Notice No. 00-377
November 6, 2000

TO:
ALL NYMEX MEMBERS AND MEMBER FIRMS
ALL NYMEX CLEARING FIRMS
ALL NYMEX OPERATIONS MANAGERS

FROM: Neal Wolkoff, Executive Vice President

SUBJECT: MARGIN RATE CHANGE

Effective Date: Monday, November 6, 2000 (close of business)
Futures Contracts:
Crude Oil Futures
Unleaded Gasoline Futures
Heating Oil Futures

Contract Months: All Months

Rate Change:
NYMEX Division Margins on Crude Oil, Unleaded Gasoline, and Heating Oil 
Futures Contracts

Effective Date:  Monday, November 6, 2000
Clearing Member (Maintenance Margin): Old: $4,000    New:  $3,000
Member Customer (Initial Margin): Old:  $4,400     New:  $3,300
Non-Member Customer (Initial Margin): Old:  $5,400   New:  $4,050

The margin credit for NYMEX Light Sweet Crude/IPE Brent Crude Oil futures 
spread positions will also be decreased, from $3,500 to $2,500 (at the 
Clearing Member level), as of Monday, November 6, 2000.  The net margin after 
the spread will remain unchanged.

NYMEX Light Sweet Crude/IPE Brent Crude Oil Futures Spread
Effective Date:  Monday, November 6, 2000

NYMEX Light Sweet Crude:

Clearing Member (Maintenance Margin): $3,000
Member Customer (Initial Margin): $3,300
Non-Member Customer (Initial Margin): $4,050

Less: NYMEX Light Sweet/IPE Brent Crude Spread Credit:
Clearing Member (Maintenance Margin): $2,500
Member Customer (Initial Margin): $2,750
Non-Member Customer (Initial Margin): $3,375

Net Spread Margin:
Clearing Member (Maintenance Margin): $500
Member Customer (Initial Margin): $550
Non-Member Customer (Initial Margin): $675

Should you have any questions regarding these changes, please contact Arthur 
McCoy at (212) 299-2928 or Joe Sanguedolce at (212) 299-2855.  This notice 
supersedes all previous notices regarding outright margins for the NYMEX 
Crude Oil, Unleaded Gasoline, or Heating Oil Futures Contracts and the margin 
credit for the NYMEX Light Sweet Crude Oil/IPE Brent Crude futures spread 
positions.



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