02/11/2005
New Contracts and Launch Date
The new futures contracts to be listed will be the Brent Calendar Swap Futures contract (commodity code SA) and the WTI-Brent Spread Calendar Swap Futures contract (commodity code SB). These two new contracts are calendar month instruments and are cash settled. The Brent Calendar Swap Contract will be settled based on the monthly average of the front-month contract of the NYMEX Brent Crude Oil Contract. The WTI-Brent Spread Calendar Swap Contract will be settled based on the differential of the front-month NYMEX Light Sweet Crude Oil Contract minus the NYMEX Brent Crude Oil Contract. The two new contracts will be added to both systems as of the start of the Monday, February 14 NYMEX trade date, which will commence at 7:00 PM on Sunday, February 13. Each of these new futures contracts will be available during the full range of normal listed hours for these systems.
Listed Months and Contract Size
These futures contracts will be listed for 72 consecutive months, and the contract size for these futures contracts is 1,000 barrels and the minimum tick size is $.01 dollars per barrel. The chapters setting forth the terms and condition product specification rules for each of the new futures contracts are available in the Exchange's online rulebook. Margins and position limits will be announced in separate follow-up notices.
Fees
The fees for the two Brent-related swap futures contracts are as follows:
Brent Calendar Swap
| CPT Billing rates: | CPC Billing rates: | Cash Settlement fee: | |||
| Member | $1.00 paid | Member | $0.85 | Member | $0.85 |
| Non-Member | $2.50 inclusive | Non-Member | $1.35 | Non-Member | $1.35 |
WTI-Brent Spread Calendar Swap
| CPT Billing rates: | CPC Billing rates: | Cash Settlement fee: | |||
| Member | $1.00 paid | Member | $2.20 | Member | $2.20 |
| Non-Member | $2.50 inclusive | Non-Member | $2.70 | Non-Member | $2.70 |