• Reduction of Minimum Price Fluctuation of Eight Petroleum Swap Futures and Option Contracts on NYMEX Trading Floor and CME ClearPort

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6190
      • Notice Date
      • 04 April 2012
      • Effective Date
      • 29 April 2012
    • Effective Sunday, April 29, 2012, for trade date Monday, April 30, 2012, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will reduce the minimum price fluctuation limit for eight (8) petroleum 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
      Japan C&F Naphtha (Platts) Crack Spread Swap Futures
      JB
      580
      Japan C&F Naphtha (Platts) Swap Futures
      JA
      579
      Singapore Naphtha (Platts) Swap Futures
      SP
      671
      Singapore Jet Kerosene (Platts) Swap Futures
      KS
      670
      Singapore Jet Kerosene vs. Gasoil Spread (Platts) Swap Futures
      RK
      672
      Singapore Jet Kerosene (Platts) Average Price Option
      N2
      495A
      Singapore Gasoil (Platts) Swap Futures
      SG
      669
      Singapore Gasoil (Platts) Average Price Option
      M2
      496A

       
      The Commodity Futures Trading Commission (CFTC) will be notified of the reduction of the minimum price fluctuation limits during the week of May 7, 2012, via the weekly notification procedures set forth in Part 40 of the CFTC Regulations.
       
      The amendments to the rules relating to the reduction in minimum price fluctuation limit for the above-listed contracts are provided in blackline format below.
       
      (underline reflects addition; strikethrough reflects deletion)
      Chapter 580 – Japan C&F Naphtha (Platts) Crack Spread Swap Futures
       
      580.05. 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 579 – Japan C&F Naphtha (Platts) Swap Futures
       
      579.05 PRICES AND FLUCTUATIONS
      Prices shall be quoted in U.S. dollars and cents per metric ton. The minimum price fluctuation shall be $0.01$0.001per metric ton. There shall be no maximum price fluctuation.
       
      Chapter 671 – Singapore Naphtha (Platts) Swap Futures
       
      671.05 PRICES AND FLUCTUATIONS
      Prices shall be quoted in U.S. dollars and cents per barrel. The minimum price fluctuation shall be $0.01 $0.001per barrel. There shall be no maximum price fluctuation.
       
      Chapter 670 – Singapore Jet Kerosene (Platts) Swap Futures
       
      670.05 PRICES AND FLUCTUATIONS
      Prices shall be quoted in U.S. dollars and cents per barrel. The minimum price fluctuation shall be $0.01 $0.001per barrel. There shall be no maximum price fluctuation.
       
      Chapter 672 – Singapore Jet Kerosene vs. Gasoil Spread (Platts) Swap Futures
       
      672.05 PRICES AND FLUCTUATIONS
      Prices shall be quoted in U.S. dollars and cents per barrel. The minimum price fluctuation shall be $0.01 $0.001per barrel. There shall be no maximum price fluctuation.
       
      Chapter 496A – Singapore Gasoil (Platts) Average Price Option
       
      496A.06 PRICES IN SINGAPORE GASOIL (PLATTS) AVERAGE PRICE OPTION CONTRACT
      Prices shall be quoted in dollars and cents per barrel. The minimum price increment shall be $0.001 per barrel. and prices shall be in multiples of one (1) cent per barrel. A cabinet trade may occur at a price of $.001 per barrel, or $1.00.
       
      Chapter 669 – Singapore Gasoil (Platts) Swap Futures
       
      669.05 PRICES AND FLUCTUATIONS
      Prices shall be quoted in U.S. dollars and cents per barrel. The minimum price fluctuation shall be $0.01 $0.001per barrel. There shall be no maximum price fluctuation.
      Chapter 495A – Singapore Jet Kerosene (Platts) Average Price Option
       
      495A.06 PRICES IN SINGAPORE JET FUEL KEROSENE (PLATTS) AVERAGE PRICE OPTION CONTRACT
      Prices shall be quoted in dollars and cents per barrel. The minimum price increment will be $0.001 per barrel. and prices shall be in multiples of one (1) cent per barrel. A cabinet trade may occur at a price of $.001 per barrel, or $1.00.
       
      Please refer questions on this subject to:
      Research and Product Development
      Richard Stevens                        Richard.Stevens@cmegroup.com                      +44 (20) 3379 3790
      Dan Brusstar                             Daniel.Brusstar@cmegroup.com                         212.299.2604
      Owain Johnson                         Owain.Johnson@cmegroup.com                        +65 6593 5568
       

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