• Listing of a New Canadian Crude Oil Futures Contract

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6244
      • Notice Date
      • 17 May 2012
      • Effective Date
      • 03 June 2012
    • Effective Sunday, June 3, 2012, for trade date Monday, June 4, 2012, and pending all relevant CFTC regulatory review periods, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will launch a new Canadian sweet synthetic crude oil index futures contract for trading on the New York trading floor and clearing through CME ClearPort. The Index Price for each contract month will settle on the average of the Canadian Daily Index for sweet synthetic crude oil published by Net Energy.The contract is listed with, and subject to, the rules and regulations of NYMEX.
      SPECIFICATIONS SUMMARY
      ·         Title: Canadian Sweet Synthetic Oil (Net Energy) Index Futures
      ·         Commodity Code: CSN
      ·         Listing Period: Current year plus the next 4 years
      ·         Rule Chapter: 1112
      ·         Contract Size: 1,000 barrels
      ·         First Listed Contract: July 2012
      ·         Minimum Tick: $0.001
      ·         Value per Tick: $1.00
      ·         Last Trading Day: Trading shall cease one Canadian business day prior to the Notice of Shipments (NOS) date on the Enbridge Pipeline. The NOS date occurs on or about the 20th calendar day of the month, subject to confirmation by Enbridge Pipeline. The official schedule for the NOS dates will be made publicly available by Enbridge Pipeline.
      ·         Trading and Clearing Hours: Open Outcry: Monday – Friday 9:00 a.m. – 2:30 p.m. (8:00 a.m. – 1:30 p.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).
      ·         Exchange Fees:

      Fees
       
      Member Day
      Member
      Cross Division
      Non-Member
      IIP
      Pit
      n/a
      2.00
      2.25
      2.50
       
      Globex
      n/a
      n/a
      n/a
      n/a
      n/a
      ClearPort
       
      2.00
       
      2.50
       

       

      Processing Fees
       
      Member
      Non-Member
      Cash Settlement
      0.25
      0.25
      *only applies to financially settled contracts
      Futures from E/A
      n/a
      n/a
      *applies to futures contracts
       
      House Acct
      Cust. Acct
      Options E/A Notice
      n/a
      n/a
      *applies to physical options
      Delivery Notice
      n/a
      n/a
      *applies to physical futures
      Additional Fees and Surcharges
      EFS Surcharge
      $0.00
      *$2.50 fee typically only charged on our core physical contracts
      Block Surcharge
      $0.00
      *$0.10 fee charged on block trades
      Facilitation Desk Fee
      $0.20
      *fee applies to CPC trades entered by ClearPort Market Ops

       
      Please refer questions to:
       
      Research and Product Development:
      Daniel Brusstar             Daniel.Brusstar@cmegroup.com            212.299.2604
      Funda Saygin                Funda.Saygin@cmegroup.com             212.299.2338
      Products and Services:
      Sheila Rule                    Sheila.Rule@cmegroup.com                  403.444.5493