• Temporary Delisting From Globex, Listing on NYMEX Floor, and Reduction of Minimum Price Fluctuation for Eleven (11) Natural Gas Basis Swap Futures

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6332
      • Notice Date
      • 27 July 2012
      • Effective Date
      • 12 August 2012
    • 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 temporarily delist the eleven natural gas basis swap futures contracts listed below from Globex and simultaneously list these products on the NYMEX trading floor effective trade date August 13, 2012.  The contracts will remain listed for submission for clearing on CME ClearPort.
      The contracts, commodity codes, and chapter numbers are listed below:

      Contract Name
      Code
      Chapter Number
      Rockies Basis Swap (Platts IFERC) Futures
      NR
      524
      Panhandle Basis Swap (Platts IFERC) Futures
      PH
      525
      Texas Eastern Zone M-3 Basis Swap (Platts IFERC) Futures
      NX
      621
      Ventura Basis Swap (Platts IFERC) Futures
      PF
      631
      Waha Basis Swap (Platts IFERC) Futures
      NW
      634
      Columbia Gas TCO Basis Swap (Platts IFERC) Futures
      TC
      622
      Columbia Gulf Louisiana Basis Swap (Platts IFERC) Futures
      GL
      638
      Houston Ship Channel Basis Swap (Platts IFERC) Futures
      NH
      518
      NGPL Mid-Con Basis Swap (Platts IFERC) Futures
      NL
      629
      NGPL TexOk Basis Swap (Platts IFERC) Futures
      PD
      625
      Demarc Basis Swap (Platts IFERC) Futures
      PE
      630

      The open outcry trading hours are Monday – Friday 9:00 a.m. – 2:30 p.m. (8:00 a.m. – 1:30 p.m. Chicago Time).


       
      The Exchange fees in connection with the listing of these products on the NYMEX trading floor are presented in the table below.

      Exchange Fees
       
       
      Member Day
      Member
      Cross Division
      Non-Member
      IIP
       
      Pit
      $0.54
      0.54
      $0.61
      $0.67
       
       
      ClearPort
      .21.21 
      $0.54
      $0.67
       
       
      Processing Fees
       
      Member
      Non-Member
      Cash Settlement
      0.02
      0.02
       
      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
      $0.05
       

       
      In addition, effective trade date Monday, August 13, the Exchange will reduce the minimum price fluctuation limits for the 11 Natural Gas Basis contracts listed above from $0.0025 per MMBtu to $0.0001 per MMBtu.  
      The Commodity Futures Trading Commission (CFTC) will be notified of the reduction of the minimum price fluctuation limits during the week of August 20, 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 black-line format below.
      (underline reflects addition; strikethrough reflects deletion)
      XXX.05             PRICES AND FLUCTUATIONS
      Prices shall be quoted in U.S. dollars and cents per MMBtu. The minimum price fluctuation shall be $0.0025 $0.0001 per MMBtu. There shall be no maximum price fluctuation.
      Please refer questions on this subject to:
      Research and Product Development
      Adila Mchich                             Adila.Mchich@cmegroup.com                           (212) 299-2270
      Brad Leach                               Brad.Leach@cmegroup.com                              (212) 299-2609
       
      Products and Services
      Todd Schlaht                            Todd.Schlaht@cmegroup.com                           (403) 444-5568

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