DERIVATIVES - COMMODITY OPTIONS AND COMMODITY FUTURES by kxr15246

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									                                                                                                                                No: 018




ACH & ASX Markets Notice                 DERIVATIVES – COMMODITY OPTIONS AND
                                         COMMODITY FUTURES
Date: 10 October, 2008
Key topics                               AMENDMENT: MARGIN INTERVALS FOR OPTIONS OVER COMMODITY FUTURES AND
1. Margin Intervals for Options          INITIAL MARGINS FOR COMMODITY FUTURES
over Grain Futures and Initial           This is an amendment to Notice Number 015 dated 9 October 2008 to clarify the effective date of
Margins for Grain Futures.               the revised margin parameters. The revised margin rates detailed in the following table will be
                                         effective for open positions as at close of business on 13 October 2008, impacting margin calls
                                         made on 14 October 2008.

                                         The margin intervals and initial margins for the TIMS margin are as follows:

                                         Margin Intervals for Options over Commodity Futures

Authorised by:
Eddie Farah                                                                                          CURRENT
                                                                                  NEW MARGIN
                                                     NAME                                             MARGIN            CHANGE
                                                                        CLASS     INTERVAL (%)
                                                                                                   INTERVAL (%)
ASX contacts                               Option over ASX Australian
                                           Canola Future                ACMO           7.0%            3.0%                Up
Melissa Wong                               Option over ASX Australian
                                           Feed Barley Future            AFBO         10.0%            9.5%                Up
                                           Option over ASX Australian
                                           Sorghum Future               ASMO          11.0%            9.0%                Up
                                           Option over ASX Australian
                                           Milling Wheat Future         AWMO          11.0%            6.6%                Up
                                           Option over ASX Australian
                                           Feed Wheat Future            AWFO           5.5%            5.5%             No Change



                                         Initial Margin for Commodity Futures
Telephone
Melissa Wong 02 9227 0595
                                                                                                    CURRENT
                                                                                   NEW INITIAL
                                                     NAME                                            INITIAL            CHANGE
Australian Clearing House Pty Ltd
                                                                        CLASS      MARGIN ($)
                                                                                                    MARGIN ($)
ABN 48 001 314 503
ASX Limited                                Australian Canola Future      ACMF         $1,200           $400                Up
ABN 98 008 624 691                         Australian Feed Barley
Exchange Centre                            Future                        AFBF          $700            $600                Up
20 Bridge Street
Sydney NSW 2000                            Australian Sorghum Future     ASMF          $600            $500                Up
PO Box H227                                Australian Milling Wheat
Australia Square                           Future                       AWMF           $900            $500                Up
NSW 1215                                   Australian Feed Wheat
Telephone 1800 814 051                     Future                        AWFF          $300            $300             No Change
Intl Facsimile 61 2 9251 5525              19.5 micron merino wool of
Facsimile 1300 300 577                     China type 54 Future          54WF         $1,500          $1,500            No Change
Internet: http://www.asx.com.au            21.0 micron merino wool of
DX 10427 Stock Exchange Sydney             China type 55 Future          55WF         $1,500          $1,500            No Change
                                           22.6 micron merino wool
                                           Future                        56WF         $1,500          $1,500            No Change



 No responsibility is accepted for any
 inaccuracies contained in the matter
 published.




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                                                                                                                                  No: 018



      Inter month Spreads for Commodity Futures


                                                         INTER-MONTH         INTER-MONTH
                   NAME                                  SPOT SPREAD        REMOTE SPREAD
                                           CLASS           DOLLARS             DOLLARS
     Australian Canola Future              ACMF              $600                 $820
     Australian Feed Barley Future         AFBF
                                                             $360                 $360
     Australian Sorghum Future             ASMF              $300                 $530
     Australian Milling Wheat Future       AWMF
                                                             $480                 $480
     Australian Feed Wheat Future          AWFF
                                                              $50                 $50



      The interest rate paid to Participants on cash margins will reflect the earnings rate earned by investing the Cash Cover on a short term or
      11.00am basis, minus a 0.50 percent administration fee. The current interest rate is displayed in the Derivatives Clearing System.




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