• Rule Amendments – European Ethanol Contracts

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6164
      • Notice Date
      • 14 March 2012
      • Effective Date
      • 15 March 2012
    • Effective March 15, 2012, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will amend the Rulebook wording in respect of the Floating Price description for the Ethanol (Platts) T1 FOB Rdam Excluding Duty Swap Futures (chapter 193, commodity code 2M) and the Ethanol (Platts) T2 FOB Rdam Including Duty Swap Futures (chapter 194, commodity code Z1) contracts. 
      These changes, set out below, reflect changes to naming conventions as implemented by Platts to the underlying reference price for these contracts, and do not represent substantive changes to the contract terms.
      The Exchange shall provide notification to the Commodity Futures Trading Commission of the amendments to the floating price rules of the contracts to reflect the new naming conventions, as implemented by Platts, within one week following the effective date of this change.
      (Underscore denotes addition; Strikethrough denotes deletion)
      Chapter 193
      Ethanol (Platts) T1 FOB Rdam Excluding Duty Swap Futures
      193.02. FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the mid-point of the high and low quotations from Platts European Marketscan for “Fuel grade ethanol T1” under the heading “Barges FOB Rotterdam” Ethanol under the "Ethanol fob Rdam ex duty" assessment for each business day that it is determined during the contract month.
       
      Chapter 194
      Ethanol (Platts) T2 FOB Rdam Including Duty Swap Futures
      194.02. FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the mid-point of the high and low quotations from Platts European Marketscan for “Fuel grade ethanol T2” under the heading “Barges FOB Rotterdam” Ethanol under the "Ethanol fob Rdam including duty" assessment for each business day that it is determined during the contract month.
       
       
      Please refer questions on this subject to:
      Research and Product Development
      Richard Stevens                        richard.stevens@cmegroup.com                        +44 20 3379 3790

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