TO:	ALL CLEARING PARTICIPANTS
FROM:	CLIENT SERVICES AND SUPPORT
DATE:	February 28, 2005
SUBJECT:	Euro Link Margin Rate Changes

The following margin intervals are effective with the mid-day calculation on Wednesday, March 2, 2005:

Euro Link US Margin Rates	From	To
DAX	€8000	€8200
Dow Jones STOXX 600-Banks	€1300	€1400
Dow Jones STOXX 50	€2100	€2200
Dow Jones Euro STOXX 50	€2200	€2300
Euro-Bund	€1400	€1500

Euro Link Intra-Commodity Spread Charges	Spot Month From	Back Month From	Spot Month To	Back Month To
DAX	N/A	€150	N/A	€125
Dow Jones Euro STOXX –Banks	N/A	€90	N/A	€80
Dow Jones Euro STOXX 50	N/A	€90	N/A	€60
Three-Month Euribor	€200	€200	€200	€150
Euro-Bund	€300	€130	€510	€110
Euro-Bobl	€250	€120	€380	€110
Euro-Schatz	€200	€100	€210	€150
Euro-Buxl	€400	€160	€800	€250
Dow Jones Global Titans 50	N/A	€250	N/A	€225
Dow Jones STOXX 50	N/A	€120	N/A	€75

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