Two basis swap contracts based on NGI’s bidweek indexes atChicago and the Southern California border were among a number ofenergy products approved last week for listing on enymex, the NewYork Mercantile Exchange’s Internet-based trading system. Nymexexpects to launch the new system during the second quarter of 2001.

“These products were designed to replicate the most activelytraded over-the-counter energy instruments,” said Exchange ChairmanDaniel Rappaport, “introducing the added benefits of clearingservices; a neutral, centralized marketplace; and a highlysophisticated technological platform. While there may be additionalproducts developed for introduction at launch, including moreinternationally based contracts, and there will certainly be moreshortly thereafter, these contracts were selected as naturaladjuncts to our established markets because of their closerelationships to these liquid benchmarks.”

Two of the products are basis swap contracts based on thedifferential between the exchange Henry Hub natural gas futuresprice and the Natural Gas Intelligence quoted index prices forChicago City Gate and the Southern California border. Terms of thenew instruments include the following: