• Launch of U.S. Midwest Domestic Hot Rolled Coil Steel Average Price Option on the NYMEX Trading Floor and CME ClearPort

      • To
      • Members, Member Firms and Market Users
      • From
      • Research and Product Development
      • #
      • SER-6015
      • Notice Date
      • 16 November 2011
      • Effective Date
      • 11 December 2011

    • Please be advised that effective Sunday, December 11, 2011, for trade date Monday, December 12, 2011, and pending all relevant CFTC regulatory review periods, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will list a U.S. Midwest Domestic Hot Rolled Coil Steel Average Price Option contract for trading on the NYMEX trading floor and for clearing through CME ClearPort.  The contract is listed with, and subject to, the rules and regulations of NYMEX.

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

      Contract Name

      U.S. Midwest Domestic Hot Rolled Coil Steel Average Price Option

      Code

      HRO

      Contract Unit

      20 Short Tons

      Option Type

      Financially settled, exercise only upon expiration

      Price Quotation

      U.S. dollars and cents per ton

      Minimum Price Tick

      $1.00

      Underlying Future

      U.S. Midwest Domestic Hot Rolled Coil Steel Index Futures (HRC)

      First Listed Month

      February 2012

      Listing Period

      24 consecutive months

      Termination of Trading

      Trading terminates on the business day prior to the last Wednesday of the named contract month

      Strike Price Increment

      $5.00 per ton

      Rule Chapter

      1095

       

      Trading Hours

      ·         Open Outcry:  Monday – Friday 9:00 a.m. to 2:30 p.m. (8:00 a.m.to 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. CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)

       

      Fees

      Exchange Fees

       

       

      Member Day

      Member

      Cross Division

      Non-Member

      IIP

       

      Pit

      		  

      $4.00

      $2.00

      $5.00

      		  

       

      Globex

      		  

      N/A

      N/A

      N/A

      		  

       

      ClearPort

      		  

      $4.00

      		  

      $5.00

      		  

       
                 

      Processing Fees

      		      

       

      Member

      Non-Member

      		      

      Cash Settlement

      $4.00

      $5.00

      		      

      Futures from E/A

      N/A

      N/A

      		      

       

      House Acct

      Cust Acct

      		      

      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

      $0.20

      		        
                 
                 
                             

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

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Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

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