Notice to Members
Notice No. 264
05/18/2007
Listing New Calendar Spread Options for NYMEX Brent Financial Contract on NYMEX Floor for Trading and on NYMEX ClearPort for Clearing
The Exchange will begin trading in Brent Calendar Spread Options (1Mo AA, 2Mo AB, 3Mo AC, 6Mo AM and 12M AZ) on Sunday May 27 for trade date Tuesday, May 29, 2007. The initial listing will begin with those involving exercise into the July 2007 contract month. The following summarizes the main characteristics of these options: Brent Calendar Spread Option

Trading Unit:

A long call on the Brent crude oil calendar spread options contract will exercise into a long position in the closer Brent crude oil financial contract month and a short position in the longer-dated Brent crude oil financial contract month. A long put will exercise into a short position in the closer Brent crude oil financial contract and a long position in the longer-dated Brent crude oil financial contract month.

The Synthetic Underlying Futures Symbols (Not listed for trading):

1Mo BD, 2Mo BF, 3Mo BJ, 6Mo BM and 12M BQ

Strike Price Intervals:

Ten strike prices in increments of $0.05 (5¢) per barrel above and below the at-the-money strike price, and the next five strike prices in increments of $0.10 (10¢) a barrel above the highest and below the lowest existing strike prices for a total of at least 31 strike prices. Strike price boundaries are adjusted according to futures price movements.

Trading Hours:

The options will be listed on the NYMEX trading floor from 9:00 AM to 2:30 PM and on NYMEX ClearPort® from 6:00 PM Sundays through 5:15 PM Fridays New York time, with a 45-minute break between 5:15 PM and 6:00 PM.

Expiration Date:

The expiration date is one business day before the termination of the underlying contract, and the options can be exercised only on the last day.

Minimum Price Fluctuation

$0.01 (1¢) per barrel

Trading Months:
AA: 12 consecutive months beginning with July 2007 – August 2007 spread through June 2008 – July 2008

AB: 2 two month spreads beginning the July 2007 – September 2007 spread through August 2007 – October 2007 spread

AC: 1 three month spread beginning July 2007 – October 2007 spread

AM: 2 six month spreads between December 2007 – June 2008 spread through June 2008 – December 2008 spread

AZ: 1 twelve month spread December 2007 – December 2008
Fee Schedule for the above option contract:

 
CPC
NXPIT
Membership & Trade Type Member Overnight
$1.75
$0.50
Member Day Trade
N/A
$0.25
Blended
$2.50
$0.75
Non-Member
$2.50
$1.35
Option exercise /assignment (House)
$0.40
$0.40
Option exercise/assignment (Cust)
$0.85
$0.85
Member Overnight - EOO
N/A
$0.50
Member Day - EOO
N/A
$0.50
Blended - EOO
N/A
$0.75
Non-Member EOO
N/A
$1.35
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com