NG/NN/HP/HH/NP/QG Intra-Commodity Spread and Scan Tiers

Tiers	New	Old
1	1st Nearby	1st Nearby
2	2nd Nearby	2nd Nearby
3	3rd Nearby	3rd – 4th Nearby
4	4th – 9th Nearby	5th Nearby
5	10th – 15th Nearby	6th – 16th Nearby
6	16th – 27th Nearby	17th – 28th Nearby
7	28th – 39th Nearby	29th – 40th Nearby
8	40th – 51st Nearby	41st – 52nd Nearby
9	Greater than 52 nd Nearby	Greater than 53rd Nearby

NYMEX Division Outright (Scan) Margins on Natural Gas Futures (NG)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
1	$6,500	$6,500	$7,150	$7,150	$8,775	$8,775
2	$6,500	$6,500	$7,150	$7,150	$8,775	$8,775
3	$6,000	$6,500	$6,600	$7,150	$8,100	$8,775
4	$5,000	$5,500	$5,500	$6,050	$6,750	$7,425
5	$5,000	$5,000	$5,500	$5,500	$6,750	$6,750
6	$4,000	$4,000	$4,400	$4,400	$5,400	$5,400
7	$3,500	$3,000	$3,850	$3,300	$4,725	$4,050
8	$3,000	$2,500	$3,300	$2,750	$4,050	$3,375
9	$2,500	$2,000	$2,750	$2,200	$3,375	$2,700

NYMEX Division Outright (Scan) Margins on Henry Hub Swap Futures (NN) Henry Hub Penultimate Swap (NP) and GLOBEX miNY Natural Gas (QG)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
1	$1,625	$1,625	$1,788	$1,788	$2,194	$2,194
2	$1,625	$1,625	$1,788	$1,788	$2,194	$2,194
3	$1,500	$1,625	$1,650	$1,788	$2,025	$2,194
4	$1,250	$1,375	$1,375	$1,513	$1,688	$1,856
5	$1,250	$1,250	$1,375	$1,375	$1,688	$1,688
6	$1,000	$1,000	$1,100	$1,100	$1,350	$1,350
7	$875	$750	$963	$825	$1,181	$1,013
8	$750	$625	$825	$688	$1,013	$844
9	$625	$500	$688	$550	$844	$675

NYMEX Division Outright (Scan) Margins on GLOBEX Natural Gas Penultimate (HP) and Natural Gas Last Day (HH)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
1	$6,500	$6,500	$7,150	$7,150	$8,775	$8,775
2	$6,500	$6,500	$7,150	$7,150	$8,775	$8,775
3	$6,000	$6,500	$6,600	$7,150	$8,100	$8,775
4	$5,000	$5,500	$5,500	$6,050	$6,750	$7,425
5	$5,000	$5,000	$5,500	$5,500	$6,750	$6,750
6	$4,000	$4,000	$4,400	$4,400	$5,400	$5,400
7	$3,500	$3,000	$3,850	$3,300	$4,725	$4,050
8	$3,000	$2,500	$3,300	$2,750	$4,050	$3,375
9	$2,500	$2,000	$2,750	$2,200	$3,375	$2,700

NYMEX Division Outright (Scan) Margin on Henry Hub Swing Swap Futures (SN)

Tiers	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
1	$1,625	$1,625	$1,788	$1,788	$2,194	$2,194

Current systems calculate the margin requirement for spread positions by first determining the "Scan Risk" and then multiplying the number of spreads by a rate set by the Exchange. Scan Risk is determined by netting the outright margin required for each leg of a spread. Spreading between differently margined contracts results in a higher spread margin than between equally margined contracts. Below is provided an example where the legs of a spread are margined differently.

Scan Risk Example at Clearing Member Rates
A spread consisting of one NG leg in Tier 3 and another in Tier 4 will have its requirement (at the clearing member rates) calculated at $ 1,750 starting on Wednesday, November 28, 2007.

One Long Tier 3 NG	(1 * $ 6,000)	=	$6,000
One Short Tier 4 NG	(1 * $ 5,000)	=	$5,000
Net Scan Risk	($6,000-$5,000)	=	$1,000
Spread Rate	(1* $ 750)	= +	$750
Total Requirement		=	$1,750

Summary
Clearing Member (Maintenance Margin):			$1,750
Member Customer (Initial Margin):			$1,925
Non-Member Customer (Initial Margin):			$2,363

This notice supersedes all previous notices regarding margin rates and for Natural Gas Futures, Henry Hub Swap Futures, Natural Gas (Penultimate) Financial Futures, Natural Gas (Last Day) Financial Futures, NYMEX miNY™ Natural Gas Futures, Henry Hub Swing Swap Futures, and Henry Hub Penultimate Swap Futures Contracts.