I'm assuming we are not going to go off MERC long?is that a safe assumption?


 -----Original Message-----
From: 	Hayden, Frank  
Sent:	Thursday, October 25, 2001 8:45 AM
To:	Lavorato, John
Cc:	Hodges, Georganne; Port, David
Subject:	Delivery margin requirements

Going delivery long requires full value of contract, unless there is letter of credit
Going short requires approx. $5,500 of margin per contract.  ie. 100contracts would need $550,000