VOLUME 25 – BULLETIN #005 Margin Rates for the New Eurex US Two-Year and Three-Year Treasury Note Contracts

TO:	ALL CLEARING PARTICIPANTS
FROM:	CLIENT SERVICES AND SUPPORT
DATE:	January 26, 2005
SUBJECT:	Margin Rates for the New Eurex US Two-Year and Three-Year Treasury Note Contracts

The following margin intervals for the new Jumbo Two-Year and Three-Year Treasury Note futures at Eurex US are effective with the mid-day calculation on Tuesday, February 1, 2005:

Eurex US Inter-Commodity Spread Credit Rates	Spread Margin %	Spread Savings %
US Treasury Bonds vs 2-Year Jumbo Treasury Notes (1:1)	40%	60%
10-Year Treasury Notes vs 2-Year Jumbo Treasury Notes (1:1)	50%	50%
10-Year Treasury Notes vs 2-Year Jumbo Treasury Notes (2:1)	30%	70%
5-Year Treasury Notes vs 2-Year Jumbo Treasury Notes (3:1)	20%	80%
3-Year Treasury Notes vs 2-Year Jumbo Treasury Notes (3:1)	15%	85%
3-Year Treasury Notes vs 5-Year Treasury Notes (1:1)	20%	80%
3-Year Treasury Notes vs 10-Year Treasury Notes (1:1)	20%	80%
3-Year Treasury Notes vs US Treasury Bonds (3:1)	25%	75%
3-Year Treasury Notes vs US Treasury Bonds (1:1)	40%	60%
3-Year Treasury Notes vs 10-Year Treasury Notes (3:2)	25%	75%

Euro Link Inter-Exchange Spread Credits	Spread Credit
Euro-Bund vs 3-Year Treasury Notes (1:1)	70%
Euro- Bobl vs 3-Year Treasury Notes (1:1)	65%
Euro- Schatz vs 3-Year Treasury Notes (1:1)	50%

Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives: