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Nymex To Decrease Margins On PJM Monthly Financially Settled Electricity Futures

Date 02/02/2004

The New York Mercantile Exchange, Inc., will decrease the margins on its financially settled PJM monthly electricity futures contract at the close of business tomorrow.

Margins on the spot month will be decreased to $3,000 from $5,000 for clearing members, to $3,300 from $5,500 for members, and to $4,050 from $6,750 for customers.

Margins on the second and third months will be decreased to $2,000 from $5,000 for clearing members, to $2,200 from $5,500 for members, and to $2,700 from $6,750 for customers.

Margins on the fourth month will be decreased to $1,500 from $3,000 for clearing members, to $1,650 from $3,300 for members, and to $2,025 from $4,050 for customers.

Margins on the fifth through seventh months will be decreased to $1,500 from $2,500 for clearing members, to $1,650 from $2,750 for members, and to $2,025 from $3,375 for customers.

Margins on the eighth and ninth nearby months will be decreased to $1,500 from $2,000 for clearing members, to $1,650 from $2,200 for members, and to $2,025 from $2,700 for customers.

Margins on the 10th through 13th months will be decreased to $1,000 from $2,000 for clearing members, to $1,100 from $2,200 for members, and to $1,350 from $2,700 for customers.

Margins on all other months will be decreased to $1,000 from $1,500 for clearing members, to $1,100 from $1,650 for members, and to $1,350 from $2,025 for customers.