News Release

Exchange Announces Margins, Position Accountability Levels, and Reporting Requirements for New Electricity Contracts

Thu Feb 10 2005
NEW YORK, N.Y., February 10, 2005 — The New York Mercantile Exchange, Inc., today announced the margins for its new financially settled electricity swap futures contracts that will be launched at 3:15 PM today on NYMEX ClearPortsm for the February 11 trading session.

Margins on the PJM monthly off-peak swap futures for all months will be $3,500 for clearing members, $3,850 for members, and $4,725 for customers.

Margins on the New York Independent System Operator (NYISO) Zone A off-peak swap futures, the NYISO Zone G off-peak swap futures, the NYISO Zone J off-peak swap futures, and the ISO New England Internal Hub off-peak swap futures for all months will be $3,000 for clearing members, $3,300 for members, and $4,050 for customers.

Margins on the Northern Illinois Hub monthly on-peak swap futures, the Northern Illinois Hub daily on-peak swap futures, and the Northern Illinois Hub monthly off-peak swap futures for all months will be $1,500 for clearing members, $1,650 for members, and $2,025 for customers.

Margins on the AEP-Dayton Hub monthly on-peak swap futures, and the AEP-Dayton Hub daily on-peak swap futures for all months will be $2,000 for clearing members, $2,200 for members, and $2,700 for customers.

Margins on the AEP-Dayton Hub monthly off-peak swap futures for all months will be $2,500 for clearing members, $2,750 for members, and $3,375 for customers.

Margins on inter-month spreads for all months of the PJM monthly off-peak swap futures, and the NYISO Zone A off-peak swap futures will be $2,000 for clearing members, $2,200 for members, and $2,700 for customers.

Margins on the inter-month spreads for all months of the NYISO Zone G off-peak swap futures, the NYISO Zone J off-peak swap futures, and the ISO New England Internal Hub off-peak swap futures will be $1,500 for clearing members, $1,650 for members, and $2,025 for customers.

Margins on inter-month spreads for all months of the Northern Illinois Hub monthly off-peak swap futures, and the Northern Illinois Hub monthly on-peak swap futures will be $800 for clearing members, $880 for members, and $1,080 for customers.

Margins on the inter-month spreads for all months of the AEP-Dayton Hub monthly on-peak swap futures will be $1,000 for clearing members, $1,100 for members, and $1,350 for customers.

Margins on the inter-month spreads for all months of the AEP-Dayton Hub monthly off-peak swap futures will be $1,200 for clearing members, $1,320 for members, $1,620 for customers.

The position accountability levels for the new contracts will be 5,000 contracts for any single month or all months, with the exception of a 500-contract level for the last three days of the expiring contract. Clearing members must identify customers with a position of 25 contracts or more to the Exchange.
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