02/04/2005
Futures Contract: Brent Crude Oil Futures
Contract Months: All Months
Effective as of the close of business Friday, February 4, 2005, NYMEX will commence granting a uni-lateral margin credit for the NYMEX Brent Crude Oil futures leg of a spread against IPE Brent Crude Oil. The credit (90% of outright margin) will be granted in a one-to-one ratio.
Similar to other uni-lateral margin credits currently granted by NYMEX, interested Clearing Members will be required to submit a manual credit form (as provided by the Exchange) listing the number of contracts that are part of the NYMEX/IPE Brent Crude Oil spread, with a minimum of 50 spreads. Clearing Member firms have the option of passing this reduced rate on to their customers even if the Clearing Member doesn't request the credit from the clearinghouse. Customers are not subject to a minimum number of spreads.
It is important to note that in order to qualify for the spread margin rate, both legs of the NYMEX/IPE Brent Crude Oil spread are required to be maintained on the books of the applicable Clearing Member.
The effect of the margin credit for the NYMEX leg of the spread is as follows:
| Current Rate | Available Credit | Net Margin | |
| Clearing Member |
$3,500 | $3,150 | $350 |
| Member Customer |
$3,850 |
$3,465 |
$385 |
| Non-Member Customer |
$4,725 |
$4,253 |
$473 |