Speculative Margin Requirements

Net Position

Spreads
Grains & Oilseeds        
Contract Exchange Initial Margin Maint. Margin Initial Margin Maint. Margin
Corn* CBOT 743 550 68** 50**
Wheat* CBOT 1,148 850 270** 200**
Oats* CBOT 540 400 270** 200**
Soybeans* CBOT 1,350 1,000 473** 350**
KC Wheat* KCBOT 875 700 100** 100**
Minn. Wheat* MBOT 715 550 ---** ---**
Rough Rice* CBOT 675 500 50** 50**
Soy Meal* CBOT 878 650 405** 300**
Soy Oil* CBOT 540 400 203** 150**
* Margins involving the spot month may be significantly higher.
** Margins are for interyear crop spreads.
Meats
Live Cattle CME 810 600 473 350
Lean Hogs CME 675 500 743 550
Pork Bellies CME 1,620 1,200 608 450
Feeder Cattle CME 1,013 750 405 300
GSCI Index CME 2,100 1,400 375 250
Metals
Gold COMEX 1,350 1,000 80 60
Gold CBOT 473 350 --- ---
Silver COMEX 1,350 1,000 80 60
Silver CBOT 270 200 --- ---
Copper COMEX 1,350 1,000 567 420
Platinum NYMEX 2,160 1,600 405 300
Palladium NYMEX 6,750 5,000 405 300
Energy
Crude Oil NYMEX 2,700 2,000 338 250
Unleaded Gas NYMEX 3,375 2,500 405 300
Heating Oil NYMEX 2,700 2,000 338 250
Lumber CME 2,700 1,800 1,200 800
Natural Gas NYMEX 4,725 4,050 1,350 1,000
Tropical
Coffee CSCE 2,100 1,500 280 200
Cocoa CSCE 1,050 750 210 150
Sugar CSCE 700 500 210 150
Cotton NYCE 1,000 750 800 600
Orange Juice NYCE 700 500 250 179
Currencies
British Pound IMM 1,688 1,250 34 25
Canadian Dollar IMM 878 650 34 25
Aust. Dollar IMM 1,350 1,000 34 25
Swiss Franc IMM 2,160 1,600 34 25
Japanese Yen IMM 2,430 1,800 68 50
Dollar Index NYCE 1,995 1,500 200 150
Mexican Peso IMM 3,125 2,500 250 200
Euro Currency IMM 2,700 2,000 68 50
Interest Rates
U.S. T-Bonds CBOT 2,700 2,000 --- ---
10 Year Notes CBOT 1,755 1,300 --- ---
5 Year Notes CBOT 1,350 1,000 --- ---
Muni Bond Index CBOT 1,890 1,400 --- ---
Eurodollars IMM 945 700 270 200
T-Bills IMM 540 400 270 200
Indices
S&P 500 Index CME 17,813 14,250 125 100
E-Mini S&P Index CME 3,563 2,850 25 20
NASDAQ 100 CME 11,250 9,000 125 100
E-Mini NASDAQ CME 3,000 1,800 125 100
Mid Cap 400 CME 13,125 10,500 125 100
Russell 2000 CME 15,000 12,000 125 100
Nikkei Index CME 6,250 5,000 156 125
CRB Index NYFE 2,000 2,000 460 350
Dow Jones Index CBOT 5,400 4,000 --- ---
                          
Margins are subject to change without notice.    
                        
Last update 10/04/2002