Effective Sunday, February 27, 2011 for trade date Monday, February 28, 2011, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will list two (2) new crude oil option contracts: 1) Brent Option on Calendar Futures Strip (Rule 826; Code BPC) and 2) Brent Option on Quarterly Futures Strip (Rule 827; Code BQP), for open outcry trading and for submission for clearing through CME ClearPort. The contracts are listed with NYMEX, and subject to, the rules and regulations of NYMEX and Chicago Mercantile Exchange Inc.
Product Specification:
Product Name |
Brent Option on Calendar Futures Strip |
Brent Option on Quarterly Futures Strip |
Symbol |
BPC |
BQP |
Rule Chapter |
826 |
827 |
Option Type |
European style; option contracts will exercise into underlying futures |
|
Underlying Futures |
Brent (ICE) Calendar Swap Futures (CY) |
|
Contract Unit |
12 consecutive futures contract months beginning with the underlying month of the option contract. |
3 consecutive futures contract months beginning with the underlying month of the option contract. |
Expiration |
One business day prior to the delivery month of the first underlying futures contract. |
|
Price Fluctuations |
$0.01 per barrel |
|
Strike Intervals |
20 strikes in $0.50 per barrel intervals above and below the at the money strike price |
|
First List Month |
January 2012 |
April 2011 |
Listing Series |
3 consecutive years |
4 consecutive quarters |
Trading Hours |
Open Outcry: Monday – Friday 9:00 a.m. – 2:30 p.m. (8:00 p.m. – 1:30 p.m. Chicago Time/CT). 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). |
Fee Schedule:
Symbol |
NY Trading Floor Fee |
CME ClearPort Fee |
Options E/A Notice |
|||||
Member Day |
Member Overnight |
Blended |
Non-Member |
Member |
Non-Member |
House |
Customer |
|
BPC |
N/A |
$5.00 |
$7.00 |
$7.00 |
$5.00 |
$7.00 |
$0.40 |
$0.85 |
BQP |
N/A |
$1.25 |
$1.75 |
$1.75 |
$1.25 |
$1.75 |
$0.40 |
$0.85 |
For additional information, please contact Robert Biolsi at (212) 299-2610.