1. When will the Micro WTI Crude Oil options product be listed for trading?

Starting on trade date June 6, 2022, pending regulatory review, Micro WTI Crude Oil Monthly and Weekly options will be available for trading on CME Globex and for submission of clearing via CME ClearPort.


2. Why is CME Group choosing to launch this product?

Micro WTI Crude Oil futures launched in July 2021 and have been one of the most successful product launches in CME Group history.

Based on strong client demand and building on the success of the Micro WTI Crude Oil futures contract, CME Group plans to introduce options on these liquid futures contracts to provide another tool for participants to express their view on the crude oil market.


3. What are the contract specifications?

PRODUCT SPECIFICATIONS MICRO WTI CRUDE OIL OPTIONS MICRO WTI CRUDE OIL WEEKLY OPTIONS
PRODUCT CODE MCO MW1 - MW5
CONTRACT SIZE 100 barrels 100 barrels
RATIO TO THE STANDARD 1/10 1/10
MINIMUM TICK INCREMENT $0.01 per barrel $0.01 per barrel
DOLLAR VALUE OF A TICK INCREMENT $1 per contract $1 per contract
LISTING TYPE Monthly Friday Weekly
SETTLEMENT TYPE Financial Financial
OPTIONS STYLE European European
MARGIN STYLE Equity Style Equity Style
LISTING EXCHANGE NYMEX

4. When do Micro WTI Crude Oil options expire?

Micro WTI Crude Oil options expire at 1:30 p.m. CT on the day of expiration. The monthly Micro WTI Crude Oil option expires on the same date as the standard-size WTI Crude Oil option, two days before the expiration of the Micro WTI Crude Oil futures. The Micro WTI Crude Oil Weekly options expire each Friday.


5. What are the trading hours on CME Globex and submission hours on ClearPort?

CME Globex Pre-open: Sunday 4:00 p.m. - 5:00 p.m. Central Time/CT Monday - Thursday 4:45 p.m. - 5:00 p.m. CT­

CME Globex Open: Sunday 5:00 p.m. - Friday 4:00 p.m. CT with a daily maintenance period from 4:00 p.m. - 5:00 p.m. CT

CME ClearPort: Sunday 5:00 p.m. - Friday 4:00 p.m. CT with no reporting Monday - Thursday from 4:00 p.m. - 5:00 p.m. CT


6. Are these options contracts eligible for block trading?

Yes, pending all relevant CFTC regulatory review periods, Micro WTI Crude Oil options will be eligible for block trading. The minimum block threshold will be 100 contracts and the options block reporting window will be 15 minutes.


7. What are the exercise procedures for these contracts?

Micro WTI Crude Oil options will be financially settled upon expiration.


8. What are the fees for the Micro WTI Crude Oil options?

Micro WTI Crude Oil options will be part of the NYMEX Fee Schedule.



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