The New York Mercantile Exchange, Inc. is amending Rules 9A.27, Expiration Month Position Limit, and 9A.27A, Expiration Position Accountability Levels. Effective for the October 2009 expiration, these amendments will establish hard expiration position limits for the following natural gas financially-settled contracts:
Henry Hub Penultimate Financial Futures Contract HP
Natural Gas Look-Alike Option LN
Henry Hub Natural Gas Penultimate Swap Futures Contract NP
NYMEX Natural Gas miNY Futures Contract QG
Henry Hub Financial Last Day Futures Contract HH
Henry Hub Swap Futures Contract NN
Henry Hub Financial Last Day Option Contract E7
The amendments are being implemented in response to a Commodity Futures Trading Commission (“CFTC”) rulemaking, anticipated to be in force by September 2009 that will require exempt commercial markets to establish hard position limits for significant price discovery contracts (“SPDCs”). As such, these amendments are being implemented to establish hard expiration position limits for the above-cited natural gas financially-settled contracts similar to those required to be established for SPDCs. In conjunction with the implementation of the CFTC’s final rulemaking, the amendments, reflected in Chapter 9A, Appendix A (attached) will, as previously stated, be made effective in conjunction with the October 2009 expiration of the natural gas financially-settled contracts.
Questions regarding these amendments can be directed to Anthony V. Densieski, Director, Market Surveillance, at 212.299.2881, or Chris Reinhardt, Supervisor, Market Surveillance at 212.299.2884.
Attachment
NOTIFICATION OF AMENDMENTS TO NYMEX RULES 9A.27 and 9A.27A
(bold/underline indicates additions; strikethrough indicates deletions)
Contract Name |
Rule Chap-ter |
Commodity Code |
All Month Accountability Level |
Any One Month Accountability Level |
Expiration Month Limit |
Expiration Accountability Level-Penultimate and Metals Contracts |
Expiration Accountability Level Last Day Contract |
Report-ing Level |
Aggre-gate Into (1) |
Aggre-gate Into (2) |
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|
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Rule 9A.26 |
Rule 9A.26 |
Rule 9A.27 |
Rule 9A.27A |
Rule 9A.27A |
Rule 9A.34 |
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Natural Gas |
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United Kingdom |
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USA |
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Henry Hub Penultimate Financial Futures Contract |
824 |
HP |
12,000 |
12,000 |
1,000 |
|
|
100 |
HP |
|
Natural Gas Look-Alike Option |
560 |
LN |
12,000 |
12,000 |
1,000 |
|
|
100 |
HP |
|
Henry Hub Natural Gas Penultimate Swap Futures Contract |
529 |
NP |
12,000 |
12,000 |
1,000 |
|
|
100 |
HP |
|
NYMEX Natural Gas miNY Futures Contract |
402 |
QG |
12,000 |
12,000 |
1,000 |
|
|
175 |
HP |
|
Henry Hub Financial Last Day Futures Contract |
823 |
HH |
12,000 |
12,000 |
1,000 |
|
|
100 |
HH |
|
Henry Hub Swap Futures Contract |
508 |
NN |
12,000 |
12,000 |
1,000 |
|
|
175 |
HH |
|
Henry Hub Financial Last Day Option Contract |
375 |
E7 |
12,000 |
12,000 |
1,000 |
|
|
100 |
HH |
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