Notice to Members
Notice No. 412
08/20/2007
Margin Rate Changes for COMEX Silver Futures Contract, COMEX miNY Silver Futures Contract and Gold/Silver Inter-Commodity Spread Contracts
Effective Date:         Tuesday, August 21, 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: $3,000
Old: $2,500
Non-Member Customer (Speculative Margin):
New: $4,050
Old: $3,375

COMEX Division Margins on miNY (QI) Silver Futures Contracts

Member: Clearing & Non-Clearing (Hedge Margin):
New: $1,500
Old: $1,250
Non-Member Customer (Speculative Margin):
New: $2,025
Old: $1,688


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
$11,500
$5,750
$7,763
50%
New
$13,000
$6,500
$8,775
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