News Release

Exchange to Change Margins for PJM Financially Settled Monthly Electricity Futures Contract

Thu Sep 01 2005

NEW YORK, N.Y., September 1, 2005 — The New York Mercantile Exchange, Inc., today announced that it will increase margins for its PJM financially settled monthly electricity futures contract, effective today.

Margins for the first month will increase to $5,000 from $3,500 for clearing members, to $5,500 from $3,850 for members, and to $6,750 from $4,725 for customers. Margins for the second to sixth months will increase to $4,500 from $3,500 for clearing members, to $4,950 from $3,850 for members, and to $6,075 from $4,725 for customers. Margins for the seventh and eighth months will increase to $4,000 from $3,500 for clearing members, to $4,400 from $3,850 for members, and to $5,400 from $4,725 for customers. Margins for the ninth and 10th months will increase to $3,000 from $2,500 for clearing members, to $3,300 from $2,750 for members, and to $4,050 from $3,375 for customers. Margins for the 11th to 12th months will increase to $4,000 from $2,000 for clearing members, to $4,400 from $2,200 for members, and to $5,400 from $2,700 for customers. Margins for the 13th to 16th months will increase to $2,000 from $1,500 for clearing members, to $2,200 from $1,650 for members, and to $2,700 from $2,025 for customers. Margins for all other months will increase to $1,250 from $1,000 for clearing members, to $1,375 from $1,100 for members, and to $1,688 from $1,350 for customers.

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