• CHANGE IN EFFECTIVE DATE – Reduction of Minimum Price Fluctuation of Six Singapore Fuel Oil Swap Futures and Option Contracts on NYMEX Trading Floor and CME ClearPort

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6182R
      • Notice Date
      • 28 March 2012
      • Effective Date
      • 15 April 2012
    • Please note that effective Sunday, April 15, 2012, for trade date Monday, April 16, 2012, rather than trade date April 2 as previously announced earlier today in Special Executive Report 6182, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will reduce the minimum price fluctuation limit for the six Singapore fuel 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
      Singapore Fuel Oil 380 cst (Platts) Swap Futures
      SE
      668
      Singapore Fuel Oil 180 cst (Platts) Calendar Swap Futures
      UA
      662
      East-West Fuel Oil Spread (Platts) Swap Futures
      EW
      666
      Singapore Fuel Oil 180 cst (Platts) Average Price Option
      C5
      439A
      Singapore Fuel Oil 380 cst (Platts) Average Price Option
      8H
      668A
      Singapore Fuel Oil 180 cst vs. 380 cst Spread (Platts) Swap Futures
      SD
      667

       
      The Commodity Futures Trading Commission (CFTC) will be notified of the reduction of the minimum price fluctuation limits during the week of April 23, 2012, via the weekly notification procedures set forth 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 668 – Singapore Fuel Oil 380 cst (Platts) Swap Futures
       
      668.05. PRICES AND FLUCTUATIONS
      Prices shall be quoted in U.S. dollars and cents per metric ton. The minimum price fluctuation shall be $0.010 $0.001 per metric ton. There shall be no maximum price fluctuation.
       
      Chapter 662 – Singapore Fuel Oil 180 cst (Platts) Calendar Swap Futures
       
      662.05 PRICES AND FLUCTUATIONS
      Prices shall be quoted in U.S. dollars and cents per metric ton. The minimum price fluctuation shall be $0.01 $0.001 per metric ton. There shall be no maximum price fluctuation.
       
      Chapter 666 – East-West Fuel Oil Spread (Platts) Swap Futures
       
      666.05 PRICES AND FLUCTUATIONS
      Prices shall be quoted in U.S. dollars and cents per metric ton. The minimum price fluctuation shall be $0.01 $0.001 per metric ton. There shall be no maximum price fluctuation.
       
      Chapter 439A – Singapore Fuel Oil 180 cst (Platts) Average Price Option
       
      439A.06 PRICES IN SINGAPORE FUEL OIL 180 CST CALENDAR SWAP
      Prices shall be quoted in dollars and cents per metric ton. The minimum price increment will be $0.001 per metric ton.and prices shall be in multiples of one (1) cent per metric ton. A cabinet trade may occur at a price of $.001 per metric ton, or $1.00.
       
       
      Chapter 668A – Singapore Fuel Oil 380 cst (Platts) Average Price Option
       
      668A.06 PRICES
      Prices shall be quoted in dollars and cents per metric ton and prices shall be in multiples of one (1) cent per metric ton. The minimum price increment will be $.01 $0.001per metric ton. A cabinet trade may occur at a price of $.001 per metric ton, or $1.00, however, if it results in the liquidation of positions for both parties to trade.
      Chapter 667 – Singapore Fuel Oil 180 cst vs. 380 Spread (Platts) Swap Futures
       
      667.05 PRICES AND FLUCTUATIONS
      Prices shall be quoted in U.S. dollars and cents per metric ton. The minimum price fluctuation shall be $0.01 $0.001 per metric ton. There shall be no maximum price fluctuation.
       
       
      Should you have any questions or require any further information, please contact Owain Johnson at (65) 6593-5568 or Richard Stevens at (44) 20-7796-7129.