Notice 575
November 11, 2008


Performance Bond Requirement Changes: Margin Rate for GC, QO, and QS

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As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed below. The rates are effective at the close of business on Tuesday, November 11th, 2008.

MARGIN RATE FOR GOLD FUTURES (GC), COMEX miNY GOLD (QO) AND COMEX ASIAN GOLD CONTRACTS (QS).

Note: The revised margins are in bold
COMEX Division Margins on Gold Futures Contracts
 
NEW
OLD
Member: Clearing and Non-Clearing (Hedge Margin)
$4,302
$5,500
Non-Member Customer (Speculative Margin):
$5,808
$7,425
COMEX Division Margins on miNY (QO) Gold Futures Contracts
 
NEW
OLD
Member: Clearing and Non-Clearing (Hedge Margin)
$2,151
$2,750
Non-Member Customer (Speculative Margin):
$2,904
$3,713
COMEX Division Margins on Asian Gold Futures Contracts
 
NEW
OLD
Member: Clearing and Non-Clearing (Hedge Margin)
$1,383
$1,768
Non-Member Customer (Speculative Margin):
$1,867
$2,387


Inter - Exchange Spread Credit on Gold vs. Platinum
Spread Credit
Spread
Ratio
Combined Full Margin
Clearing Member/Member/Hedge Spread Charge
Non-Member Spread Credit
Gold Leg
Platinum Leg
Combined
Gold/Platinum
1:02
Old
$17,500
$550
$743
$4,950
$11,450
$16,400
New
$16,302
$550
$743
$3,752
$11,450
$15,202


Inter - Commodity Spread Credit on Gold vs. Silver
Spread
Ratio
Combined Full Margin
Clearing Member/Member/Hedge Spread Credit
Non-Member Spread Credit
Percentage Credit of Total Outright
Gold/Silver
2:03
Old
$30,200
$15,100
$20,385
50%
New
$27,804
$13,902
$18,768
50%

Should you have any questions or require any further information, please contact ExchangeInformation@cmegroup.com.