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

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6215
      • Notice Date
      • 26 April 2012
      • Effective Date
      • 20 May 2012
    • Effective Sunday, May 20, 2012, for trade date Monday, May 21, 2012, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will reduce the minimum price fluctuation limit for twelve (12) petroleum swap futures contracts below, listed for trading on the NYMEX trading floor and for submission for clearing through CME ClearPort.
       

      Contract
      Code
      Rule Chapter
      Dated Brent (Platts) Calendar Swap Futures
      UB
      647
      European Naphtha (Platts) Calendar Swap Futures
      UN
      650
      European 1% Fuel Oil (Platts) Cargoes FOB NWE Calendar Swap Futures
      UF
      658
      European 1% Fuel Oil (Platts) Barges FOB Rdam Calendar Swap Futures
      UH
      659
      European 3.5% Fuel Oil (Platts) Barges FOB Rdam Calendar Swap Futures
      UV
      660
      Dated to Frontline Brent Swap Futures
      FY
      695
      Brent (ICE) Calendar Swap Futures
      CY
      696
      European Gasoil Crack Spread Swap Futures
      GZ
      710
      European Naphtha (Platts) Crack Spread Swap Futures
      EN
      713
      European Diesel 10 ppm (Platts) Barges FOB Rdam vs. Gasoil Futures Swap
      ET
      718
      3.5% Fuel Oil (Platts) Barges FOB Rdam Crack Spread Swap Futures
      FO
      726
      European Gasoil (ICE) Swap Futures
      GX
      728

       
      The Commodity Futures Trading Commission (CFTC) will be notified of the reduction of the minimum price fluctuation limits during the week of May 28, 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)
      647.05.             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.
       
       
       
       
      650.05.             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.
       
      658.05.             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.
       
      659.05.             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.
       
      660.05.             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.
       
      695.05.             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.
       
      696.05.             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.
       
      710.05.             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.
       
      713.05.             PRICES AND FLUCTUATIONS
      Prices shall be quoted in U.S. dollars and cents per barrels. The minimum price fluctuation shall
      be $0.01 0.001 per barrels. There shall be no maximum price fluctuation.
       
      718.05.             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.
       
      726.05.             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.
       
      728.05.             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.
      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
      Elizabeth Hui                             Elizabeth.Hui@cmegroup.com                         +44 (20) 3379 3707

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