NYBOT Announces New Cotton And Cocoa Margins

The New York Board of Trade® (NYBOT®) announced yesterday that effective with the opening of business on Tuesday, May 17, 2005, the margin requirements are as follows:

COTTON (CT)

	Initial	Maintenance
Spec (Per Contract)	1,820 USD (n/c)	1,300 USD (n/c)
Hedge (Per Contract)	1,300 USD (n/c)	1,300 USD (n/c)
Intra Crop Spread/Spec	700 USD (+140)	500 USD (+100)
Per Spread) Also applies to CTS
Intra Crop Spread/Hedge	500 USD (+100)	500 USD (+100)
(Per Spread) Also applies to CTS

COCOA (CC)

	Initial	Maintenance
Spec (Per Contract)	980 USD  (-420 )	700 USD  (-300 )
Hedge (Per Contract)	700 USD  (-300 )	700 USD  (-300 )

Margin rates for all other NYBOT products remain unchanged. A complete grid of margin rates for all NYBOT products is available at www.nybot.com.

The New York Board of Trade (NYBOT) is New York’s original futures exchange, where the world trades food, fiber and financial products. For well over a century, the New York Board of Trade has provided reliability, integrity and security in a global marketplace for cocoa, coffee, cotton, ethanol, orange juice, pulp and sugar, as well as currency and index futures and options. Information about the New York Board of Trade can be found at www.nybot.com and www.nybotlive.com.