Notice to Members
Notice No. 495
11/07/2007
Margin Rate Changes for COMEX Silver Futures Contract, COMEX miNY Silver Futures Contract and Gold/Silver Inter-Commodity Spread Contracts
Effective Date:         Thursday, November 8, 2007 (close of business)

Futures Contracts:   Silver Futures

Contract Months:     All Months

Rate Change:  
COMEX Division Margins on Silver Futures Contracts

Member: Clearing & Non-Clearing (Hedge Margin):
New: $4,500
Old: $3,000
Non-Member Customer (Speculative Margin):
New: $6,075
Old: $4,050

COMEX Division Margins on miNY (QI) Silver Futures Contracts

Member: Clearing & Non-Clearing (Hedge Margin):
New: $2,250
Old: $1,500
Non-Member Customer (Speculative Margin):
New: $3,038
Old: $2,025


Inter-Commodity Spread Credit on Gold and Silver
Spread
Ratio
Combined Full Margin
Clearing Member/Member/Hedge Spread Credit
Non-Member Spread Credit
Percentage Credit of Total Outright
Gold/Silver
2:3
Old
$14,000
$7,000
$9,450
50%
New
$19,500
$9,750
$13,163
50%

This notice supersedes all previous notices regarding outright margin rates for the COMEX Silver Future Contracts.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com