VOLUME 24 – BULLETIN #032
TO:
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ALL CLEARING PARTICIPANTS
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FROM:
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CLIENT SERVICES AND SUPPORT
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DATE:
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April 28, 2004
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SUBJECT:
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Merchants and CDX Margin Changes
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The following Merchants’ Exchange and CDX Exchange margin rate changes will become effective Thursday, April 29, 2004.
Emerging Market margin interval changes
Product
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Code
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From
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To
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Gas Oil
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MG
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$1,500
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$1,700
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AL NY Primary Day
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AK
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$1,000
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$1,400
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AL NY Primary MAS
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AL
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$1,000
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$1,400
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AL Ldn NA A380 Day
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AA
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$1,000
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$1,400
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AL Ldn NA A380 MAS
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AB
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$1,000
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$1,400
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AL MW NA A380 Day
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AC
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$1,000
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$1,400
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AL MW NA A380 MAS
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AD
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$1,000
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$1,400
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AL Ldn Hi Grade Day
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AG
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$1000
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$1,400
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AL Ldn Hi Grade MAS
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AH
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$1000
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$1,400
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AL MW Trns Srvy Day
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AI
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$1100
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$1,400
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AL MW Trns Srvy MAS
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AJ
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$1100
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$1,400
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Merchants Exchange spread credits
Inter-Commodity Spread Credits
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Spread Margin %
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Spread Savings %
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Light “Sweet” Crude Oil vs. Brent Crude (1:1)
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30%
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70%
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Light “Sweet” Crude Oil vs. Heating Oil vs. Unleaded Gas (1:1:1)
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20%
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80%
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Light “Sweet” Crude Oil vs. Heating Oil vs. Unleaded Gas (3:2:1)
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20%
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80%
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Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives:
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