NOTICE OF EMERGENCY ACTION

FILE NO.:

NYMEX 20-0007

SUBJECT:

Amendments to Special Price Fluctuation Limits Applicable to Light Sweet Crude Oil and Brent Crude Oil Last Day Financial and All Related Associated Contracts

APPLICABLE NYMEX RULE:                        

579. GLOBAL COMMAND CENTER (in part)

A.      GCC Authority

The GCC has the authority to take any action deemed appropriate to preserve market integrity in CME Group markets. Such actions include, but are not limited to, the halting of trading, modifying risk-mitigating parameters including price bands, velocity logic and special price fluctuation limits as described in Rule 589, restricting customer access to Globex or any other actions deemed to be in the best interest of the Exchange. In the event any action taken pursuant to this Rule is in response to an emergency as defined in CFTC Regulation 40.1(h), the CFTC shall be notified of the emergency action in accordance with CFTC Regulations.

                                               589. SPECIAL PRICE FLUCTUATION LIMITS (link below)

                                      https://www.cmegroup.com/content/dam/cmegroup/rulebook/NYMEX/1/5.pdf

EMERGENCY ACTION:           

On Thursday, March 19, 2020, the Global Command Center (“GCC”) took emergency action by modifying the special price fluctuation limits applicable to the Light Sweet Crude Oil and Brent Crude Oil Last Day Financial Futures contracts as listed below, and all related Associated Contracts (the “Contracts”) effective immediately and until further notice. This action is based on recent Light Sweet Crude Oil and Brent Crude Oil Last Day Financial Futures movements in the Contracts and is intended to ensure fair and orderly trading in the Contracts.

In the good faith exercise of its sole discretion, the GCC determined that an emergency exists, and that emergency action is warranted.

EFFECTIVE DATE:                                    

March 19, 2020

Click HERE to view the full notice.