• Listing of Micro Crude Oil and Micro Brent Crude Oil Futures on NYMEX Trading Floor and CME ClearPort

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-5857
      • Notice Date
      • 29 July 2011
      • Effective Date
      • 07 August 2011

    • Effective Sunday, August 7, 2011, for trade date Monday August 8, 2011, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will list two micro crude oil contracts for trading on the NYMEX trading floor and for submission for clearing through CME ClearPort. These 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. 

      Contract Specifications:

      Contract Title

      Micro Crude Oil Futures

      Micro Brent Crude Oil Penultimate Financial Futures

      Commodity Code

      MCL

      MBZ

      Contract Size

      1 U.S. barrel

      1 U.S. barrel

      First Listed Month

      September 2011

      September 2011

      Listing Period

      Current year and next 8 consecutive calendar years

      Current year and next 8 consecutive calendar years

      Settlement Prices

      Based on the NYMEX Light Sweet Crude Oil futures contract.

      Based on the ICE Brent Crude Oil Futures contract.

      Termination of Trading

      Trading shall cease one business day prior to the termination date of the NYMEX Light Sweet Crude Oil futures contract for the delivery month.

      Trading shall cease one business day prior to the termination of the ICE Brent Crude Oil Futures contract, i.e., two business days before the fifteenth calendar day prior to the first day of the delivery month, if the fifteenth calendar day is not a holiday or weekend in London. If the fifteenth calendar day is a holiday or weekend in London, trading shall end three business days prior to the last business day preceding the fifteenth calendar day.

      Minimum Price Intervals

      $0.01

      $0.01

      Value per Tick

      $0.01

      $0.01

      Settlement Tick

      $0.01

      $0.01

      Rule Chapter

      1116

      1117

      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.

      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

      Micro Crude Oil Futures

      Member

      $0.0007

      Member

      $0.0007

      Member

      $0.0007

      Non-Member

      $0.00145

      Non-Member

      $0.00145

      Non-Member

      $0.00145

       

      Blended Floor

      $0.00095

       

      Micro Brent Crude Oil Penultimate Financial Futures

      Member

      $0.00085

      Member

      $0.0007

      Member

      $0.00085

      Non-Member

      $0.00135

      Non-Member

      $0.00145

      Non-Member

      $0.00135

       

      Blended Floor

      $0.00095

      		  

       

      For more information please contact Daniel Brusstar at 212-299-2604.

       

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