Notice to Members
Notice No. 229
05/22/2003
Integration of COMEX Margins Into NYMEX Clearing 21
Due to the integration of the COMEX Division on to the NYMEX Clearing 21 clearing platform, the margin policies concerning intra- commodity / inter-month spreads will conform to NYMEX Division conventions. The NYMEX Clearing 21 performance bond module employs a tiered margin approach for assigning risk for intra-commodity / inter-month spreads. Accordingly, the former COMEX "Per Spread / Per Month" intra-commodity / inter-month spread methodology, which was only available at the customer level and not applicable at the clearing member level, is no longer a recognized convention.

Listed below are the new intra-commodity / inter-month spread rates for the contracts traded on the COMEX Division:
 
Clearing Member &
Customer Maintenance Margin
Member & Hedge
Customer Initial Margin
Non Member
Customer Initial Margin
Gold Futures
$50
$50
$68
Silver Futures
$80
$80
$108
Copper Futures
$420
$420
$567
Aluminum Futures
$80
$80
$108

This notice supersedes all previous notices regarding outright margins for the COMEX Division Futures Contract.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com