05/30/2003
| Futures Contracts: | PJM Monthly (JM) |
| Contract Months: | Spot Month |
Due to the average price settlement process on the PJM monthly futures contracts during the cash settlement period (Spot-Month), margins are reduced on a pro rata basis. This is dependent upon the number of business days during the calendar month for the PJM monthly futures contract. Each day, the spot month margin is reduced by the reciprocal of the number of business days during the month.
In June 2003, there are twenty one (21) business days; therefore, each day the Clearing Member/Customer Maintenance Margin Requirement is reduced by one twenty first (4.76%).
Listed below is the margin requirement for the June 2003 PJM Monthly Contract:
Date |
Clearing Member & Customer Maintenance |
Member Customer |
Non-Member Customer |
| 2-Jun | $3,500 | $3,850 | $4,725 |
| 3-Jun | $3,333 | $3,667 | $4,500 |
| 4-Jun | $3,167 | $3,483 | $4,275 |
| 5-Jun | $3,000 | $3,300 | $4,050 |
| 6-Jun | $2,833 | $3,117 | $3,825 |
| 9-Jun | $2,667 | $2,933 | $3,600 |
| 10-Jun | $2,500 | $2,750 | $3,375 |
| 11-Jun | $2,333 | $2,567 | $3,150 |
| 12-Jun | $2,167 | $2,383 | $2,925 |
| 13-Jun | $2,000 | $2,200 | $2,700 |
| 16-Jun | $1,833 | $2,017 | $2,475 |
| 17-Jun | $1,667 | $1,833 | $2,250 |
| 18-Jun | $1,500 | $1,650 | $2,025 |
| 19-Jun | $1,333 | $1,467 | $1,800 |
| 20-Jun | $1,167 | $1,283 | $1,575 |
| 23-Jun | $1,000 | $1,100 | $1,350 |
| 24-Jun | $833 | $917 | $1,125 |
| 25-Jun | $667 | $733 | $900 |
| 26-Jun | $500 | $550 | $675 |
| 27-Jun | $333 | $367 | $450 |
| 30-Jun | $167 | $183 | $225 |
This notice supersedes all previous notices regarding margins for the NYMEX PJM Monthly Futures Contracts.