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Circular dated on Nov.10 regarding adjustment of Trading Margin requirements
Jiaxing China Cocoon& Silk Exchange Clearing Co., Ltd.
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Circular to all members
Date: Nov. 10,2005
Subject: Regarding adjustment of Trading Margin requirements

The Clearing Company shall adjust the method and ratio of Trading Margin as follows in accordance with current market conditions:

1.Trading margin of electronic contracts of Category B Raw Silk and Dried Cocoon of March’06 and April’06 delivery months that are traded as from the date of Nov.11 shall be 20 per cent of total contract value. The clause saying “Trading Margin of Outstanding position numbers( Open contract numbers) totaled between 0-20 hands of a member shall be 5 per cent of contract value ”on the circular dated on Nov.7 shall be of no effect as of the promulgation of the circular hereof. The clause saying “Trading Margin of Outstanding position numbers( Open contract numbers) totaled above 100 hands of a member shall be 40 per cent of total contract value ”on the circular dated on Nov.7 shall be still effect.

2. In cases that the Clearing Reserve on a member ' s account is insufficient to pay daily margins and relative charges after the calculation of margin amount on Nov.11, the member should deposit the amount equal to such deficiency prior to 9:00 a.m of Nov.14, otherwise Clearing Co. shall notify the Exchange to transfer the contracts.

3.Clearing Co. shall in its discretion adjust the margin requirements for March'06 Dried Cocoon in accordance with the trading conditions.

All members and their customers are hereby informed to keep suitable fund.