Notice No. 01-45
February 01, 2001


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

FROM:    Neal Wolkoff
Executive Vice President

SUBJECT: REVISED PALLADIUM FUTURES MARGIN RATE CHANGE FOR FEBRUARY 2, 9, and 
16, 2001, TO AFFECT ALL MONTHS

The following changes are applicable to all palladium futures contract 
months.  This notice supercedes the January 30, 2001 notice that previously 
cited increases for the February and March 2001 futures contracts only.

MARGIN RATE CHANGE  FOR FEBRUARY 2, 2001
Effective Date:     Friday, February 2, 2001  (close of business)
Futures Contract:   Palladium Futures
Contract Months:    All Months

NYMEX Division Margins on Palladium Futures Contracts
Clearing Member (Maintenance Margin):           Old:  $15,000   New:  $30,000
Member Customer (Initial Margin):               Old:  $16,500   New:  $33,000
Non-Member Customer (Initial Margin):           Old:  $20,250   New:  $40,500

MARGIN RATE CHANGE  FOR FEBRUARY 9, 2001
Effective Date:     Friday, February 9, 2001  (close of business)
Futures Contract:   Palladium Futures
Contract Months:    All Months

NYMEX Division Margins on Palladium Futures Contracts
Clearing Member (Maintenance Margin):           Old:  $30,000   New:  $40,000
Member Customer (Initial Margin):               Old:  $33,000   New:  $44,000
Non-Member Customer (Initial Margin):           Old:  $40,500   New:  $54,000

MARGIN RATE CHANGE  FOR FEBRUARY 16, 2001
Effective Date:     Friday, February 16, 2001  (close of business)
Futures Contract:   Palladium Futures
Contract Months:    All Months

NYMEX Division Margins on Palladium Futures Contracts
Clearing Member (Maintenance Margin):           Old:  $40,000   New:  $50,000
Member Customer (Initial Margin):               Old:  $44,000   New:  $55,000
Non-Member Customer (Initial Margin):           Old:  $54,000   New:  $67,500

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 
Palladium Futures Contract.



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