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WTI-Brent Crude Oil Spread Options
Type
| WTI-Brent Crude Oil Spread Option | |||||
|---|---|---|---|---|---|
| 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. | ||||
| Listed Contracts | CME ClearPort and Open Outcry: | Up to 72 consecutive months on an annual basis (balance of current year plus five full years) and then June and December contracts for three additional years. | |||
| CME Globex: | 1 consecutive month | ||||
| 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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