08/06/2001
On September 6, the Exchange will launch a Brent options contract and, on September 7, it will initiate a Brent/WTI spread options contract, based on the differential between the Exchange's Brent and light, sweet crude oil futures contracts. Each of the new contracts will be traded from 9 AM to 3:10 PM. Six contract months will be listed for the two options contracts, beginning with a November launch.
The expiration of both of the options contracts will occur two business days before the trading terminates in the underlying Brent futures contract. Buying a call on the Brent/WTI options contract will represent a long light, sweet crude oil futures position and a short Brent futures position. Buying a put will be equivalent to a short light, sweet crude oil futures position and a long Brent futures position.
Forward Looking and Cautionary Statements
The New York Mercantile Exchange, Inc., has attempted, wherever possible, to make statements in good faith , as of the date of this release, by using words such as anticipate, believes, expects, and words and terms of similar substance in connection with any discussion of its present and future operations within the industry. Any forward-looking statements made by, or on behalf of the Exchange, involve a number of risks, trends, uncertainties, and other factors which may cause actual results to differ materially, including; the Exchange's receipt of the necessary Commodity Futures Trading Commission approval; timely performance and cooperative effort of exchange partners; and changes in financial or business conditions at the Exchange.