Notice to Members
Notice No. 418 11/06/2003
Large Trader Reporting Requirements, Accountability Levels and Expiration Month Limits for Average Price Options Contracts for Crude Oil, Heating Oil and Unleaded Gasoline
As previously announced, the Exchange will introduce trading in Average Price Options ("APO") contracts for Light, Sweet Crude Oil, Heating Oil, and Unleaded Gasoline on November 7, 2003. The contracts underlying the NYMEX Division APOs are the WTI Crude Oil Calendar Swap futures contract, New York Harbor Heating Oil Calendar Swap futures contract and the New York Harbor Unleaded Gasoline Calendar Swap futures contract. The daily Large Trader Report for the APO contracts submitted on November 10, 2003 for the close of business on November 7, 2003, must include reportable positions for these contracts. The quantities fixed for filing reports pursuant to NYMEX Rule 9.33 (Position Reporting) for these APOs are the same as those for the Crude Oil, Heating Oil and Unleaded Gasoline futures contracts. The commodity codes and reporting levels are as follows:   Commodity Code Reportable Level Light, Sweet Crude Oil APO: AO 350 contracts Heating Oil APO: AT 250 contracts Unleaded Gasoline APO: AU 150 contracts If a person controls or holds a position equal to, or greater than the above reportable levels long or short in any one month, then all such options in that product whether above the reportable level or not, shall be deemed reportable positions. Note: All Clearing Firms and Omnibus accounts transmitting large trader data, pursuant to NYMEX Rule 9.33 must identify the above by using the applicable two letter commodity code. Additionally, the accountability levels, pursuant to NYMEX Rule 9.26 (All Month/Any One Month Position Accountability), and expiration position limits, pursuant to NYMEX Rule 9.27 (Expiration and Current Delivery Month Position Limits or Position Accountability), for the above APO contracts are as follows: Any One Month/All Months Net Futures or Futures-Equivalent Position Accountability Levels for each contract Light, Sweet Crude Oil APO 20,000 contracts Heating Oil APO 7,000 contracts Unleaded Gasoline APO 7,000 contracts   Expiration and Current Delivery Month Position Limits for each contract Light, Sweet Crude Oil APO 1,000 contracts Heating Oil APO 1,000 contracts Unleaded Gasoline APO 1,000 contracts Note: For position limit purposes, these APO contracts will be aggregated into the accountability levels and position limits, on a futures equivalent basis, with their respective futures contracts in the same fashion as the swap contracts that underlie these options are currently treated. Such aggregation does not however allow any person or account controller to maintain a gross position in the current delivery month upon termination in the CL, HO or HU futures contracts, in excess of 1,000 contracts. Further, all position limits are calculated on an intra-day basis.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com