The Exchange currently has a policy that provides for a maximum ownership of three (3) seats (per seat type (COMEX full or Option) /NYMEX or COMEX Division) by Members and five (5) seats (per seat type/Division) for Member Firms. Members and Member Firms who owned more than three or five seats as applicable were “grandfathered” but were not permitted to increase their seat ownership.  

In connection with the Exchange’s routine monitoring of our trading rights markets and its policies, the Executive Committee of the Board of Directors has determined to amend the policy to now allow both individual Members and Member Firms a maximum ownership of five (5) seats (per seat type/Division), subject to exceptions for Members and Member Firms who can demonstrate a need to own additional trading rights for trading purposes. This policy is consistent with our ongoing responsibility to encourage active trading in our contracts and to facilitate the opportunity to purchase trading rights by Members and Member Firms who require these seats to trade in our listed contracts. The Exchange will continue to monitor and to review this policy in order to ensure that it achieves the stated policy objectives.

To manage this change effectively, all current bids and offers for all NYMEX Class A Trading Rights, COMEX Full Trading Rights and COMEX Option Memberships were cancelled as of 5:00 p.m. on Friday, February 29, 2008. The Membership Department will begin accepting new bids and offers on Monday, March 3, 2008 at 9:00 a.m. and will post the seat market at 10:00 a.m.