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New Expiration Rules for Options


The new options expirations rules include the elimination of contrary exercise instructions for all physically-settled Crude Oil, Natural Gas, Refined Products, and Metals options contracts that expire after January 1, 2018.  Brent (BZO), Coal, Power, and Emissions options are excluded.

In addition, for exact at-the-money settlements, the auto-exercise rule has changed. If the underlying settlement price falls exactly on a strike price at expiration, the at-the-money calls will be exercised and the at-the-money puts will be abandoned.

For More Information:

Clearing CME Globex Floor CME ClearPort Product Name Subgroup Exchange Volume Open Interest
LO LO - LO Crude Oil Options Crude Oil NYMEX 152,271 2,595,940
LN LNE - LN Natural Gas Options (European) Natural Gas NYMEX 33,272 1,722,595
BE BE - BE Brent Last Day Financial (European) Options Crude Oil NYMEX 19,300 36,931
9C 9C - 9C Brent Crude Oil Last Day Financial Calendar Spread (1 Month) Options Crude Oil NYMEX 19,000 29,500
BZO BZO - BZO Brent Crude Oil Futures-Style Margin Option Crude Oil NYMEX 6,753 189,324
LO3 LO3 - LO3 Crude Oil Weekly Options Wk 3 Crude Oil NYMEX 3,131 0
AO AAO - AO WTI Average Price Options Crude Oil NYMEX 2,610 461,421
LO4 LO4 - LO4 Crude Oil Weekly Options Wk 4 Crude Oil NYMEX 2,031 2,322
G6 G6B - G6 Natural Gas (Henry Hub) Last-day Financial 6 Month Spread Options Natural Gas NYMEX 2,000 25,775
WA WAY - WA WTI Crude Oil 1 Month Calendar Spread Options Crude Oil NYMEX 1,600 345,250
Trade Date: 16 Mar 2018 | FINAL

Note: Volume and Open Interest data is from the previous trade date. Preliminary data updates at approximately 9:00 p.m. CT and the final update is at 10:00 a.m. CT next business day.

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