Nymex to Introduce Interexchange Margins for Copper, Aluminum, Platinum
Date 02/02/2000
The New York Mercantile Exchange will implement interexchange spread margin credits at the close of business on Friday, February 4, in its copper, aluminum, and platinum futures markets similar to the credits available to crude oil spreaders.
Margins on spreads involving positions in the Exchange copper futures market and the London Metal Exchange (LME) copper market will be lowered for hedgers to $700 from $1,000 and for speculators to $945 from $1,320. Spreads involving aluminum futures and the LME aluminum contract will be reduced for hedgers to $500 from $800 and for speculators to $675 from $1,080. Margins on spreads between the Exchange platinum futures contract and the Tokyo Commodity Exchange platinum futures contract will be decreased for clearing members to $500 from $1,100; for members to $550 from $1,210; and for customers to $675 from $1,485.
