06/23/2003
Futures Contracts: PJM Weekly (JW)
Contract Week: Balance of Week (BalWeek)
Due to the average price settlement process on the PJM Weekly Futures Contracts during the cash settlement period (BalWeek), margins are reduced on a pro rata basis. Each day, the BalWeek margin is reduced by one-fifth, or 20%, unless there is a NERC-designated holiday, such as July 4, in which case margins are reduced one-fourth, or 25%, each trading day.
Listed below is the BalWeek margin requirement for the PJM Weekly Contract:
NYMEX Division Outright Margins for Balance of Week PJM Calendar Swap Weekly Futures Contract
| Clearing Member & Customer Maintenance | Member Customer | Non-Member Customer | ||||
| New | Old | New | Old | New | Old | |
| First Day of the Contract Week | $2,500 | N/A | $2,750 | N/A | $3,375 | N/A |
| Second Day of the Contract Week | $2,000 | N/A | $2,200 | N/A | $2,700 | N/A |
| Third Day of the Contract Week | $1,500 | N/A | $1,650 | N/A | $2,025 | N/A |
| Fourth Day of the Contract Week | $1,000 | N/A | $1,100 | N/A | $1,350 | N/A |
| Fifth Day of the Contract Week | $500 | N/A | $550 | N/A | $675 | N/A |
Should you have any questions regarding these changes, please contact Arthur McCoy at (212) 299-2928 or William Doherty at (212) 299-2925. This notice supersedes all previous notices regarding margins for the NYMEX PJM Futures Contracts.