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FTSE Mondo Visione Exchanges Index:

Nymex To Change Margins On Natural Gas Basis Swap Futures Contracts

Date 20/08/2003

The New York Mercantile Exchange, Inc., announced yesterday that it will change the margins on its natural gas basis swap futures contracts as of the close of business tomorrow.

Margin rates on the Alberta natural gas basis swap futures contract for the spot month will decrease to $300 from $600 for clearing members, to $330 from $660 for members, and to $405 from $810 for customers. The rates for the second month will decrease to $175 from $350 for clearing members, to $193 from $385 for members, and to $236 from $473 for customers. For the third through 12th months, the rates will decrease to $125 from $250 for clearing members, to $138 from $275 for members, and to $169 from $338 for customers. The rates for all other months will decrease to $50 from $100 for clearing members, $55 from $110 for members, and to $68 from $135 for customers.

The margin rates on the Chicago basis swap futures contract for the spot month will decrease to $50 from $150 for clearing members, to $55 from $165 for members, and to $68 from $203 for customers. The rates for all other months will decrease to $50 from $100 for clearing members, to $55 from $110 for members, and $68 from $135 for customers.

The margin rates on the Henry Hub basis swap futures contract for the spot month will decrease to $25 from $50 for clearing members, to $28 from $55 for members, and to $34 from $68 for customers. The rates for all other months will remain the same.

The margin rates on the Houston Ship Channel basis swap futures contract for the spot month will decrease to $75 from $200 for clearing members, to $83 from $220 for members, and to $101 from $270 for customers. Rates for all other months will decrease to $75 from $150 for clearing members, to $83 from $165 for members, and to $101 from $203 for customers.

The margin rates on the San Juan basis swap futures contract for the spot month will decrease to $350 from $700 for clearing members, to $385 from $770 for members, to $473 from $945 for customers. For all other months, the rates will decrease to $300 from $600 for clearing members, to $330 from $660 for members, and to $405 from $810 for customers.

The margin rates on the Southern California basis swap futures contract for the first month will decrease to $375 from $650 for clearing members, to $413 from $715 for members, and to $506 from $878 for customers. The rates for all other months will decrease to $300 from $500 for clearing members, to $330 from $550 for members, and to $405 from $675 for customers.

The margin rates on the Transco Zone 6 basis swap futures contract for the spot month will decrease to $150 from $650 for clearing members, to $165 from $715 for members, and to $203 from $878 for customers. Margins for the second through sixth months will decrease to $75 from $250 for clearing members, to $83 from $275 for members, and to $101 from $338 for customers. Margins for the seventh through 12th months will decrease to $50 from $200 for clearing members, to $55 from $220 for members, and to $68 from $270 for customers. The rates for all other months will decrease to $25 from $100 for clearing members, to $28 from $110 for members, and to $34 from $135 for customers.

The margin rates on the Northwest Pipeline, Rockies, basis swap futures contract for the spot month will decrease to $325 from $1,800 for clearing members, to $358 from $1,980 for members, and to $439 from $2,430 for customers. Margins for the second month will decrease to $225 from $1,200 for clearing members, to $248 from $1,320 for members; and to $304 from $1,620 for customers. Margins for the third through sixth months will decrease to $200 from $1,000 for clearing members, to $220 from $1,100 for members, and to $270 from $1,350 for customers. Margins for the seventh through 12th months will decrease to $125 from $600 for clearing members, to $138 from $660 for members, and to $169 from $810 for customers. The rates for all other months will decrease to $75 from $400 for clearing members, to $83 from $440 for members, and to $101 from $540 for customers.

The margin rates on the Panhandle basis swap futures contract for the first month will decrease to $100 from $300 for clearing members, to $110 from $330 for members, and to $135 from $405 for customers. Margins for all other months will decrease to $75 from $175 for clearing members, to $83 from $193 for members, and to $101 from $236 for customers.

The margin rates on the MichCon Pipeline basis swap futures contract for the first month will decrease to $75 from $200 for clearing members, to $83 from $220 for members, and to $101 from $270 for customers. Margins for all other months will decrease to $75 from $150 for clearing members, to $83 from $165 for members, and to $101 from $203 for customers.

The margin rates on the Permian basis swap futures contract for the spot month will decrease to $200 from $600 for clearing members, to $220 from $660 for members, and to $270 from $810 for customers. Margins for all other months will decrease to $100 from $250 for clearing members, to $110 from $275 for members, and to $135 from $338 for customers.

The margin rates on the Texas Eastern Zone M-3 basis swap futures contract for the first month will decrease to $100 from $550 for clearing members, to $110 from $605 for members, and to $135 from $743 for customers. Margins for all other months will decrease to $100 from $475 for clearing members, to $110 from $523 for members, and to $135 from $641 for customers.

The margin rates on the Columbia Gas Transmission Co., Appalachia (TCO) basis swap futures contract for the first month will decrease to $75 from $150 for clearing members, to $83 from $165 for members, and to $101 from $203 for customers. The rates for all other months will decrease to $50 from $100 for clearing members, to $55 from $110 for members, and to $68 from $135 for customers.

The margin rates on the PG&E Malin basis swap futures contract for the spot month will decrease to $250 from $750 for clearing members, to $275 from $825 for members, and to $338 from $1,013 for customers. Margins for all other months will decrease to $175 from $500 for clearing members, to $193 from $550 for members, and to $236 from $675 for customers.

The margin rates on the PG&E Citygate basis swap futures contract for all months will decrease to $275 from $500 for clearing members, to $303 from $550 for members, and to $371 from $675 for customers.

The margin rates on the Natural Gas Pipeline Texas Oklahoma basis swap futures contract for the first month will decrease to $75 from $150 for clearing members, to $83 from $165 for members, and to $101 from $203 for customers. Margins for all other months will decrease to $50 from $100 for clearing members, to $55 from $110 for members, and to $68 from $135 for customers.

The margin rates on the Natural Gas Pipeline Louisiana basis swap futures contract for all months will decrease to $25 from $200 for clearing members, to $28 from $220 for members, and to $34 from $270 for customers.

The margin rates on the ANR Oklahoma basis swap futures contract to for the first month will decrease to $100 from $125 for clearing members, to $100 from $138 for members, and to $135 from $169 for customers. Margins for all other months will remain unchanged.

The margin rates on the Sumas basis swap futures contract for the first month will increase to $325 from $300 for clearing members, to $358 from $330 for members, and to $439 from $405. Margins for all other months will increase to $300 from $275 for clearing members, to $330 from $303 for members, and to $405 from $371 for customers.

The margin rates on the Natural Gas Pipeline Mid-Continent basis swap futures contract for the first month will decrease to $75 from $350 for clearing members, to $83 from $385 for members, and to $101 from $473 for customers. Margins for all other months will decrease to $50 from $150 for clearing members, to $55 from $165 for members, and to $68 from $203 for customers.

The margin rates on the Northern Natural Gas Demarcation basis swap futures contract for the first month will decrease to $100 from $200 clearing members, to $110 from $220 for members, and to $135 from $270 for customers. Margins for all other months will decrease to $50 from $100 for clearing members, to $55 from $110 for members, and to $68 from $135 for customers.

The margin rates on the Northern Natural Gas Ventura, Iowa, basis swap futures contract for all months will decrease to $50 from $100 clearing members, to $55 from $110 for members, and to $68 from $135 for customers.

The margin rates on the Dominion Transmission, Inc., Appalachia basis swap futures contract for the first month will decrease to $100 from $250 for clearing members, to $110 from $275 from members, and to $135 from $338 for customers. Margins for all other months will decrease to $100 from $200 for clearing members, to $110 from $220 for members, and to $135 from $270 for customers.

The margin rates on the Colorade Interstate Gas Co., Rockies basis swap futures contract for the spot month will decrease to $475 from $1,800 for clearing members, to $523 from $1,980 for members, and to $641 from $2,430 for customers. Margins for the second month will decrease to $325 from $1,200 for clearing members, to $358 from $1,320 for members, and to $439 from $1,620 for customers. Margins for the third through sixth months will decrease to $275 from $1,000 for clearing members, to $303 from $1,100 for members, to $371 from $1,350 for customers. Margins for the seventh through 12th months will decrease to $175 from $600 for clearing members, to $193 from $660 for members, and to $236 from $810 for customers. Margins for all other months will decrease to $125 from $400 for clearing members, to $138 from $440 for members, and to $169 from $540 for customers.

The margin rates on the Waha basis swap futures contract for the spot month will decrease to $100 from $650 for clearing members, to $110 from $715 for members, and to $135 from $878 for customers. Margins for all other months will decrease to $75 from $450 for clearing members, to $83 from $495 for members, and to $101 from $608 for customers.

The margin rates for all months of the Tetco Eastern South/STX, Columbia Gulf Onshore, Tetco ELA, and the Transco Zone 3 basis swap futures contracts will decrease to $50 from $200 for clearing members, to $55 from $220 for members, and to $68 from $270 for customers.

Spot month assessments for all natural gas basis swap futures contracts will decrease to $500 from $750.