Propane Gas (PN) Futures Contract, respectively. The amendments re-script the current rules to generally conform to other CME Group market practices and will be in effect for trade date December 1, 2008. They provide a number of significant improvements/efficiencies in administration by the staff, and ease of understanding by the marketplace. Copies of the existing version of the rules which are being completely deleted, as well as the amended rules, are attached. The amendments implement the following broad changes. Limit a Triggering Event which would dictate a five-minute market halt to the first nine (9) contract months available for trading, versus the entire curve. While the stated Special Price Fluctuation limits are in effect for all contract months, limiting the Triggering Event which dictates the market halt to be applicable to the first nine (9) contract months versus the entire futures curve will significantly decrease the possibility that an inefficient or aberrant print would force a market-wide halt. Should a back-month (10th nearby or greater) were to hit the limit, it will trade in a locked limit position until either: a) the market is brought in line because it is truly aberrant; or b) the price movement is in fact of merit and the front of the curve follows into a market halting price fluctuation. Structure the Triggering Event as a price that is either bid or offered at the upper or lower price fluctuation limit versus having a trade executed. This is consistent with other CME group product practices and is focused on not having a single one-lot fill constitute a triggering event. Codify plainly any/all associated futures and options markets which would be affected by a Triggering Event and associated Temporary Trading Halt. Such related or affected markets are now clearly identified, where applicable, in the Associated Product Appendix of each rule. Restrict the Triggering Event to emanate from trading on Globex® exclusively. Floor trading may only trade limit up or limit down prior to any Triggering Event and market halt that would occur on Globex. Modify removal of end-of-day price fluctuation limits. Previously, price fluctuation limits on all days other than the last trading day (expiration day) were completely removed for the last 15 minutes of trading when the market had a two-minute closing range. Further, price fluctuation limits were completely removed on the last trading day when the market maintained a 30-minute closing range. The revised approach, termed "Lifting of End-of-Day Price Fluctuation Limits," is now consistently applied on all days as a 60-minute period before the close of the regular trading hour's session (RTH). Further, the amendments make clear that the price fluctuation limits are re-instated after the close of RTH for the remainder of the Globex trading session. The revision is intended to apply a consistent standard which the market will find easier to recall/understand and the staff easier to administrate. To view amendments, please CLICK HERE Should you have any questions or require any further information, please contact ExchangeInformation@cmegroup.com