• SER-6417R

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6417R
      • Notice Date
      • 17 October 2012
      • Effective Date
      • 17 October 2012
    • On October 8, 2012, NYMEX issued Special Executive Report S-6417 concerning a proposed increase in expiration month position limits in NYMEX Last Day Financial Natural Gas contracts, associated revisions to NYMEX Rule 559 (“Position Limits and Exemptions”) and the elimination of conditional limits in those contracts.
       
      Based on additional discussion with staff of the CFTC, NYMEX has determined not to move forward with the increase or the removal of conditional limits at this time and the submission to the CFTC has been formally withdrawn. Accordingly, the existing 1,000 contract expiration month limit in Henry Hub Natural Gas Look-Alike Last Day Financial futures (HH), Henry Hub Natural Gas Last Day Financial futures (NN), Daily Natural Gas options (KD) and Henry Hub Natural Gas Last Day Financial options (U01-U31) will remain in place, as will the conditional limits in NYMEX Last Day Financial Natural Gas contracts set forth in NYMEX Rule 559.F. The text of current Rule 559.F. and the pertinent section of the Position Limit, Position Accountability and Reportable Level Table are set forth below.
       
      559.F. Conditional Limit in NYMEX Last Day Financial Natural Gas Contracts
      The Market Regulation Department may grant a Conditional limit in Last Day Financial Natural Gas contracts of up to the equivalent of five thousand (5,000) NYMEX Physical Natural Gas Contracts (NG) during the period that position limits are applicable. Any participant seeking such exemption must agree: (1) not to hold a position in the NG contract during the last three days of trading; (2) provide the Exchange information on the complete book of all positions related to the Henry Hub; and (3) any other information /documentation required by the Exchange.

      Contract Name
      Rule Chapter
      Com-modity Code
      All Month Account-ability Level
      Any One Month Account-ability Level
      Expiration Month Limit
      Expiration Account-ability Level Last Day Contracts
      Report-ing Level
      Aggre-gate Into (1)
       
       
       
      Rule 560
      Rule 560
      Rule 559
      Rule 560
      Rule 561
       
      Natural Gas
       
       
       
       
       
       
       
       
      USA
       
       
       
       
       
       
       
       
       
      Henry Hub Natural Gas Look-Alike Last Day Financial Futures
      823
      HH
      12,000
      12,000
      1,000
       
      100
      HH
      Henry Hub Natural Gas Last Day Financial Futures
      508
      NN
      12,000
      12,000
      1,000
       
      175
      HH
      Daily Natural Gas Option
      832
      KD
      n/a
      n/a
      1,000
       
      n/a
      HH
      Henry Hub Natural Gas Last Day Financial Option
      375
      E7
      12,000
      12,000
      1,000
       
      100
      HH
      Short-Term Natural Gas Option
      1066
      U01-U31
      12,000
      12,000
      1,000
       
      25
      U01-U31

       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
      If you have any questions concerning this matter, please contact Chris Reinhardt, Director, Market Regulation Department, at 212.299.2882.
       
       
      For media inquiries concerning this Special Executive Report, please contact CME Group Corporate Communications at 312.930.3434 or news@cmegroup.com.

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