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SoCal Basis (Platts IFERC) Options
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Type
 
SoCal Basis (Platts IFERC) Option
Underlying Futures SoCal Basis Swap (Platts IFERC) Futures (NS)
Product Symbol 5M
Venue CME ClearPort and Open Outcry (New York)
Hours
(All Times are New York Time/ET)		 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 On expiration of a call option, the value will be the difference between the settlement price of the underlying SoCal Basis Swap (Platts IFERC) Futures and the strike price multiplied by 2,500 MMBtu, or zero, whichever is greater. On expiration of a put option, the value will be the difference between the strike price and the settlement price of the underlying SoCal Basis Swap (Platts IFERC) Futures multiplied by 2,500 MMBtu, or zero, whichever is greater.
Price Quotation U.S. dollars and cents per mmBtu.
Option Style European
Minimum Fluctuation $0.0001 per MMBtu
Expiration of Trading Trading ends on the the termination day of the underlying basis swap.
Listed Contracts Balance of current year plus 36 months
Strike Prices Ten strike prices in increments of $0.01 per MMbtu 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 520B
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.