Notice to Members

Notice No. 454
10/03/2005

Margin Rates Change for Financially Settled PJM LMP Electricity Contracts

EFFECTIVE DATE: Tuesday, October 4, 2005 (close of business)

FUTURES CONTRACTS: PJM Monthly LMP Electricity Contract (JM)

CONTRACT MONTHS: Tier 1 (1st Nearby Months) Only

NYMEX Division Outright (Scan) Margins For Financially Settled Electricity Futures Contracts

	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
JM (Tier 1 - 1st Nearby)	$8,500	$7,000	$9,350	$7,700	$11,475	$9,450

This notice supersedes all previous notices regarding margins rates for the Electricity Futures contracts listed above.

Should you have any questions or require any further information, please contact exchangeinfo@nymex.com