Merging Open Interest from NYMEX Mt Belvieu Ethane Swap (W8) to Mt Belvieu Ethane 5 Decimals Swap (C0)

In response to customer demand, The Exchange will be migrating the open interest from the 4-decimal priced NYMEX Mt Belvieu Ethane (OPIS)Swap (Code W8) to the 5-decimal priced Mt Belvieu Ethane 5 Decimals (OPIS) Swap (Code C0).  The W8 product has been replaced by the Mont Belvieu Ethane 5 Decimals (OPIS) Swap (code C0), which uses 5 decimal trade and settlement prices This migration will be accomplished in the two steps described below:

1.     The NYMEX Mont Belvieu Ethane (OPIS) Swap (code W8) contract WILL BE DELISTED effective with the close of business on Monday November 30, 2009.  All existing W8 contracts will have a Last Trade Date set to Nov. 30, 2009, and their final settlement day will be 5 business days subsequent, on Monday Dec. 7, 2009.  We will also delist any related overlying contracts to W8. (Options and BALMOS)   

2.     On Tuesday December 1, 2009, CME Clearing will execute position adjustments in the Clearing system which will have the effect of liquidating all remaining open positions in the W8 contract and establishing new positions in the C0 contract.  Clearing Members will need to make similar adjustments on that date within their own recordkeeping systems to account for the movement of positions from the W8 contract to the C0 contract.

Should you have any questions, please contact  Anthony DiBenedetto at 212 299-2152,  Alexandra Siff at 212 299-2368, or Dan Brusstar at 212 299-2604.

For the PDF version of this advisory, please click here.