NYMEX Sets Initial Pennsylvania/New Jersey/Maryland Electricity Margins
Date 03/03/1999
The New York Mercantile Exchange has established the initial margins for its Pennsylvania/New Jersey/Maryland (PJM) electricity futures contract to be launched on Friday, March 19. The rates will be USD3,000 for clearing members; USD3,300 for members; and USD4,050 for customers. Margins for clearing members on spreads involving the first through sixth months will be USD400; USD200 for the seventh through twelfth months; and USD100 for all other months. Member rates for spreads involving the first through sixth months will be USD440; USD220 for the seventh through twelfth months; and USD110 for all other months. Customer rates for first through sixth months will be USD540; USD270 for the seventh through twelfth months; and USD135 for all other months. The spread credit for spreads involving PJM and Cinergy electricity will be USD1,200 for clearing members; USD1,320 for members; and USD1,620 for customers. Spot-month assessments, which take effect the day before the expiration of trading, will be USD3,000 for clearing members; USD3,300 for members; and USD4,050 for customers.
