NYMEX, ICE Raise Oil Future Margins
The New York Mercantile Exchange and the IntercontinentalExchange have raised the margin requirement on oil future.
The New York Mercantile Exchange (NYMEX) and the IntercontinentalExchange (ICE) have raised the margin requirement on oil future, Bloomberg reports. NYMEX will raise the margins for hedgers and members from $3,750 to $4,500, while for speculators it will increase the margin to $6,075 per contract from $5,063.
The last time NYMEX changed its margin requirement was on April 23, when it cut rates. ICE will boost the margins on Brent crude futures LCOc1 to $5,200 from $4,850, a 7% increase, adds Reuters.
Click here for the story from Bloomberg.
Click here for additional coverage from Reuters.