On June 18, 2010 in Clearing Advisory 10-259, we published details of changes to final settlement dates for certain NYMEX cash-settled futures and options. These changes affected contracts where previously the Clearing House did not close out positions and finalize settlement until the fifth business date following the last day of trading.
Based on feedback from clearing firms, we are now modifying this plan, so that (a) the final settlement date will be the second business date following the last day of trading, for both the futures and the options; and (b) the positions will also be removed at that time. The new plan will simplify processing while still allowing the margin to be released on the second day after the last day of trading.
Generally for these products, the final settlement price is determined on the last day of trading. Occasionally, these prices must subsequently be corrected, but these corrections almost always occur within two days.
Register for regular updates here and manage your email preferences.