• Launch of Iron Ore Average Price Options on the NYMEX Trading Floor and CME ClearPort

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-5642
      • Notice Date
      • 03 March 2011
      • Effective Date
      • 13 March 2011

    • Please be advised that effective Sunday, March 13, 2011, for trade date Monday, March 14, 2011 the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will list two Iron Ore average price options for trading on the NYMEX trading floor and 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.

      Contract Name

      Iron Ore 62% Fe, CFR China (TSI) Average Price Option

      Iron Ore 62% Fe, CFR North China (Platts) Average Price Option

      Code

      ICT

      ICP

      Contract Unit

      500 dry metric tons

      1,000 dry metric tons

      Underlying Futures

      Iron Ore 62% Fe, CFR China (TSI) Swap Futures (TIO) (500 Dry Metric Tons)

      Iron Ore 62% Fe, CFR North China (Platts) Swap Futures (PIO) (1,000 Dry Metric Tons)

      Price Quotation

      U.S. dollars and cents per dry metric ton

      U.S. dollars and cents per dry metric ton

      Minimum Price Tick

      $0.01

      $0.01

      Settlement Tick

      $0.01

      $0.01

      First Listed Month

      April 2011

      April 2011

      Listing Period

      24 consecutive months

      24 consecutive months

      Termination of Trading

      Trading terminates on the last business day of the contract month.  If the last business day of the contract month is a UK banking holiday, the last trade date will be the business day immediately preceding the holiday

      Trading terminates on the last business day of the contract month.  If the last business day of the contract month is a UK banking holiday, the last trade date will be the business day immediately preceding the holiday

      Strike Prices

      three (3) fifty-cent increment strike prices above and below the at-the-money strike price available for trading in all option contract months

      three (3) fifty-cent increment strike prices above and below the at-the-money strike price available for trading in all option contract months

      Settlement Index

      TSI

      Platts

      Rule Chapter

      644

      645

      Trading Hours

      ·         Open Outcry:  Monday – Friday 9:00 AM to 2:30 PM (8:00 AM to 1:30 PM 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)

      Fees

      Iron Ore 62% Fe, CFR China (TSI) Average Price Option (ICT)

      Exchange Fees

       

      Member Day

      Member

      Cross Division

      Non-Member

      IIP

      Pit

      N/A

      $9.00

      $9.50

      $10.00

       

      Globex

      N/A

      N/A

      N/A

      N/A

      N/A

      ClearPort

       

      $9.00

       

      $10.00

       

       

      Processing Fees

       

      Member

      Non-Member

      Cash Settlement

      $1.00

      $1.00

      Futures from E/A

      N/A

      N/A

       

      House Account

      Customer Account

      Options E/A Notice

      N/A

      N/A

      Delivery Notice

      N/A

      N/A

       

      EFS Surcharge

      N/A

      Block Surcharge

      N/A

      Facilitation Desk Fee

      $1.00

      Additional Fees and Surcharges

       

      ClearPort Volume Discount Program - Exchange Fees

       

      Volume Threshold

      Disc. Member Rate

      Disc. Non-Member Rate

      ClearPort

      1,000

      $8.00

      $9.00

      Note: Clearing Processing Fees (e.g. Give Up Surcharge, Position Adjustment, Position Transfer) will be applied when fee waiver is lifted for all products.

       

      Iron Ore 62% Fe, CFR North China (Platts) Average Price Option (ICP)

      Exchange Fees

       

      Member Day

      Member

      Cross Division

      Non-Member

      IIP

      Pit

      N/A

      $18.00

      $19.00

      $20.00

       

      Globex

      N/A

      N/A

      N/A

      N/A

      N/A

      ClearPort

       

      $18.00

       

      $20.00

       

       

      Processing Fees

       

      Member

      Non-Member

      Cash Settlement

      $1.00

      $1.00

      Futures from E/A

      N/A

      N/A

       

      House Account

      Customer Account

      Options E/A Notice

      N/A

      N/A

      Delivery Notice

      N/A

      N/A

       

      Additional Fees and Surcharges

      EFS Surcharge

      N/A

      Block Surcharge

      N/A

      Facilitation Desk Fee

      $1.00

       

      ClearPort Volume Discount Program - Exchange Fees

       

      Volume Threshold

      Disc. Member Rate

      Disc. Non-Member Rate

      ClearPort

      500

      $16.00

      $18.00

      Note: Clearing Processing Fees (e.g. Give Up Surcharge, Position Adjustment, Position Transfer) will be applied when fee waiver is lifted for all products.

      For more information please contact Joann Arena at (212) 299-2356.

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