Notice to Members

Notice No. 375
07/16/2008

Outright (SCAN) Margin Rate Changes for Financially Settled Electricity Contracts

Effective Date: Thursday, July 17, 2008 (close of business)

Futures Contracts:

NYISO Zone A – Off Peak (KB), NYISO Zone G – Off Peak (KH), NYISO Zone J – Off Peak (KK), PJM Western Hub LMP Off – Peak Monthly (JP), AEP-Dayton Hub – Off Peak (VP), Cinergy Hub LMP – Off Peak (EJ), PJM Western Hub LMP Peak Monthly (JM), Cinergy Hub LMP – Peak (EM), Michigan Hub LMP – Peak (HM), Dow Jones Mid-Columbia Electricity Prices Index Swap (DO), ERCOT North Peak Swap Contract (MT)

Contract Months: All Months

Note: The revised margins are in bold

NYMEX Division Outright (Scan) Margins on NYISO Zone A – Off Peak (KB)

	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$8,000	$5,500	$8,800	$6,050	$10,800	$7,425
Tier 2: 2nd - 6th Nearby	$7,000	$5,000	$7,700	$5,500	$9,450	$6,750
Tier 3: 7th - 11th Nearby	$5,000	$4,500	$5,500	$4,950	$6,750	$6,075
Tier 4: Greater than 11th Nearby	$4,500	$4,000	$4,950	$4,400	$6,075	$5,400

NYMEX Division Outright (Scan) Margins on NYISO Zone G – Off Peak (KH)

	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$6,000	$5,500	$6,600	$6,050	$8,100	$7,425
Tier 2: 2nd - 6th Nearby	$5,000	$5,000	$5,500	$5,500	$6,750	$6,750
Tier 3: 7th - 11th Nearby	$4,000	$4,500	$4,400	$4,950	$5,400	$6,075
Tier 4: Greater than 11th Nearby	$4,000	$4,000	$4,400	$4,400	$5,400	$5,400

NYMEX Division Outright (Scan) Margins on NYISO Zone J – Off Peak (KK)

	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$6,000	$6,000	$6,600	$6,600	$8,100	$8,100
Tier 2: 2nd - 6th Nearby	$5,000	$5,500	$5,500	$6,050	$6,750	$7,425
Tier 3: 7th - 11th Nearby	$4,000	$4,000	$4,400	$4,400	$5,400	$5,400
Tier 4: Greater than 11th Nearby	$4,000	$3,000	$4,400	$3,300	$5,400	$4,050

NYMEX Division Outright (Scan) Margins on PJM Western Hub LMP Off Peak Monthly (JP)

	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$5,000	$5,000	$5,500	$5,500	$6,750	$6,750
Tier 2: 2nd - 6th Nearby	$4,000	$4,000	$4,400	$4,400	$5,400	$5,400
Tier 3: 7th - 11th Nearby	$3,000	$2,500	$3,300	$2,750	$4,050	$3,375
Tier 4: Greater than 11th Nearby	$2,500	$2,500	$2,750	$2,750	$3,375	$3,375

NYMEX Division Outright (Scan) Margins on AEP-Dayton Hub – Off Peak (VP)

	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$4,000	$3,000	$4,400	$3,300	$5,400	$4,050
Tier 2: 2nd - 6th Nearby	$3,000	$2,500	$3,300	$2,750	$4,050	$3,375
Tier 3: 7th - 11th Nearby	$2,500	$2,500	$2,750	$2,750	$3,375	$3,375
Tier 4: Greater than 11th Nearby	$1,500	$1,500	$1,650	$1,650	$2,025	$2,025

NYMEX Division Outright (Scan) Margins on Cinergy Hub LMP – Off Peak (EJ)

	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$4,000	$3,000	$4,400	$3,300	$5,400	$4,050
Tier 2: 2nd - 6th Nearby	$2,500	$2,500	$2,750	$2,750	$3,375	$3,375
Tier 3: 7th - 11th Nearby	$2,500	$2,500	$2,750	$2,750	$3,375	$3,375
Tier 4: Greater than 11th Nearby	$1,500	$1,500	$1,650	$1,650	$2,025	$2,025

NYMEX Division Outright (Scan) Margins on PJM Western Hub LMP On Peak Monthly (JM)

	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
JM (Tier 1 - 1st Nearby)	$12,000	$15,000	$13,200	$16,500	$16,200	$20,250
JM (Tier 2 - 2nd - 4th Nearby)	$7,000	$7,000	$7,700	$7,700	$9,450	$9,450
JM (Tier 3 - 5th - 6th Nearby)	$6,000	$6,000	$6,600	$6,600	$8,100	$8,100
JM (Tier 4 - 7th - 8th Nearby)	$4,500	$4,500	$4,950	$4,950	$6,075	$6,075
JM (Tier 5 - 9th - 10th Nearby)	$3,500	$3,500	$3,850	$3,850	$4,725	$4,725
JM (Tier 6 - 11th - 12th Nearby)	$3,000	$3,000	$3,300	$3,300	$4,050	$4,050
JM (Tier 7 - 13th - 16th Nearby)	$4,000	$4,000	$4,400	$4,400	$5,400	$5,400
JM (Tier 8 - Greater than 16th Nearby)	$3,500	$3,500	$3,850	$3,850	$4,725	$4,725

NYMEX Division Outright (Scan) Margins on Cinergy Hub LMP – Peak (EM)

	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$5,000	$2,500	$5,500	$2,750	$6,750	$3,375
Tier 2: 2nd - 6th Nearby	$5,000	$5,000	$5,500	$5,500	$6,750	$6,750
Tier 3: 7th - 11th Nearby	$6,500	$6,500	$7,150	$7,150	$8,775	$8,775
Tier 4: Greater than 11th Nearby	$5,500	$5,500	$6,050	$6,050	$7,425	$7,425

NYMEX Division Outright (Scan) Margins on Michigan Hub LMP – On Peak (HM)

	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
HM	$6,500	$4,500	$7,150	$4,950	$8,775	$6,075

NYMEX Division Outright (Scan) Margins on Dow Jones Mid-Columbia Electricity Prices Index Swap (DO)

	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
Tier 1: 1st Nearby	$7,000	$7,000	$7,700	$7,700	$9,450	$9,450
Tier 2: 2nd - 6th Nearby	$6,000	$7,000	$6,600	$7,700	$8,100	$9,450
Tier 3: 7th - 11th Nearby	$5,000	$7,000	$5,500	$7,700	$6,750	$9,450
Tier 4: Greater than 11th Nearby	$4,000	$4,000	$4,400	$4,400	$5,400	$5,400

NYMEX Division Outright (Scan) Margins on ERCOT North Peak Swap (Platts Megawatt Daily) Contract (MT)

	Clearing Member / Maintenance Margin		Member Customer Initial Margin		Non-Member Customer Initial Margin
	*New*	Old	*New*	Old	*New*	Old
MT	$15,000	$10,000	$16,500	$11,000	$20,250	$13,500

Should you have any questions or require any further information, please contact exchangeinfo@nymex.com