At its December 2005 meeting, the Board of Directors reviewed and approved a proposal to raise the short-option minimum margin from $10 to $25 for NYMEX Crude Oil, Heating Oil, and Unleaded Gasoline Options. The increase in the short-option margin will be phased in over a 3-month period in $5 increments, and will be implemented after the expiration of the December 2005 option contracts. The schedule for the increase is as follows:
- Effective Close of Business Tuesday, January 3, 2006 the Short Option Minimum Margin will increase by $5 to $15.
- Effective Close of Business Wednesday, February 1, 2006 the Short Option Minimum Margin will increase by $5 to $20.
- Effective Close of Business Wednesday, March 1, 2006 the Short Option Minimum Margin will increase by $5 to $25.
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