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New York Mercantile Exchange To Change Margins For Natural Gas Futures, Swap Futures, And e-miNY<SMALL><SUP>sm</small></sup> Futures Contracts

Date 30/11/2004

The New York Mercantile Exchange, Inc., announced today that it will change the margins on its natural gas futures, Henry Hub swap futures, and e–miNYsm futures contracts at the close of business tomorrow.

The margins on the first and second months of the natural gas futures contract will increase to $8,500 from $7,500 for clearing members, to $9,350 from $8,250 for members, and to $11,475 from $10,125 for customers.

Margins on the third month will increase to $7,500 from $7,250 for clearing members, to $8,250 from $7,975 for members, and to $10,125 from $9,788 for customers.

Margins on the fourth through sixth months will decrease to $5,500 from $7,000 for clearing members, to $6,050 from $7,700 for members, and to $7,425 from $9,450 for customers.

Margins on the seventh month will decrease to $5,000 from $6,500 for clearing members, to $5,500 from $7,150 for members, and to $6,750 from $8,775 for customers.

Margins on the eighth month will decrease to $4,500 from $4,000 for clearing members, to $4,950 from $4,400 for members, and to $6,075 from $5,400 for customers.

Margins on the ninth through 14th months will decrease to $2,500 from $3,000 for clearing members, to $2,750 from $3,300 for members, and to $3,375 from $4,050 for customers.

Margins on the 15th through 29th months will increase to $2,000 from $1,500 for clearing members, to $2,200 from $1,650 for members, and to $2,700 from $2,025 for customers.

Margins on the 29th through 72nd months will increase to $1,750 from $1,000 for clearing members, to $1,925 from $1,100, and to $2,363 from $1,350 for customers.

The margins on the first and second months of the Henry Hub swap futures contract will increase to $2,125 from $1,875 for clearing members, to $2,338 from $2,063 for members, and to $2,869 from $2,531 for customers.

Margins on the third month will increase to $1,875 from $1,813 for clearing members, to $2,063 from $1,994 for members, and to $2,531 from $2,447 for customers.

Margins on the fourth through sixth months will decrease to $1,375 from $1,750 for clearing members, to $1,513 from $1,925 for members, and to $1,856 from $2,363 for customers.

Margins on the seventh month will decrease to $1,250 from $1,625 for clearing members, to $1,375 from $1,788 for members, and to $1,688 from $2,194 for customers.

Margins on the eighth month will increase to $1,125 from $1,000 clearing members, to $1,238 from $1,100 for members, and to $1,519 from $1,350 for customers.

Margins on the ninth through 14th months will decrease to $625 from $750 for clearing members, to $688 from $825 for members, and to $844 from $1,013 for customers.

Margins on the 15th through 29th months will increase to $500 from $375 for clearing members, to $550 from $413 for members, and to $675 from $506 for customers.

Margins on the 29th through 72nd months will increase to $438 from $250 for clearing members, to $481 from $275 for members, and to $591 from $338 for customers.

Margins on both months of the e-miNYsm natural gas futures contract will increase to $4,250 from $3,750 for clearing members, to $4,675 from $4,125 for members, and to $5,738 from $5,063 for customers.