• Listing of Daily Brent Crude Oil Option Contract on NYMEX Trading Floor and CME ClearPort

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6235
      • Notice Date
      • 26 July 2012
      • Effective Date
      • 12 August 2012
    • Please be advised that effective Sunday, August 12, 2012, for trade date Monday, August 13, 2012, and pending all relevant CFTC regulatory review periods, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will list a daily Brent Crude Oil option contract for open outcry trading and for clearing through CME ClearPort. This contract will be listed with, and subject to, the rules and regulations of NYMEX.
       
      SPECIFICATION SUMMARY:
       

      Contract Name
      Daily Brent Crude Oil Option
      Commodity Code
      ODB
      Rule Chapter
      870
      Option Type
      European style; financially settled
      Underlying Futures
      Brent Crude Oil Penultimate Financial futures.
      The Floating Price is equal to the Brent Crude Oil (ICE) Futures 1st nearby contract settlement price on the penultimate trading day for the delivery month.
      Contract Unit
      A Daily Brent Crude Oil Put Option contract traded on the Exchange represents the cash difference between the exercise price and the settlement price of the first nearby Brent Crude Oil Penultimate Financial futures contract multiplied by 1,000, or zero, whichever is greater. A Daily Crude Oil Call Option contract traded on the Exchange represents the cash difference between the settlement price of the first nearby Brent Crude Oil Penultimate Financial futures contract and the exercise price multiplied by 1,000, or zero, whichever is greater.
      Expiration
      The contract expires at the close of the business day on which it is listed.
      Minimum Tick Size
      $0.01 per barrel
      Strike Interval
      $0.01 per barrel
      First Listed Contract
      August 13, 2012
      Listing Convention
      Trading in Daily Brent Crude Oil option contract shall be conducted on each business day. A new contract day shall list upon the expiration of the current contract day.
      No contract day is listed on the expiration date of the Brent Look-Alike Crude Oil Option (BE) contract.

       


      ·         Exchange Hours:
      Open Outcry: Monday – Friday 9:00a.m. – 2:30 p.m. (8:00 a.m. – 1:30p.m.Chicago Time/CT).
      CME ClearPort:Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT).
      ·         Fee Schedule:

      Exchange Fees
      Member Day
      Member
      Cross Division
      Non-Member
      IIP
      Pit
      $0.45
      $0.70
      $0.95
      $1.45
      Globex
      NA
      NA
      NA
      NA
      NA
      ClearPort
      $1.75
      $2.50
      Processing Fees
      Member
      Non-Member
      Cash Settlement
      $0.90
      $1.15
      Futures from E/A
      NA
      NA
      House Acct
      Cust Acct
      Options E/A Notice
      NA
      NA
      Delivery Notice
      NA
      NA
       
       
      Additional Fees and Surcharges
      EFS Surcharge
      NA
      Block Surcharge
      NA
      Facilitation Desk Fee
      $0.20

      For additional information, please contact Howard Hopkins at (212) 299-2351 or Cameron Liao at (212) 299-2613.

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