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NYBOT Announces New Cocoa And Cotton Margins

Date 09/05/2003

The New York Board of Trade® (NYBOT®) announced today that effective with the opening of business on Tuesday May 13, 2003, the margin requirements for cocoa and cotton are as follows:

COCOA (CC)

  Initial Maintenance
Spec (Per Contract) 1,400 USD 1,000 USD (-300)
Hedge (Per Contract) 1,000 USD 1,000 USD

COTTON (CT)

  Initial Maintenance
Spec (Per Contract) 1,400 USD 1,000 USD (+150)
Hedge (Per Contract) 1,000 USD 1,000 USD
Intra Crop Spread/Spec (Per Spread) 420 USD 300 USD (+50)
Intra Crop Spread/Hedge (Per Spread) 300 USD 300 USD

Margin rates for all other NYBOT products remain unchanged.

A complete grid of margin rates for all NYBOT products is available on NYBOT's web page @ www.nybot.com

The New York Board of Trade (NYBOT) is the parent company of the Coffee, Sugar and Cocoa Exchange, Inc. (CSCE) and the New York Cotton Exchange (NYCE). Through its two exchanges and their subsidiaries and divisions, NYBOT offers an expanding range of agricultural, currency and index products. Information about the New York Board of Trade can be found at www.nybot.com and www.nybotlive.com.