• Listing of Ten (10) New Petroleum Futures on NYMEX Trading Floor and CME ClearPort

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-5387
      • Notice Date
      • 02 September 2010
      • Effective Date
      • 12 September 2010
    • Effective Sunday, September 12, 2010, for trade date Monday, September 13, 2010, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will list the following ten (10) new petroleum futures contracts for trading on the NYMEX trading floor and for submission for clearing through CME ClearPort, a set of flexible clearing services open to over-the-counter (OTC) market participants to substantially mitigate counterparty risk and provide neutral settlement prices across asset classes. The futures contracts will be financially settled.  The contracts are listed with NYMEX, and subject to, the rules and regulations of NYMEX and Chicago Mercantile Exchange Inc. 

      The contract titles, commodity codes, rule chapters, first listed month and listing periods are provided in the table below.

      Contract

      Code

      Rule Chapter

      First Listed Month

      Listing Period

      Mini European Naphtha (Platts) CIF NWE Swap Futures

      MNC

      230

      October 2010

      36 consecutive months

      Mini ULSD 10ppm (Platts) Cargoes CIF MED vs. Gasoil Swap Futures

      UCM

      231

      October 2010

      36 consecutive months

      Mini European Jet Kero (Platts) Cargoes CIF NWE vs. Gasoil Swap Futures

      MJC

      232

      October 2010 t

      36 consecutive months

      Mini European Jet Kero (Platts) Barges FOB Rdam vs. Gasoil Swap Futures

      MJB

      233

      October 2010

      36 consecutive months

      Mini Gasoil 10ppm (Platts) Cargoes CIF NWE vs. Gasoil Swap Futures

      MGN

      234

      October 2010

      36 consecutive months

      Mini Gasoil 0.1 (Platts) Cargoes CIF NWE vs. Gasoil Swap Futures

      MGF

      235

      October 2010

      36 consecutive months

      Daily European Naphtha (Platts) CIF NWE Swap Futures

      NCN

      236

      September 2010

      2 consecutive months

      Daily European 3.5% Fuel Oil (Platts) Barges FOB Rdam Swap Futures

      FOR

      237

      September 2010

      2 consecutive months

      Daily Gasoline Euro-bob Oxy (Argus) NWE Barges Swap Futures

      GBR

      238

      September 2010

      2 consecutive months

      Daily European 1% Fuel Oil (Platts) Cargoes FOB NWE Swap Futures

      FCN

      239

      September 2010

      2 consecutive months

      The Exchange will allow the exchange for related position (EFRP) transactions to be submitted through CME ClearPort.  EFRP transactions in these futures contracts will be governed by the provisions of Exchange Rule 538.

      Contract Size:

       

      MNC, UCM, MJC, MJB, MGN, MGF = 100 Metric Tons

      NCN, FOR, GBR, FCN = 1,000 Metric Tons

       

      Termination of Trading:

      MNC, UCM, MJC, MJB, MGN, and MGF:  Trading shall cease on the last business day of the contract month.

      NCN, FOR, GBR, FCN:  Trading shall cease at the close of the business day of the daily contract.

       

      Minimum Price Intervals and Value per Tick:

      MNC, UCM, MJC, MJB, MGN, MGF:   Minimum price tick = $0.001   Value per tick = $0.10

      NCN, FOR, GBR, FCN:   Minimum price tick = $0.001   Value per tick = $1.00

       

      Final Settlement Price:

      MNC, UCM, MJC, MJB, MGN, MGF:   Settlement tick = $0.001

      NCN, FOR, GBR, FCN:   Settlement tick = $0.001  

       

      Trading and Clearing Hours:

      CME ClearPort: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT).

      Open Outcry:    Monday – Friday 9:00 a.m. – 2:30 p.m. (8:00 a.m. – 1:30 p.m. CT).

      Fees:

      Contract

      CME ClearPort Rates

      NY Trading Floor Rates

      Cash Settlement Fee

      Mini European Naphtha (Platts) CIF NWE Swap Futures

      Member

      $0.85

      Member

      $0.85

      Member

      $0.10

      Non-Member

      $1.25

      Non-Member

      $1.25

      Non-Member

      $0.10

       

      Blended Floor

      $1.05

       

      Mini ULSD 10ppm (Platts) Cargoes CIF MED vs. Gasoil Swap Futures

      Member

      $0.85

      Member

      $0.85

      Member

      $0.10

      Non-Member

      $1.25

      Non-Member

      $1.25

      Non-Member

      $0.10

       

      Blended Floor

      $1.05

       

      Mini European Jet Kero (Platts) Cargoes CIF NWE vs. Gasoil Swap Futures

      Member

      $0.85

      Member

      $0.85

      Member

      $0.10

      Non-Member

      $1.25

      Non-Member

      $1.25

      Non-Member

      $0.10

       

      Blended Floor

      $1.05

       

      Mini European Jet Kero (Platts) Barges FOB Rdam vs. Gasoil Swap Futures

      Member

      $0.85

      Member

      $0.85

      Member

      $0.10

      Non-Member

      $1.25

      Non-Member

      $1.25

      Non-Member

      $0.10

       

      Blended Floor

      $1.05

       

      Mini Gasoil 10ppm (Platts) Cargoes CIF NWE vs. Gasoil Swap Futures

      Member

      $0.85

      Member

      $0.85

      Member

      $0.10

      Non-Member

      $1.25

      Non-Member

      $1.25

      Non-Member

      $0.10

       

      Blended Floor

      $1.05

       

      Mini Gasoil 0.1 (Platts) Cargoes CIF NWE vs. Gasoil Swap Futures

      Member

      $0.85

      Member

      $0.85

      Member

      $0.10

      Non-Member

      $1.25

      Non-Member

      $1.25

      Non-Member

      $0.10

       

      Blended Floor

      $1.05

       

      Contract

      CME ClearPort Rates

      NY Trading Floor Rates

      Cash Settlement Fee

      Daily European Naphtha (Platts) CIF NWE Swap Futures

      Member

      $7.00

      Member

      $7.00

      Member

      $1.00

      Non-Member

      $9.00

      Non-Member

      $9.00

      Non-Member

      $1.00

       

      Blended Floor

      $8.00

       

      Daily European 3.5% Fuel Oil (Platts) Barges FOB Rdam Swap Futures

      Member

      $7.00

      Member

      $7.00

      Member

      $1.00

      Non-Member

      $9.00

      Non-Member

      $9.00

      Non-Member

      $1.00

       

      Blended Floor

      $8.00

       

      Daily Gasoline Euro-bob Oxy (Argus) NWE Barges Swap Futures

      Member

      $7.00

      Member

      $7.00

      Member

      $1.00

      Non-Member

      $9.00

      Non-Member

      $9.00

      Non-Member

      $1.00

       

      Blended Floor

      $8.00

       

      Daily European 1% Fuel Oil (Platts) Cargoes FOB NWE Swap Futures

      Member

      $7.00

      Member

      $7.00

      Member

      $1.00

      Non-Member

      $9.00

      Non-Member

      $9.00

      Non-Member

      $1.00

       

      Blended Floor

      $8.00

       

       

      For more information please contact Daniel Brusstar, Director, Energy Research, at (212) 299-2604.