• NYMEX to List European-Style Natural Gas Options and Crude Oil Options on CME Globex - Effective Sunday, January 20, 2008

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      • Market Data Distributors
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      • Market Data Operations
      • #
      • Q2008-004
      • Notice Date
      • 10 January 2008
      • Effective Date
      • 20 January 2008

    • NYMEX made the following announcement on Friday, January 4, 2008.

      Beginning on Sunday evening, January 20, 2008 (for trade date January 22, 2008), the New York Mercantile Exchange, Inc. will list European-Style Natural Gas Options and European-Style Crude Oil Options for trading on the CME Globex® platform, including full User Defined Spread (UDS) functionality for both options.

      Additionally, on January 22, the European Crude Oil Options will become available for trading on the NYMEX Trading Floor during normal open outcry hours.

      The addition of these venues will allow for the full flexibility of trading European Natural Gas Options and European Crude Oil Options electronically on CME Globex®, open-outcry trading on the NYMEX trading floor, and trade submission through NYMEX ClearPort® Clearing.

      The options will trade on CME Globex® with product codes that differ from the existing clearing and trading product codes. The Clearing and Billing product codes for these products will remain unchanged, and will also stay unchanged for trade submission to NYMEX ClearPort® Clearing, as well as for trading on the NYMEX trading floor.

      NYMEX Code Globex® Code Product Name
      LN LNE NYMEX European-Style Natural Gas Options
      LC LCE NYMEX European-Style Crude Oil Options

      In order to ensure orderly exercise procedures, no expiring option will be accepted for trading on CME Globex® after the close of "open outcry trading" for the respective contracts on the NYMEX floor on the day of expiration.

      The contract months available for trading on CME Globex® will match the current listing on Globex® for the respective American-style Options. All existing strikes for the listed months at the beginning of each trade date will be available for trading on Globex®.

      Globex® Expiration Months:
      Natural Gas (LNE): 24 Consecutive Months
      Crude Oil (LCE): Balance of the current year and next consecutive year; two years of June and December months; and five additional years of December months.

       

      Trading Hours on CME Globex ®:

      From 6:00 PM Sundays through 5:15 PM Fridays, Eastern Time, with a 45-minute break each day between 5:15 PM and 6:00 PM.

      Trading Hours on NYMEX Trading Floor:

      Monday through Friday, 9:00 AM to 2:30 PM Eastern Time.

      Fee Schedule for the above options contracts:
      Globex®
      Member Day Trade $0.45
      Member Overnight $0.70
      Cross Division Trading (Blended) $0.95
      Non Member $1.45
      NXPIT
      Member Day Trade $0.45
      Member Overnight $0.70
      Cross Division Trading (Blended) $0.95
      Non Member $1.45
      Cash Settlement
      Member $0.90
      Non-Member $1.15

      Should you have any questions or require any further information, please contact the NYMEX Marketing hotline at 212-299-2301 or email NYMEXMarketing@nymex.com.

      CONFIDENTIALITY NOTICE: This message and any attachments relate to the official business of the New York Mercantile Exchange, Inc. ("NYMEX") and are proprietary to NYMEX. This e-mail is intended for the above-named person(s) only and is confidential, proprietary and/or legally privileged. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution or the taking of any action in reliance on this information is strictly prohibited. If this message has come to you in error, please immediately notify the sender by telephone or return e-mail and delete the original transmission and its attachments without reading or saving in any manner. Thank you.

      NYMEX EUROPEAN-STYLE OPTIONS
      Product Instrument Group Code Product Code MDP Channel
      Crude Oil LO LCE 35
      Natural Gas GZ LNE 36

      These European-style NYMEX options are currently available for customer testing in the New Release environment.

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