GLOBEX Advisory Notices
To | CME Globex Customers
From | CME Globex Account Management
Subject | NYMEX Products and the CME Messaging Policy
Notice Date | 2007-03-26
Notice Number | 022607a
Effective Date |
NYMEX Products and the CME Messaging Policy Effective Tuesday, February 27, NYMEX products on CME Globex will be subject to the CME Messaging Policy. The CME Messaging Policy is a fair business policy which encourages market participants to trade and quote appropriately without harming market liquidity. Detailed information on the CME Messaging Policy is available at www.cme.com/messagingpolicy. The following NYMEX products will be subject to the CME Messaging Policy for the second quarter of 2007, with the following product benchmarks:
NYMEX Product Benchmarks
Product | Product Code | Product Benchmarks
Financially Settled Products
Crude Oil Futures & Spreads | WS | 50:1
Physically Settled Products
Crude Oil Futures & Spreads | CL | 25:1
Natural Gas Futures & Spreads | NG | 35:1
NYMEX miNY Energy Products
Natural Gas Futures & Spreads | QG | 50:1
Crude Oil Futures & Spreads | QM | 45:1
NYMEX Clearing Firms will begin receiving reports when their Volume Ratios exceed the product benchmarks. There will be a grace period from February 27 to March 30, during which time no surcharges will be assessed. Beginning April 2, 2007, surcharges will be levied when a Clearing Firm has exceeded their two allowed notices. The surcharge is $2000.00 per trading session per product where the benchmark has been exceeded. For questions on the CME Messaging Policy, please contact CME Globex Account Management at 312.634.8700 or the CME Globex Control Center at 312.456.2391. More information on NYMEX products on the CME Globex platform is available at www.nymexoncmeglobex.com. ©2007 Chicago Mercantile Exchange Inc (CME). All rights reserved. The Globe Logo, Globex® and CME® are trademarks of CME