NYBOT Announces Pulp Margins

The New York Board of Trade® (NYBOT®) announced today that effective with the commencement of trading of the new pulp contract on Friday, February 11, 2005, the margin requirements are as follows:

PULP (P)
	Initial	Maintenance
Spec (Per Contract)	700 USD	500 USD
Hedge (Per Contract)	500 USD	500 USD
Spec-Straddle	210 USD	150 USD
Hedge-Straddle	150 USD	150 USD

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 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.