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Coal (API 4) fob Richards Bay (Argus/McCloskey) Calendar Option Contract Specs

Underlying Futures Coal (API4) FOB Richards Bay (ARGUS-McCloskey) Futures (MFF)
Product Symbol RLA
Venue CME Globex, CME ClearPort, Open Outcry (New York)
(All Times are New York Time/ET)
CME Globex: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m.CT)
CME ClearPort: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
Open Outcry: Monday – Friday 9:00 AM to 2:30 PM (8:00 AM to 1:30 PM CT)
Contract Unit 12 consecutive futures beginning with the underlying month of the option contract (each future is 1,000 metric tons, 12,000 metric tons in total)
Price Quotation U.S. dollars and cents per metric ton
Minimum Fluctuation $0.01 per metric ton
Expiration of Trading

30 calendar days prior to the first calendar day of the first month in the strip. If such day is not a UK business day, the LTD shall be the first preceding UK business day. Last trade to be accepted at 5:00pm London time.

Options will be auto-exercised by the Exchange with reference to end of day prices published by the London Energy Brokers’ Association (‘LEBA’) on the expiration day. Contra-instructions may be submitted up to 6:00pm London time, or 15 minutes after the publication of the LEBA reference price, whichever is later.

Listed Contracts CME Globex: 1 Month (1yr Calendar Spread OOF)
CME ClearPort and Open Outcry: 2 Months (2-1yr Calendar Spreads)
Strike Prices Ten strike prices in increments of $0.50 per ton above and below the at-the-money strike price, for a total of at least 21 strike prices. Strike price boundaries are adjusted according to price movements of underlying futures contract.
Settlement Type Physical
Position Limits NYMEX Position Limits
Rulebook Chapter 918
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.

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