TO:	ALL CLEARING PARTICIPANTS
FROM:	CLIENT SERVICES AND SUPPORT
DATE:	May 20, 2005
SUBJECT:	Margin Changes for the Euro Link

The following margin intervals rates are effective with the mid-day calculation on Tuesday, May 24, 2005:

Euro Link Margin Rates	Margin Rate From	Margin Rate To
DAX	€8200	€8100
Euro-Buxl	€3200	€3100

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