IPE CIRCULAR 0503 11 January 2004

							IPE CIRCULAR 05/03

11 January 2004



To:           All Members

Copy to:      The Financial Services Authority
              LCH.Clearnet Limited



Dear Member

Introduction of IPE Brent Asian Markers for the IPE Brent Crude futures Contract

Members are advised that, with effect from Monday 17 January 2004, the Exchange will
calculate and publish an additional two IPE Brent markers to provide indicative prices for the
close of the Asian trading day. These will be known as the IPE Brent Asian Markers and will be
calculated for the front two contract months as follows:

a)     the IPE 5 minute Asian Marker will be the weighted average for trades executed between
       09.25 and 09.30 hours during Greenwich Mean Time (GMT) and between 10.25 and
       10.30 hours during British Summer Time (BST); and

b)     the IPE 1 minute Asian Marker will be the weighted average for trades executed between
       09.29 and 09.30 hours during GMT and between 10.29 and 10.30 hours during BST.

The IPE Brent Asian Markers will be published on the IPE website at www.theipe.com shortly
after calculation.
The Exchange will accept EFP and EFS transactions priced against these markers.
For further information contact Jackie Bullimore at +44 (0) 20 7265 3775 or
jackie.bullimore@theipe.com.


Yours sincerely



Patrick Davis
Company Secretary


                                       It is suggested that this Circular is passed to the
                                               member of your staff in charge of:
                                         Compliance         ü         Deliveries         ü
                                         Back Office       ü        Technology          ü
                                        Floor Trading      ü          Finance
                                          IPE ETS          ü
                                              Thank you for your co-operation.