News Release

Exchange Announces Margin Changes for Two Natural Gas Basis Swap Futures Contracts

Tue Nov 08 2005

NEW YORK, N.Y., November 8, 2005 – The New York Mercantile Exchange, Inc., announced today it would change the margins for NGPL Mid-Continent and San Juan natural gas basis swap futures contracts at the close of business tomorrow.

Margins rates on the first month of the San Juan basis swap futures contract will decrease to $800 from $1,100 for clearing members, to $880 from $1,210 for members, and to $1,080 from $1,485 for customers. Margins on the second month will increase to $775 from $475 for clearing members, to $853 from $523 for members, and to $1,046 from $641 for customers. The margins on the third to sixth months will increase to $800 from $475 for clearing members, to $880 from $523 for members, and to $1,080 from $641 for customers. Margins on the seventh to 12th months will decrease to $425 from $475 for clearing members, to $468 from $523 for members, and to $574 from $641 for customers. The margins on all other months will decrease to $200 from $475 for clearing members, to $220 from $523 for members, and to $270 from $641 for customers.

Margins on the first month of the NGPL Mid–Continent basis swap futures contract will decrease to $925 from $1,200 for clearing members, to $1,018 from $1,320 for members, and to $1,249 from $1,620 for customers. Margins on the second month will decrease to $475 from $500 for clearing members, to $523 from $550 for members, and to $641 from $675 for customers. The margins on the third to sixth months will increase to $675 from $500 for clearing members, to $743 from $550 for members, and to $911 from $675 for customers. Margins on the seventh to 12th months will decrease to $275 from $500 for clearing members, to $303 from $550 for members, and to $371 from $675 for customers. The margins on 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 intra–commodity spread margin rates for both contracts are unchanged at $25 for clearing members, to $28 for members, and to $34 for customers. The spot assessments are unchanged at $250 for each contract.

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