• Addition of a Third Decimal Place to Price Fluctuation Tick of Three Dubai Crude Oil Swap Futures on NYMEX Trading Floor and CME ClearPort

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6091
      • Notice Date
      • 18 January 2012
      • Effective Date
      • 12 February 2012
    • Effective Sunday, February 12, 2012, for trade date Monday, February 13, 2012, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will reduce the minimum price fluctuation limit for the three Dubai crude oil swap futures and option contracts, below, listed for trading on the NYMEX trading floor and for submission for clearing through CME ClearPort.

      Contract

      Code

      Chapter

      Brent-Dubai (Platts) Swap Futures

      DB

      697

      Dubai Crude Oil (Platts) Calendar Swap Futures

      DC

      511

      Dubai Crude Oil (Platts) Average Price Option

      AH

      516

       

       

       

       

       

       

       

      The Commodity Futures Trading Commission (CFTC) will be notified of the reduction of the minimum price fluctuation limits during the week of February 20, 2012 via the weekly notification procedures set out in Part 40 of the CFTC Regulations.

       

      The amendments to the rules relating to reduction in minimum price fluctuation limit for the above-listed contracts are provided in blackline format below.

       

      (underline reflects addition; strikethrough reflects deletion)

       

      Chapter 697 – Brent-Dubai (Platts) Swap Futures

      697.05. PRICES AND FLUCTUATIONS

      Prices shall be quoted in U.S. dollars and cents per barrel. The minimum price fluctuation shall be $0.010 $0.001 per barrel. There shall be no maximum price fluctuation.

       

      Chapter 511 – Dubai Crude Oil (Platts) Calendar Swap Futures

      511.05 PRICES AND FLUCTUATIONS

      Prices shall be quoted in U.S. dollars and cents per barrel. The minimum price fluctuation shall be $0.01 $0.001 per barrel. There shall be no maximum price fluctuation.

       

      Chapter 516 – Dubai Crude Oil (Platts) Average Price Option

      516.07 PRICES

      Prices shall be quoted in dollars and cents per barrel. The minimum price increment will be $0.001 one cent ($0.01)  per barrel.  A cabinet trade may occur at the price of $0.001 per barrel or $1.00, however, if it results in the liquidation of positions of both parties to the trade.

       

      Should you have any questions or require any further information, please contact Owain Johnson at (65) 6593-5568 or Richard Stevens at +44 (20) 3379 3790.