|CME Group Raises Comex Gold Margins By 21.5%, Silver Margins By 15.6%
23 September 2011, 4:55 p.m.
(Kitco News) - The CME Group is raising the margins needed to trade Comex gold and silver futures are being increased by 21.5% and 15.6%, respectively, and the change will take effect after the close of business on Monday, the exchange said late Friday in a press release.
The exchange is also raising copper futures margins by 17.6%.
The move by the CME Group to raise the margin needed – also known as performance bonds – to trade gold, silver and copper futures on the Comex division of the New York Mercantile Exchange comes as prices for the metals plunged during the past two days as part of a sell off in financial markets in general. The CME Group is the parent company for the Comex and Nymex.
The CME Group raised margins in other markets on Thursday and on Friday it also announced higher margins for long-term U.S. Treasury bond futures.
The changes are as follows:
Comex 100 ounce gold futures and 100-oz gold trade at settlement
Comex MiNY Gold Futures
10 oz Troy Gold Futures
Comex 5000 silver futures and silver futures trade at settlement
Comex MiNY silver futures
E-Mini silver futures
Comex copper futures
E-Mini copper futures
By Debbie Carlson of Kitco News firstname.lastname@example.org