Notice to Members
Notice No. 104
03/04/2008
Margin Rate Changes for COMEX Silver Futures Contract, COMEX miNY Silver Futures Contract and Gold/Silver Inter-Commodity Spread
Effective Date:         Wednesday, March 5, 2008 (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: $5,750
Old: $5,000
Non-Member Customer (Speculative Margin):
New: $7,763
Old: $6,750

COMEX Division Margins on miNY (QI) Silver Futures Contracts

Member: Clearing & Non-Clearing (Hedge Margin):
New: $2,875
Old: $2,500
Non-Member Customer (Speculative Margin):
New: $3,881
Old: $3,375


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
$22,000
$11,000
$14,850
50%
New
$24,250
$12,125
$16,369
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