• Listing of Brent Option on Calendar Futures Strip Option and Brent Option on Quarterly Futures Strip Contracts

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-5602
      • Notice Date
      • 10 February 2011
      • Effective Date
      • 27 February 2011
    • 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.