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WTI-Brent Crude Oil Spread Options Contract Specs

Options
Underlying Futures WTI-Brent Bullet Futures (BY)
Product Symbol CME Globex: ABV
CME ClearPort: BV
Open Outcry: BV
Venue CME Globex, CME ClearPort and Open Outcry (New York)
Hours
(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) Trade is Flow per day.
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 Upon expiration, the WTI-Brent Crude Oil Spread Call Option will be financially settled by subtracting the strike price from the settlement price of the underlying WTI-Brent (ICE) Bullet Swap Futures multiplied by 1,000, or zero, whichever is greater. Upon expiration, the WTI-Brent Crude Oil Spread Put Option will be financially settled by subtracting the settlement price of the underlying WTI-Brent (ICE) Bullet Swap Futures from the strike price multiplied by 1,000, or zero, whichever is greater.
Price Quotation U.S. dollars and cents per barrel.
Option Style European
Minimum Fluctuation $0.01 per barrel
Expiration of Trading A WTI-Brent Crude Oil Spread Option on the Exchange shall expire at the close of same day as the termination date of the underlying WTI-Brent (ICE) Bullet Swap Futures traded on the Exchange. Please note that the last trading day for contract months March 2016 and onwards were amended on 9 December 2013 - see SER 6887 for details.
Listed Contracts CME Globex: 1 month
CME ClearPort and Open Outcry: monthly for 4 years listed yearly
Strike Prices Ten strike prices in increments of $0.10 per barrel per above and below the at-the-money strike price. Strike price boundaries are adjusted according to futures price movements.
Settlement Type Financial
Position Limits NYMEX Position Limits
Rulebook Chapter 377
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.

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