Unusualness

March Futures Expire Amid Bizarre Circumstances

Expiration days are known for their unusualness, but perhaps noother day in the history of the New York Mercantile Exchange willmatch the one turned in yesterday. The last few days of trading hadbeen relatively tame, but a telephone glitch that knocked outcommunications on the floor of the Exchange (see “Phone Lines Dead; Nymex TradingDisrupted”) at approximately 1:50 EST forced many traders intotrading at prices and volumes “that they otherwise would not havedone,” a source told GPI. As a result of the madness, the Marchcontract finally left the board at $2.286, up an even 7.0 cents forthe day.

February 26, 1998