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Nymex To Increase Margin Rates On PJM Monthly Electricity, Silver, And Copper Futures

Date 08/01/2004

The New York Mercantile Exchange, Inc., announced today that it will increase the margins on its NYMEX Division PJM monthly electricity futures contract and COMEX Division silver and copper futures contracts at the close of business tomorrow.

Margins on the first through third months of the PJM monthly electricity futures contract will increase to $5,000 from $2,000 for clearing members, to $5,500 from $2,200 for members, and to $6,750 from $2,700 for customers. Margins on the fourth month will increase to $3,000 from $2,000 for clearing members, to $3,300 from $2,200 for members, and to $4,050 from $2,700 for customers. Margins on the fifth through seventh months will increase to $2,500 from $2,000 for clearing members, to $2,750 from $2,200 for members, and to $3,375 from $2,700 for customers. Margins on the eighth through 13th months are unchanged at $2,000 for clearing members, $2,200 for members, and $2,700 for customers. Margins all other months will decrease 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 silver futures contract will increase to $1,500 from $1,000 for clearing members, to $1,650 from $1,100 for members, and to $2,025 from $1,350 for customers.

Margins on the copper futures contract will increase to $1,500 from $1,000 for clearing members and members, and to $2,025 from $1,350 for customers.