On April 11, Prebon established its presence as a floor broker in the New York Mercantile Exchange's highly anticipated PJM futures product. A pioneer in the arena of OTC voice brokering and electronic platforms, Prebon is on its way to becoming a major player on the Exchange trading floor.

“We are very excited about the possibilities of the PJM contract,” says Brad Schaeffer, President of Prebon Futures. “The PJM Futures product will further our ability to provide price discovery and create efficiency in executing trades. It makes perfect sense for Prebon to be involved.”

Interest throughout the industry in the Exchange’s latest energy product has been high, as evidenced by a successful opening trading session. This new electricity product has been tailored to specifically mimic the OTC markets. Trades are offered in a variety of sizes, including 20-lot blocks that are the equivalent of 50 mWh pieces; thus, they provide an ideal pricing and hedging tool for participants in the PJM marketplace.

Exchange President J. Robert Collins, Jr., said, "It bodes well for the future of the PJM contract to have a firm with the electricity market expertise of Prebon join the experienced community of brokerage operations on our trading floor. We applaud the firm's commitment to our new contract and to enhancing the risk management opportunities it can provide to its customers."

This latest move by Prebon is a continuation of its expansion onto the Exchange trading floor. In August 2002 Prebon opened a NYMEX Natural Gas, Crude and Product Options booth. The initial products have been a success. By expanding its presence on the Exchange, Prebon is able to provide even more options for customers.

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About Prebon Yamane
The Prebon Yamane group of companies provides brokerage services for financial and commercial institutions worldwide in the foreign exchange, money market, derivative, securities, energy and emerging markets. The Prebon Yamane group of companies comprises more than 1,800 staff located in 28 financial centers worldwide. Please visit www.prebon.com for more corporate and product information.

For further information please contact:

Americas

Mohammad Kousha T +1 201 557 5235 mkousha@prebon.com