02/09/2001
This new End of Week Session is being offered only for the crude oil, heating oil, unleaded gasoline and natural gas futures contracts. It is not available for options contracts in these commodities. In addition, the End of Week Session is not available for NYMEX Division metals contracts nor will it be offered for the Exchange's propane futures contract.
Specifically, the new program provides for a special trading session (the "End of Week Session") to be offered on certain days after the close as a substitute on such days for the NYMEX Division post-close trading session. This End of Week Session will be offered on Fridays and additionally on the day before any mid-week Exchange holiday, e.g., Thanksgiving.
This End of Week Session shall be offered (20) minutes after the close of trading in all futures contracts and shall be ten minutes in duration. Thus, on most Fridays, the End of Week Session will be offered from 3:30 to 3:40 p.m. However, because next Friday is the Friday before an Exchange holiday (President's Day), early closing hours shall be in effect.
Therefore, for this reason, the End of Week Session to be offered next Friday on February 16 shall be commence at 1:20 p.m. and shall continue until 1:30 p.m. On the following Friday, the End of Week Session shall be offered at the 3:30-3:40 time slot.
The new End of Week Session is both similar to and different from the present post-close trading session. Like the current post-close session, the End of Week Session is limited to the first four listed contract months. Also, like the current post-close session, trading transacted during the new End of Week Session shall not be included in the calculation of settlement prices.
Unlike the current post-close session, the trading range for the new End of Week Session shall be the trading range for the entire day. The more expansive trading range should provide a better opportunity for unfilled orders to be executed and for market participants to get flat in the market for that trading session.
Also, unlike the current post-close session, there shall be no restrictions on participation in the new End of Week Session.
Eligible Orders- In order to be executable during the End of Week Session, an order must be placed after regular trading hours. Unfilled orders from regular trading hours and good-til-cancelled orders, for example, will not be executable during the End of Week Session. A customer with an unfilled or good-til-cancelled order would need to place a new order after the end of regular trading hours in order to participate in the End of Week Session.