• Amendment to the Product Title of the New York Harbor ULSD Heating Oil (HO) Contract and all Related References in the NYMEX Rulebook

      • To
      • Members, Member Firms and Market Users
      • From
      • Research and Product Development
      • #
      • SER-6687R
      • Notice Date
      • 04 June 2013
      • Effective Date
      • 04 June 2013
    • This SER supersedes SER #6687 dated May 28, 2013 and provides corrections to non-substantive, typographical errors.
      As previously announced, effective Sunday June 2, 2013, for trade date Monday, June 3, 2013, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) amended the product title of its New York Harbor ULSD Heating Oil Futures contract (Chapter 150, commodity code: HO) to NY Harbor ULSD Futures. The rulebook chapter and commodity code will remain unchanged. Also at that time, the Exchange amended all references to the HO contract throughout the NYMEX rulebook to reflect the new name. The Exchange also implemented amendments to the position limit table within Chapter 5 of the NYMEX rulebook to reflect the revised naming conventions. These changes will not affect existing position limit of the products.
      It is important to note that the title change and all related amendments are administrative in nature and will, in no manner, impact the structure of the contract or related contracts. 
      The Commodity Futures Trading Commission (CFTC) will be notified of the product name change and related rule amendments during the week of June 10, 2013, via the weekly notification procedures set forth in Part 40 of the CFTC Regulations.
      Inquiries regarding this matter may be directed to Research & Product Development:
      Daniel Brusstar    daniel.brusstar@cmegroup.com      (212) 299-2604 
      Emily Kwak         emily.kwak@cmegroup.com           (212) 299-2394
       
      The proposed product name changes are listed below.

      Current Product Name
      Proposed New Product Name
      Clearing Code
      Rule Chapter
      New York Harbor ULSD Heating Oil Futures
      NY Harbor ULSD Futures
      HO
      150
      Gulf Coast Heating Oil (Argus) vs. NY Harbor ULSD Heating Oil Futures
      Gulf Coast Heating Oil (Argus) vs. NY Harbor ULSD Futures
      7U
      244
      NY ULSD (Argus) vs. NY Harbor ULSD Heating Oil Futures
      NY ULSD (Argus) vs. NY Harbor ULSD Futures
      7Y
      246
      NY Jet Fuel (Argus) vs. NY Harbor ULSD Heating Oil Futures
      NY Jet Fuel (Argus) vs. NY Harbor ULSD Futures
      5U
      248
      Gulf Coast Heating Oil (OPIS) vs. NY Harbor ULSD Heating Oil Futures
      Gulf Coast Heating Oil (OPIS) vs. NY Harbor ULSD Futures
      7W
      256
      Heating Oil Option
      NY Harbor ULSD Option
      OH
      320
      Heating Oil Average Price Option
      NY Harbor ULSD Average Price Option
      AT
      321
      Group Three ULSD (Platts) vs. NY Harbor ULSD Heating Oil Futures
      Group Three ULSD (Platts) vs. NY Harbor ULSD Futures
      A6
      325
      Heating Oil BALMO Futures
      NY Harbor ULSD BALMO Futures
      1G
      328
      Heating Oil Crack Spread BALMO Futures
      NY Harbor ULSD Crack Spread BALMO Futures
      1H
      329
      Heating Oil Crack Spread Option
      NY Harbor ULSD Crack Spread Option
      CH
      350
      Heating Oil Calendar Spread Option - 1 Month
      NY Harbor ULSD Calendar Spread Option - 1 Month
      FA
      392
      Heating Oil Calendar Spread Option - 2 Month
      NY Harbor ULSD Calendar Spread Option - 2 Month
      FB
      392
      Heating Oil Calendar Spread Option - 3 Month
      NY Harbor ULSDCalendar Spread Option - 3 Month
      FC
      392
      Heating Oil Calendar Spread Option - 6 Month
      NY Harbor ULSD Calendar Spread Option - 6 Month
      FM
      392
      Heating Oil Calendar Spread Option - 12 Month
      NY Harbor ULSD Calendar Spread Option - 12 Month
      FZ
      392
      E-mini Heating Oil Futures
      E-mini NY Harbor ULSD Futures
      QH
      404
      NY Jet Fuel (Platts) vs. NY Harbor ULSD Heating Oil Futures
      NY Jet Fuel (Platts) vs. NY Harbor ULSD Futures
      1U
      413
      Chicago ULSD (Platts) vs. NY Harbor ULSD Heating Oil Futures
      Chicago ULSD (Platts) vs. NY Harbor ULSD Futures
      5C
      453
      Heating Oil Crack Spread Futures
      NY Harbor ULSD Crack Spread Futures
      HK
      523
      Heating Oil Crack Spread Average Price Option
      NY Harbor ULSD Crack Spread Average Price Option
      3W
      523A
      NY Heating Oil (Platts) vs. NY Harbor ULSD Heating Oil Futures
      NY Heating Oil (Platts) vs. NY Harbor ULSD Futures
      YH
      541
      Heating Oil European Financial Option
      NY Harbor ULSD European Financial Option
      LB
      551
      RBOB Gasoline vs. NY Harbor ULSD Heating Oil Futures
      RBOB Gasoline vs. NY Harbor ULSD Futures
      RH
      558
      NY ULSD (Platts) vs. NY Harbor ULSD Heating Oil Futures
      NY ULSD (Platts) vs. NY Harbor ULSD Futures
      UY
      564
      Los Angeles CARB Diesel (OPIS) vs. NY Harbor ULSD Heating Oil Futures
      Los Angeles CARB Diesel (OPIS) vs. NY Harbor ULSD Futures
      KL
      575
      Los Angeles Jet (OPIS) vs. NY Harbor ULSD Heating Oil Futures
      Los Angeles Jet (OPIS) vs. NY Harbor ULSD Futures
      JS
      577
      Heating Oil Financial Futures
      NY Harbor ULSD Financial Futures
      MP
      603
      Los Angeles Jet Fuel (Platts) vs. NY Harbor ULSD Heating Oil Futures
      Los Angeles Jet Fuel (Platts) vs. NY Harbor ULSD Futures
      MQ
      609
      Heating Oil vs. Gasoil Futures
      NY Harbor ULSD vs. Gasoil Futures
      HA
      725
      Heating Oil Bullet Futures
      NY Harbor ULSD Bullet Futures
      BH
      825
      Heating Oil Last Day Financial Futures
      NY Harbor ULSD Last Day Financial Futures
      23
      829
      NY ULSD (Argus) vs. NY Harbor ULSD Heating Oil BALMO Futures
      NY ULSD (Argus) vs. NY Harbor ULSD BALMO Futures
      ULB
      1052
      Heating Oil Brent Crack Spread Futures
      NY Harbor ULSD Brent Crack Spread Futures
      HOB
      1097

       
       
      TAS, Tradable TAMs, TAM Markers (and VWAPs for the 3:15)

      Current Product Name
      Proposed New Product Name
      Globex Code
      ULSD London Tradable Marker
      NY Harbor ULSD London Tradable Marker
      HOL
      ULSD Heating Oil Platts 3:15 Tradable Marker
      NY Harbor ULSD Platts 3:15 Tradable Marker
      HOP
      Heating Oil London Marker
      NY Harbor ULSD London Marker
      HO2
      ULSD Heating Oil Platts 3:15 Marker
      NY Harbor ULSD Platts 3:15 Marker
      HO3
      Heating Oil TAS
      NY Harbor ULSD TAS
      HOT

       
       
       
       
       
       
       
      The proposed rule amendments to reflect NY Harbor ULSD Futures contract and associated references and products appear below.
       
       
      (bold/underline indicates addition; strikethrough indicates deletion)
       
       
      Chapter 5
      Trading Qualifications and Practices
       
      524. TRADING AT SETTLEMENT (“TAS”), TRADING AT MARKER (“TAM”) AND MATCHED ORDER (“MO”) TRANSACTIONS
      The Exchange shall determine the commodities, contract months and time periods during which TAS, TAM and MO transactions shall be permitted.
       
      524.B. Trading at Marker (“TAM”) Transactions
       
      The following shall govern TAM transactions:
      1. TAM orders may be entered on Globex at any time the applicable contracts are available for TAM trading on Globex and during each TAM contract’s prescribed pre-open time period. The initiation of any TAM order on Globex outside these time periods is prohibited.
       
      2. TAM-eligible commodities and contract months may be executed as block trades pursuant to the requirements of Rule 526.
       
      3. TAM transactions may be executed at the current day’s applicable marker price or at any valid price increment ten ticks higher or lower than the applicable marker price.
       
      4. A Party carrying an open long (short) Platts TAM or Platts TAM block position in RBOB Gasoline (“RB”) or New York NY Harbor ULSD Heating Oil (“HO”) futures may not sell (buy) in the underlying RB or HO market during the time period from 3:14:00.000 to 3:14:59.999 p.m. Eastern Time.
       
      526. BLOCK TRADES
       
      The Exchange shall designate the products in which block trades shall be permitted and determine the minimum quantity thresholds for such transactions. The following shall govern block trades:
       
      F.     Unless otherwise agreed to by the principal counterparties to the block trade, the seller, or, in the case of a brokered transaction, the broker handling the block trade, must ensure that each block trade is reported to the Exchange within five minutes of the time of execution in the following futures products: Brent Crude Financial, Brent Crude Oil Last Day Financial, Light Sweet Crude Oil, Gulf Coast Sour Crude Oil, New York NYHarbor ULSD Heating Oil, Henry Hub Natural Gas, RBOB Gasoline, Cocoa, Coffee, Cotton, No. 11 Sugar, Gold, Silver and Copper. In all other block-eligible products, the seller must ensure that each block trade is reported to the Exchange within fifteen minutes of the time of execution. The report must include the contract, contract month, price, quantity of the transaction, the respective clearing members, the time of execution, and, for options, strike price, put or call and expiration month. The Exchange shall promptly publish such information separately from the reports of transactions in the regular market.
       
      Chapter 8
      Clearing House and Performance Bonds
       
      855. OFFSETTING DIFFERENT SIZED FUTURES POSITIONS
      With the consent of the account controller, a clearing member may offset and liquidate long futures positions against short futures positions, or short futures positions against long futures positions, held in the same account in the following ratios:
       
      E-mini Crude Oil (QM) to Crude Oil Financial (WS) 2:1
       
      E-mini Natural Gas (QG) to Henry Hub Natural Gas Look-Alike Penultimate Financial (HP) 4:1
       
      Henry Hub Natural Gas Look-Last Day Financial (NN) to Henry Hub Natural Gas Look-Alike Last Day Financial (HH) 4:1
      Henry Hub Natural Gas Penultimate Financial (NP) to Henry Hub Natural Gas Look-Alike Penultimate Financial (HP) 4:1
       
      E-mini RBOB Gasoline (QU) to RBOB Gasoline Financial (RT) 2:1
       
      E-mini NY Harbor ULSDHeating Oil (QH) to NY Harbor ULSDHeating Oil Financial (BH) 2:1
       
      E-micro Gold (MGC) to Gold (GC) 10:1
       
      The clearing member shall notify the Clearing House of offsetting positions by submitting reports to the Clearing House in such form and manner as the Clearing House shall specify. The positions shall be offset at the previous day's settlement price. The positions being offset shall be transferred to a Clearing House holding account. Long and short positions in the same contract and contract month held in the holding account shall be netted, thus reducing the number of open positions in such contract.
       
       
      Chapter 150
      New York NY Harbor ULSD Heating Oil Futures
       
      150100. SCOPE OF CHAPTER
      This chapter is limited in application to New York NY Harbor ULSD Heating Oil futures. The procedures for trading, clearing, delivery and settlement not specifically covered herein or in Chapter 7B shall be governed by the general rules of the Exchange.
       
      The provisions of these rules shall apply to all ULSD heating oil bought or sold for future delivery on the Exchange with delivery in New York Harbor.
      The terms “seller” and “buyer” shall mean the seller of the physical product and the buyer of the physical product, respectively.
       
      The term "contract value" shall mean the amount equal to the settlement price on the last day of trading in a futures contract times 42,000 times the number of contracts to be delivered.
       
      For purposes of these rules, unless otherwise specified, times referred to herein shall refer to and indicate New York time.
       
      150102. TRADING SPECIFICATIONS
       
      Trading in New York NY Harbor ULSD Heating Oil futures is regularly conducted in all calendar months. The number of months open for trading at a given time shall be determined by the Exchange.
       
      150102.A. Trading Schedule
      The hours for trading shall be determined by the Exchange.
      150102.B. Trading Unit
      The contract unit shall be 42,000 U.S. gallons (1,000 U.S. barrels). Except for a delivery made by book transfer or stock transfer pursuant to Section 106, a loading tolerance of two percent (2%) above or below (1,020 U.S. barrels or 980 U.S. barrels) the contract unit is permitted. The volume delivered shall be determined at 60 degrees Fahrenheit using ASTM. Standard D-1250, Table 6B.
       
      150102.C. Price Increments
      The minimum fluctuation shall be $0.0001 (0.01¢) per gallon. Prices shall be quoted in dollars and cents per gallon.
       
      150102.D. Special Price Fluctuation Limits
      1. Initial Price Fluctuation Limits for All Contract Months. At the commencement of each trading day, there shall be price fluctuation limits in effect for each contract month of this futures contract of $0.25 per gallon above or below the previous day's settlement price for such contract month.
       
      2. (a)  Triggering Event and Temporary Trading Halt. If a market for any of the first three (3) contract months is bid or offered on Globex® at the upper or lower price fluctuation limit, as applicable, it will be considered a Triggering Event which will halt trading for a five (5) minute period (“Temporary Trading Halt”) in all contract months of the New York NY Harbor ULSD Heating Oil futures contract, as well as all contract months in all products cited in the Associated Products Appendix of this rule. Trading in any option related to this contract or in an option contract related to any products cited in the Associated Products Appendix which may be available for trading on either Globex or on the trading floor, shall additionally be subject to a coordinated Temporary Trading Halt.
      (b)  Expansion of Limits Following Temporary Trading Halt. Following the end of the 5-minute Temporary Trading Halt, the affected markets shall re-open simultaneously in all contract months of these futures contracts. When trading resumes, price fluctuation limits for each contract month shall be expanded an additional increment of the price fluctuation limits, above and below the previous day's settlement price for each contract month in the affected contracts on Globex and on the trading floor (as applicable).
       
      (c)  Each instance in which a Triggering Event occurs, a Temporary Trading Halt will commence as provided in Sections 102.D.2(a) and 102.D.2(b) above and the price fluctuation limits for all contract months shall be expanded by an additional increment of the price fluctuation limits for New York NY Harbor ULSD Heating Oil futures as well as all products cited in the Associated Products Appendix of this rule.
       
      (d)  End of Day Lifting of Price Fluctuation Limits. On any Exchange business day, regardless of any prior action concerning price fluctuation limits during the trading session, commencing sixty (60) minutes before the close of the Regular Trading Hours (RTH) session, there shall be no price fluctuation limits on any contract month in New York NY Harbor ULSD Heating Oil futures or in any products cited in the Associated Products Appendix of this rule. The Price Fluctuation Limits shall be reinstated after the close of RTH for trading on Globex and shall be in effect through to the conclusion of the current trading day's Globex trading session.
       
      3. Price Fluctuation Limits on the Trading Floor (Floor Trading)
       
      (a)  The price fluctuation limits cited in Section 102.D.1. of this rule shall be applicable on the trading floor. All markets on the trading floor shall be limited to trading at these price levels (locked limit); however, such trading shall not constitute a Triggering Event for purposes of a Temporary Trading Halt.
       
      (b)   In all instances when a Triggering Event in New York NY Harbor ULSD Heating Oil futures occurs on Globex, floor trading in New York NY Harbor ULSD Heating Oil futures and any products cited in the Associated Products Appendix of this rule shall immediately halt. Additionally, trading in any option related to this contract, or in an option contract related to any products cited in the Associated Products Appendix, shall be subject to a coordinated trading halt.
       
      4. Associated Products Appendix
       
      CL       Light Sweet Crude Oil Futures
      HO      New York NY Harbor ULSD Heating Oil Futures
      RB       RBOB Gasoline Futures
      QM      E-mini Crude Oil Futures
      QH      E-mini Heating Oil Futures
      QU      E-mini RBOB Gasoline Futures
      WS      Crude Oil Financial Futures
      RT       RBOB Gasoline Financial Futures
       
      150102.F. Termination of Trading
      No trades in New York NY Harbor ULSD Heating Oil futures in the expiring contract month shall be made after the last business day of the month preceding the delivery month for such expiring contract. Any contracts remaining open after the last day of trading must be either:
      (a)  Settled by delivery which shall begin no earlier than the day after the fifth business day of the delivery month or later than the last day prior to the last business day of the delivery month and shall be completed no later than the last business day of the delivery month; or
      (b)   Liquidated by means of a bona fide Exchange for Related Position (“EFRP”) pursuant to Rule 538. An EFRP is permitted in an expired futures contract at any time before 2:00 p.m. on the first business day following termination of trading in the expired futures contract. An EFRP which establishes a futures position for either the buyer or the seller shall in an expired futures contract shall not be permitted following the termination of trading of an expired
      futures contract.
       
      Chapter 191
      RBOB Gasoline Futures
       
      191102.D. Special Price Fluctuation Limits
      4. Associated Products Appendix
       
      CL       Light Sweet Crude Oil Futures
      HO      New York NY Harbor ULSD Heating Oil Futures
      RB       RBOB Gasoline Futures
      QM      E-mini Crude Oil Futures
      QH      E-mini Heating Oil Futures
      QU      E-mini RBOB Gasoline Futures
      WS      Crude Oil Financial Futures
      RT       RBOB Gasoline Financial Futures
       
      Chapter 200
      Light Sweet Crude Oil Futures
       
      200102.D. Special Price Fluctuation Limits
      4. Associated Products Appendix
       
      CL       Light Sweet Crude Oil Futures
      HO      New York NY Harbor ULSD Heating Oil Futures
      RB       RBOB Gasoline Futures
      QM      E-mini Crude Oil Futures
      QH      E-mini Heating Oil Futures
      QU      E-mini RBOB Gasoline Futures
      WS      Crude Oil Financial Futures
      RT       RBOB Gasoline Financial Futures
       
       
      Chapter 244
      Gulf Coast Heating Oil (Argus) vs. NY Harbor ULSD Heating Oil Futures
       
      244.02. FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the mid-point between the high and low quotations from Argus Media for Gulf Coast Heating Oil (pipeline) minus the NYMEX New York NY Harbor ULSD Heating Oil Futures first nearby contract month settlement price for each business day that both are determined during the contract month. For purposes of determining the Floating Price, the price will be rounded each day to the nearest thousandth of a cent.
       
      Chapter 246
      NY ULSD (Argus) vs. NY Harbor ULSD Heating Oil Futures
       
      246.02. FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the mid-point between the high and low quotations from Argus Media for New York ULSD (barge) minus the NYMEX New York NY Harbor ULSD Heating Oil Futures first nearby contract month settlement price for each business day that both are determined during the contract month. For purposes of determining the Floating Price, the price will be rounded each day to the nearest thousandth of a cent.
       
       
      Chapter 248
      NY Jet Fuel (Argus) vs. NY Harbor ULSD Heating Oil Futures
       
      248.02. FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the mid-point between the high and low quotations from Argus Media for New York Jet fuel (barge) minus the NYMEX New York NY Harbor ULSD Heating Oil Futures first nearby contract month settlement price for each business day that both are determined during the contract month. For purposes of determining the Floating Price, the price will be rounded each day to the nearest thousandth of a cent.
       
      Chapter 256
      Gulf Coast Heating Oil (OPIS) vs. NY Harbor ULSD Heating Oil Futures
       
      256.02. FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the mid-point between the high and low quotations from OPIS for Gulf Coast Heating Oil (pipeline) minus the NYMEX New York NY Harbor ULSD Heating Oil Futures first nearby contract month settlement price for each business day that both are determined during the contract month. For purposes of determining the Floating Price, the Platts mean will be rounded each day to the nearest thousandth of a cent.
       
       
      Chapter 320
      NY Harbor ULSD Heating Oil Option
       
      320.01 EXPIRATION OF NY Harbor ULSD HEATING OIL OPTION CONTRACT
      A NY Harbor ULSDheating oil option contract on the Exchange shall expire at the close of trading on the third business day immediately preceding the expiration of the underlying futures contract. The expiration date shall be announced prior to the listing of the option contract
       
      320.02 TRADING UNIT FOR NY Harbor ULSD HEATING OIL OPTION CONTRACT
      A NY Harbor ULSD heating oil put or call option contract traded on the Exchange represents an option to assume a short or long position in the underlying futures contract traded on the Exchange.
       
      320.03 TRADING MONTHS FOR NY Harbor ULSD HEATING OIL OPTION CONTRACT
      Trading in NY Harbor ULSDheating oil option contracts shall be conducted in the months as shall be determined by the Board of Directors. Trading shall commence on the day fixed by resolution of the Board of Directors.
       
      320.04 HOURS OF TRADING IN NY Harbor ULSD HEATING OIL OPTION CONTRACT
      The hours of trading in NY Harbor ULSDheating oil option contracts on the Exchange shall be the same as the hours of trading for NY Harbor ULSDheating oil futures contracts. All such trading shall take place on the trading floor of the Exchange within the hours prescribed by the Board.
       
      320.05 STRIKE PRICES FOR NY Harbor ULSD HEATING OIL OPTION CONTRACTS
      (A) Trading shall be conducted for options with strike prices in increments as set forth below.
       
      B) On the first business day of trading in an option contract month, trading shall be at the following strike prices: (i) the previous day's settlement price for NY Harbor ULSDheating oil futures contracts in the corresponding delivery month rounded off to the nearest one-cent strike price unless such settlement price is precisely midway between two strike prices in which case it shall be rounded off to the lower strike price and (ii) the twenty one-cent increment strike prices which are twenty increments higher than the strike price described in (i) of this Rule 320.05(B) and (iii) the twenty one-cent increment
       
      strike prices which are twenty increments lower than the strike price described in (i) of this Rule 320.05(B) and (iv) an additional ten strike prices for both call and put options will be listed at five-cent increments above the highest one-cent increment as described in (ii) of this Rule 320.05(B), beginning with the first available such strike that is evenly divisible by $0.05 and (v) an additional ten strike prices for both call and put options will be listed at five-cent increments below the lowest one-cent increment as described in (iii) of this Rule 320.05(B).
       
      C) Thereafter, on any business day prior to the expiration of the option, (i) new consecutive strike prices for both puts and calls will be added such that at all times there will be at least twenty one-cent strike prices above and below the at-the-money strike price available for trading in all options contract months and (ii) new five-cent increment strike prices will be added such that at all times there shall be ten five-cent strike prices above the highest one-cent strike, (iii) new five-cent increment strike prices will be added such that at all times there shall be up to ten five-cent strike prices below the lowest one-cent strike and each such strike price shall be above zero. The at-the-money strike price will be determined in accordance with the procedures set forth in Subsection (B) of this Rule 320.05.
       
      D) Notwithstanding the provisions of subsections (A) through (C) of this Rule, if the Board determines that trading in NY Harbor ULSDheating oil futures options will be facilitated thereby, the Board may, by resolution, change the increments between strike prices, the number of strike prices which shall be traded on the first day in any new option contract month, the number of new strike prices which will be introduced on each business day or the period preceding the expiration of a NY Harbor ULSDheating oil futures option in which no new strike prices may be introduced.
       
      320.06 PRICES IN NY Harbor ULSDHEATING OIL OPTION CONTRACTS
      Prices shall be quoted in dollars and cents per gallon and prices shall be in multiples of $.0001 (.01 cent) per gallon.
      A cabinet trade may occur at a price of $0.0000238 per gallon, or $1.00.
       
      320.07 ABSENCE OF PRICE FLUCTUATION LIMITATIONS FOR NY Harbor ULSDHEATING OIL OPTION CONTRACTS
      Trading in NY Harbor ULSDheating oil option contracts shall not be subject to price fluctuation limitations.
       
      320.08 TEMPORARY TRADING HALT
      When a Triggering Event (as defined in Chapter 150) in New York NY Harbor ULSD Heating Oil futures occurs, trading in this option shall be subject to a coordinated Temporary Trading Halt (as defined in Chapter 150).
       
       
       
      Chapter 321
      NY Harbor ULSD Heating Oil Average Price Option
      321.01 TYPE OPTION
      A NY Harbor ULSD Heating Oil Average Price Option is a European Style Average Price option cash settled on expiration
      321.02 TRADING UNIT OF NY Harbor ULSD HEATING OIL AVERAGE PRICE OPTION CONTRACTS
      On expiration of a call option, the value will be the difference between the average daily settlement price during the calendar month of the first nearby NY Harbor ULSDNYMEX Heating Oil Futures Contract and the strike price multiplied by 42,000 gallons, or zero, whichever is greater. On expiration of a put option, the value will be the difference between the strike price and the average daily settlement price during the calendar month of the first nearby NY Harbor ULSDNYMEX Heating Oil Futures Contract multiplied by 42,000 gallons, or zero, whichever is greater.
       
      321.03 PRICES IN NY Harbor ULSD HEATING OIL AVERAGE PRICE OPTION CONTRACTS
      Prices shall be quoted in hundredths of cents per gallon. A cabinet trade may occur at the price of $.0000238 per gallon or $1.00.
       
      321.04 EXPIRATION OF NY Harbor ULSD HEATING OIL AVERAGE PRICE OPTION CONTRACT
      A NY Harbor ULSDHeating Oil Average Price Option Contract shall expire on the last business day of the Calendar Month.
       
      321.05 STRIKE PRICES NY Harbor ULSD HEATING OIL AVERAGE PRICE OPTION CONTRACT
      (A) Trading shall be conducted for options with strike prices in increments as set forth below.
       
      (B) On the first business day of trading in an option contract month, trading shall be at the following strike prices: (i) the previous day's settlement price for NY Harbor ULSD Heating Oil Futures contracts in the corresponding delivery month rounded off to the nearest one - cent increment strike price unless such settlement price is precisely midway between two one-cent increment strike prices in which case it shall be rounded off to the lower one-cent increment strike price and (ii) the twenty one-cent increment strike prices which are twenty increments higher than the strike price described in (i) of this Rule xx.05(B) and (iii) the twenty one-cent increment strike prices which are twenty increments lower than the strike price described in (i) of this Rule xx.05(B) and (iv) an additional ten strike prices for both call and put options will be listed at five-cent increments above the highest one-cent increment as described in (ii) of this Rule xx.05 (B), beginning with the first available such strike that is evenly divisible by $0.05 and (v) an additional ten strike prices for both call and put options will be listed at five-cent increments below the lowest one-cent increment as described in (iii) of this Rule xx.05(B), beginning with the first available such strike that is evenly divisible by $0.05.
       
      (C) Thereafter, on any business day prior to the expiration of the option (i) new consecutive striking prices for both puts and calls will be added such that at all times there will be at least twenty one-cent increment strike prices above and below the at-the-money strike price available for trading in all options contract months; and (ii) new five-cent increment strike prices will be added such that at all times there shall be ten five-cent strike prices above the highest one-cent strike price. (iii) The at-of-the-money strike price will be determined in accordance with the procedures set forth in Subsection (B) of this Rule xx.05.
       
      (D) Notwithstanding the provisions of subsections (A) through (C) of this Rule, if the Board determines that trading in NY Harbor ULSD Heating oil futures options will be facilitated thereby, the Board may, by resolution, change the increments between strike prices, the number of strike prices which shall be traded on the first day in any new option contract month, the number of new strike prices which will be introduced on each business day or the period preceding the expiration of a Heating Oil futures option in which no new strike prices may be introduced.
       
      321.06 TRADING MONTHS OF NY Harbor ULSD HEATING OIL AVERAGE PRICE OPTION CONTRACT
      Contract months will be determined by resolution of the Board of Directors.
       
      321.07 TEMPORARY TRADING HALT
      When a Triggering Event (as defined in Chapter 150) in New York NY Harbor ULSD Heating Oil futures occurs, trading in this option shall be subject to a coordinated Temporary Trading Halt (as defined in Chapter 150).
       
       
       
      Chapter 325
      Group Three ULSD (Platts) vs. NY Harbor ULSD Heating Oil Futures
       
      325.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the Platts Group Three ULSD mean minus the NYMEX New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month settlement price for each business day that both prices are determined during the contract month. For purposes of determining the Floating Price, the Platts Group Three ULSD mean will be rounded each day to the nearest thousandth of a cent.
       
      Chapter 328
      NY Harbor ULSD Heating Oil BALMO Futures
       
      328.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the balance-of-month arithmetic average of the NYMEX NY Harbor ULSD Heating Oil Futures first nearby contract month settlement price for each business day that the Floating Price is determined during the contract month, starting from the selected start date through the end of the contract month.
       
      Chapter 329
      NY Harbor ULSD Heating Oil Crack Spread BALMO Futures
       
      329.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the balance-of-month arithmetic average of the NYMEX NY Harbor ULSD Heating Oil Futures first nearby contract month settlement price minus the NYMEX Light Sweet Crude Oil Futures first nearby contract month settlement price for each business day that both prices are determined during the contract month, staring from the selected start date through the end of the contract month. For purposes of determining the Floating Price, the gasoline price will be converted each day to U.S. dollars and cents per barrel, rounded to the nearest cent.
       
      Chapter 338
      Gulf Coast ULSD (Platts) Up-Down BALMO Futures
       
      338.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the balance-of-month arithmetic average of the Platts U.S. Gulf Coast ULSD pipeline mean minus the NYMEX New York NY Harbor ULSD Heating Oil Futures first nearby contract month settlement price for each business day that both prices are determined during the contract month, starting from the selected start date through the end of the contract month.
       
       
      Chapter 339
      Gulf Coast Jet (Platts) Up-Down BALMO Futures
       
      339.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the balance-of-month arithmetic average of the Platts U.S. Gulf Coast Jet/Kero 54 pipeline mean minus the NYMEX New York NY Harbor ULSD Heating Oil Futures first nearby contract month settlement price for each business day that both prices are determined during the contract month, starting from the selected start date through the end of the contract month.
       
       
      Chapter 350
      NY Harbor ULSD Heating Oil Crack Spread Option
       
      350.01 EXPIRATION OF NY Harbor ULSDHEATING OIL CRACK SPREAD OPTION
      A NY Harbor ULSDHeating Oil Crack Spread Option on the Exchange shall expire at the close of trading on the business day immediately preceding the expiration of the underlying crude oil futures contract. The expiration date shall be announced prior to the listing of the option contract.
       
      350.02 TRADING UNIT FOR NY Harbor ULSDHEATING OIL CRACK SPREAD OPTION
      A NY Harbor ULSD heating oil crack spread put option contract traded on the Exchange represents an option to assume a short position in the underlying N.Y. NY Harbor ULSD heating oil futures contract and a long position in the underlying light "sweet" futures contract traded on the Exchange. A call option represents an option to assume a long position in the underlying N.Y. NY Harbor ULSD heating oil futures contract and a short position in the underlying light "sweet" crude oil futures contract traded on the Exchange.
       
      350.03 TRADING MONTHS FOR NY Harbor ULSDHEATING OIL CRACK SPREAD OPTION
      Trading in NY Harbor ULSDHeating Oil Crack Spread Options shall be conducted in the months as shall be determined by the Board of Directors. Trading shall commence on the day fixed by resolution of the Board of Directors.
       
      350.04 HOURS OF TRADING IN NY Harbor ULSDHEATING OIL CRACK SPREAD OPTIONS
      The hours of trading in NY Harbor ULSDHeating Oil Crack Spread Option on the Exchange shall be the same as the hours of trading for N.Y. NY Harbor ULSD heating oil futures contracts. All such trading shall take place on the trading floor of the Exchange within the hours prescribed by the Board.
       
      350.05 STRIKE PRICES FOR NY Harbor ULSDHEATING OIL CRACK SPREAD OPTION
      (A) Trading shall be conducted for options with strike prices in increments of 25 cents ($0.25).
       
      (B) On the first business day of trading in an option contract month, trading shall be at the following strike prices: (i) the
      differential between the previous day's settlement prices for N.Y. NY Harbor ULSD heating oil (on a per barrel basis) and light "sweet" crude oil futures contracts in the corresponding delivery month rounded off to the nearest strike price unless such differential is precisely midway between two strike prices in which case it shall be rounded off to the lower strike price and (ii) the five strike prices which are five increments higher than the strike price described in (i) of this Rule 350.05(B) and (iii) the five strike prices which are five increments lower than the strike price described in (i) of this Rule 350.05(B), provided that such strike prices are not less than zero.
       
      (C) Thereafter, on any business day prior to the expiration of the option, new consecutive strike prices for both puts and calls will be added such that at all times there will be at least five strike prices above and below the at-the-money strike price available for trading in all option contract months, provided that such strike prices are not less than zero. The at-the-money strike price will be determined in accordance with the procedures set forth in Subsection (B) of this Rule 350.05. Except as provided in subsection (D) below, strike prices will only be added such that additions result in increasing the total number of either the above-the-money or below-the-month strike prices to five.
       
      (D) In addition to the strike prices provided for in subsections (B) and (C), three strike prices above the settlement price will be listed. These strike prices will be determined by taking the highest strike price provided for in subsections (B) and (C), and rounding it to the nearest higher $1.00 increment. If no strike price at such levels is then listed, it will be added and two additional strike prices will be added at $2.00 increments above that.
       
      (E) Notwithstanding the provisions of subsections (A) through (D) of this Rule, if the Board determines that trading in NY Harbor ULSD heating oil crack spread options will be facilitated thereby, the Board may, by resolution, change the increments between strike prices, the number of strike prices which shall be traded on the first day in any new option contract month, the number of new strike prices which will be introduced on each business day or the period preceding the expiration of a NY Harbor ULSDheating oil crack spread option in which no new strike prices may be introduced.
       
      350.06 PRICES IN NY Harbor ULSDHEATING OILCRACK SPREAD OPTIONS
      Prices shall be quoted in dollars and cents per barrel and prices shall be in multiples of $0.01 (1 cent) per barrel; provided, however, that those out-of-the-month call (put) options which either trade at or are bid (offered) at a price of 5 cents per barrel ($.05 per barrel) or less, on a particular business day may be quoted in multiples of one-half cent per barrel ($0.005 per barrel) on that business day. A cabinet trade may occur at a price of $0.001 per barrel, or $1.00 per contract.
       
      350.07 ABSENCE OF PRICE FLUCTUATION LIMITATIONS FOR NY Harbor ULSDHEATING OILCRACK SPREAD OPTION
      Trading in NY Harbor ULSDHeating OilCrack Spread Options shall not be subject to price fluctuation limitations.
       
      350.08 FUTURES PRICES AT EXERCISE OF A NY Harbor ULSDHEATING OILCRACK SPREAD OPTION
      The prices assigned to the underlying futures contracts upon exercise of the option shall be determined by adding the option strike price to the light "sweet" crude oil futures settlement price on the day of exercise and dividing by 42, and
       
      (a) if the resulting quotient is equal to .XX00 or .XX50, the light "sweet" crude oil futures contract will be priced at the light "sweet" crude oil futures contract settlement price and the N.Y. NY Harbor ULSD heating oil futures contract will be priced at the light "sweet" crude oil futures contract settlement price plus the option strike price divided by 42; or
       
      (b) if the resulting quotient is greater than .XX00 but less than .XX50, the N.Y. NY Harbor ULSD heating oil futures contract will be priced at the quotient rounded up to .XX50 and the light "sweet" crude oil futures contract will be priced at the N.Y. NY Harbor ULSD heating oil futures contract price derived above multiplied by 42, less the option strike price; or
       
      (c) if the resulting quotient is greater than .XX50, but less than or equal to .XX99, the N.Y. NY Harbor ULSD heating oil futures contract will be priced at the quotient rounded up to .XX00 and the light "sweet" crude oil futures contract will be priced at the N.Y. NY Harbor ULSD heating oil futures contract price derived above multiplied by 42, less the option strike price.
       
      350.09 TEMPORARY TRADING HALT
      When a Triggering Event (as defined in Chapter 150) in New York NY Harbor ULSD Heating Oil futures occurs, trading in this option shall be subject to a coordinated Temporary Trading Halt (as defined in Chapter 150).
       
       
      Chapter 392
      NY Harbor ULSD Heating Oil Calendar Spread Option - 1 Month
      NY Harbor ULSDHeating Oil Calendar Spread Option - 2 Month
      NY Harbor ULSD Heating Oil Calendar Spread Option - 3 Month
      NY Harbor ULSDHeating Oil Calendar Spread Option - 6 Month
       NY Harbor ULSDHeating Oil Calendar Spread Option - 12 Month
       
      392.01 NY Harbor ULSDHEATING OIL CALENDAR SPREAD OPTION
      A NY Harbor ULSD Heating OilCalendar Spread Option contract on the Exchange shall expire at the close of trading on the business day immediately preceding the expiration of the first expiring futures contract in the spread.
       
      392.02 TRADING UNIT FOR NY Harbor ULSDHEATING OIL CALENDAR SPREAD OPTION
      A NY Harbor ULSD Heating OilCalendar Spread Put Option contract traded on the Exchange represents an option to assume a short position in the first expiring NY Harbor ULSD Heating OilFutures contract in the spread and a long position in the second expiring NY Harbor ULSD Heating OilFutures contract in the spread traded on the Exchange. A Call Option represents an option to assume a long position in the first expiring NY Harbor ULSD Heating Oilfutures contract in the spread and a short position in the second expiring NY Harbor ULSD Heating Oilcontract in the spread traded on the Exchange.
       
      392.03 TRADING MONTHS FOR NY Harbor ULSDHEATING OIL CALENDAR SPREAD OPTION
      Trading in NY Harbor ULSD Heating OilCalendar Spread Option shall be conducted in the months determined by the Exchange’s Board of Directors (“the Board”). Trading shall commence on the day fixed by resolution of the Board.
       
      392.04 HOURS OF TRADING IN NY Harbor ULSDHEATING OIL CALENDAR SPREAD OPTION
      The hours of trading in NY Harbor ULSD Heating OilCalendar Spread Option on the Exchange shall be the same as the hours of trading for NY Harbor ULSD Heating Oil Futures contracts. All such trading shall take place on the trading floor of the Exchange within the hours prescribed by the Board.
       
      392.05 STRIKE PRICES FOR NY Harbor ULSDHEATING OIL CALENDAR SPREAD OPTION
      (A) Trading shall be conducted for options with strike prices in increments as set forth below.
       
      (B) On the first business day of trading in an option contract month, trading shall be at the following strike prices; (i) the difference between the previous day's settlement price for the first NY Harbor ULSD Heating Oil Futures contract in the spread and the second NY Harbor ULSD Heating Oil Futures contract in the spread, whether positive or negative in sign,rounded off to the nearest one-tenth of one cent increment, unless such settlement price is precisely midway between two one-tenth of one cent increments in which case it shall be rounded off to the lower one-tenth of one cent increment and (ii) the ten strike prices which are ten one-tenth of one cent increments higher than the strike price described in section (i) of this Rule 392.05(B), and (iii) the ten strike prices which are ten one-tenth of one cent increments lower than the strike price described in section (i) of this Rule 392.05(B) and (iv) an additional five strike prices for both call and put options will be listed at $0.002 increments above the highest one-tenth of one cent increment as described in section (ii) of this Rule 392.05 (B), beginning with the first available such strike that is evenly divisible by $0.002 and (v) an additional five strike prices for both call and put options will be listed at $0.002 increments below the lowest one-tenth of one cent increment as described in section (iii) of this Rule 392.05 (B), beginning with the first available such strike that is evenly divisible by $0.002.
       
      (C) Thereafter, on any business day prior to the expiration of the option, new strike prices for both puts and calls will be added, such that at all times there will be at least ten one-tenth of one cent increment and five $0.002 increment strike prices above and below the at-the-money strike price available for trading in all options contract months. The at-the-money strike price will be determined in accordance with the procedures set forth in Subsection (B) of this Rule 392.05.
       
      (D) Notwithstanding the provisions of subsections (A) through (C) of this Rule, if the Board determines that trading in NY Harbor ULSD Heating Oil Calendar Spread Options will be facilitated thereby, the Board may, by resolution, change the increments between strike prices, the number of strike prices which shall be traded on the first day in any new option contract month, the number of new strike prices which will be introduced on each business day or the period preceding the expiration of a NY Harbor ULSD Heating Oil Calendar Spread Option in which no New strike prices may be introduced.
       
      392.06 PRICES IN NY Harbor ULSDHEATING OIL CALENDAR SPREAD OPTION
      Prices shall be quoted in dollars and cents per gallon and prices shall be in multiples of $0.001 per gallon. A cabinet trade may occur at a price of $0.0000238 per gallon, or $1.00 a contract.
       
      392.07 ABSENCE OF PRICE FLUCTUATION LIMITATIONS FOR NY Harbor ULSDHEATING OIL CALENDAR SPREAD OPTION
      Trading in NY Harbor ULSD Heating Oil Calendar Spread Option shall not be the subject to price fluctuation limitations.
       
      392.08 TEMPORARY TRADING HALT
      When a Triggering Event (as defined in Chapter 150) in New York NY Harbor ULSD Heating Oil futures occurs, trading in this option shall be subject to a coordinated Temporary Trading Halt (as defined in Chapter 150).
       
       
       
      Chapter 404
      E-mini NY Harbor ULSD Heating Oil Futures
       
      404.02 FLOATING PRICE
      The Floating Price for each contract month will be equal to the NYMEX New York NY Harbor ULSD No. 2 Heating Oil Futures contract settlement price for the corresponding contract month on the last trading day for the E-mini NY Harbor ULSD Heating Oil Futures contract month.
       
      404.03 CONTRACT QUANTITY AND VALUE
      The contract quantity shall be 21,000 gallons. Each futures contract based on the E-mini NY Harbor ULSD Heating Oil Futures contract shall be valued as the contract quantity (21,000) multiplied by the settlement price.
       
      404.05 PRICES AND FLUCTUATIONS
      Prices shall be quoted in U.S. dollars and cents per gallon. The minimum price fluctuation shall be $0.001 per gallon ($21.00 per Contract tick value). The maximum price fluctuation shall be consistent with the prevailing price limits of the NYMEX New York NY Harbor ULSD No. 2 Heating Oil Futures Contract.
       
      404.07 FINAL SETTEMENT
      Delivery under the E-mini NY Harbor ULSD Heating Oil Futures contract shall be by cash settlement. Final settlement,
      following termination of trading for a contract month, will be based on the Floating Price. The final settlement price will be the Floating Price calculated for each contract month.
       
       
       
      Chapter 413
      NY Jet Fuel (Platts) vs. NY Harbor ULSD Heating Oil Futures
       
      413.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the mid-point between the high and low quotations from Platts Oilgram Price Report for New York Jet Fuel (barge) minus the NYMEX New York NY Harbor ULSD Heating Oil Futures first nearby contract month settlement price for each business day that both are determined during the contract month. For purposes of determining the Floating Price, the Platts mean will be rounded each day to the nearest thousandth of a cent.
       
      Chapter 453
      Chicago ULSD (Platts) vs. NY Harbor ULSD Heating Oil Futures
       
      453.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the Platts Chicago ULSD (pipeline) mean minus the NYMEX New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month settlement price for each business day that both are determined during the contact month. For purposes of determining the Floating Price, the Platts Chicago ULSD (pipeline) mean will be rounded each day to the nearest thousandth of a cent.
       
      Chapter 515
      Gulf Coast No. 2 (Platts) Up-Down Financial Futures
       
      515.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the Platts U.S. Gulf No. 2 pipeline mean ("Assessment") minus the NYMEX New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month settlement price for each business day that both are determined during the contract month. The Platts prices to be used are found in Platts media or any accepted Platts product and the timing is end of day New York.
       
      For purposes of determining the Floating Price, the Platts U.S. Gulf Coast No. 2 pipeline mean will be rounded each day to the nearest thousandth of a cent.
       
      Chapter 523
      NY Harbor ULSD Heating Oil Crack Spread Futures
       
      523.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month settlement price minus the Light Sweet Crude Oil Futures first nearby contract month settlement price for each business day that both are determined during the contract month.
       
      For purposes of determining the Floating Price, the New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month settlement price will be converted each day to U.S. dollars and cents per barrel, rounded to the nearest cent.
       
      523.03 CONTRACT QUANTITY AND VALUE
      Each futures contract based on the NY Harbor ULSD Heating Oil Crack Spread Swap Futures contract shall be valued as the contract quantity (1,000) multiplied by the settlement price.
       
       
      Chapter 523A
      NY Harbor ULSD Heating Oil Crack Spread Average Price Option
       
      523A.01 TYPE OPTION
      A NY Harbor ULSD Heating Oil Crack Spread Average Price Option contract is a financially settled average price option.
       
      523A.02 EXPIRATION
      A NY Harbor ULSD Heating Oil Crack Spread Average Price Option contract shall expire on the last business day of the delivery month. The option cannot be exercised prior to expiration.
       
      523A.03 TRADING UNIT
      On expiration of a call option, the option will be financially settled by subtracting the strike price from the underlying settlement price of the NYMEX New York NY Harbor ULSD Heating Oil Crack Calendar Swap futures contract times $1,000, or zero, whichever is greater. On expiration of a put option, the option will be financially settled by subtracting the underlying settlement price of the NYMEX New York NY Harbor ULSD Heating Oil Crack Calendar Swap futures contract from the strike price times $1,000, or zero, whichever is greater.
       
      523A.04 HOURS OF TRADING
      The NY Harbor ULSD Heating Oil Crack Spread Average Price Option contract is available for open outcry trading on the Exchange trading floor between 9:00 a.m. to 2:30 p.m. (New York Prevailing time) Monday through Friday, except on Exchange Holidays.
       
      The NY Harbor ULSD Heating Oil Crack Spread Average Price Option contract is available for clearing on CME ClearPort from 6:00 p.m. Sundays through 5:15 p.m. Fridays (New York Prevailing time), with a 45-minute break each day between 5:15 p.m. and 6:00 p.m., except on Exchange Holidays.
       
      523A.05 STRIKE PRICES
      Trading shall be conducted for options with strike prices in increments as set forth below.
       
      (A) On the first business day of trading in an option contract month, trading shall be at the following strike prices; (i) the previous day's settlement price for the underlying NYMEX New York NY Harbor ULSD Heating Oil Crack Calendar Swap futures contract rounded off to the nearest twenty-five cent increment, unless such settlement price is precisely midway between two twenty-five cent increments in which case it shall be rounded off to the lower twenty-five-cent increment and (ii) the ten strike prices which are ten twenty-five cent increments higher than the strike price described in section (i) of this Rule 523A.05(A), and (iii) the ten strike prices which are ten twenty-five cent increments lower than the strike price described in section (i) of this Rule 523A.05(A).
       
      (B) Thereafter, on any business day prior to the expiration of the option, new strike prices for both puts and calls will be added, such that at all times there will be at least ten twenty-five cent increment strike prices above and below the at-the-money strike price available for trading in all options contract months. The at-the-money strike price will be determined in accordance with the procedures set forth in Subsection (A) of this Rule 523A.05.
       
      (C) Notwithstanding the provisions of subsections (A) and (B) of this Rule, if the Exchange determines that trading in NY Harbor ULSD Heating Oil Crack Spread Average Price Option contract will be facilitated thereby, the Exchange may, by resolution, change the increments between strike prices, the number of strike prices which shall be traded on the first day in any new option contract month, the number of new strike prices which will be introduced on each business day or the period preceding the expiration of a NY Harbor ULSD Heating Oil Crack Spread Average Price Option contract in which no new strike prices may be introduced
       
      523A.06 TRADING MONTHS
      Trading in NY Harbor ULSD Heating Oil Crack Spread Average Price Option contract shall be conducted in the months determined by the Exchange
       
      523A.08 ABSENCE OF PRICE FLUCTUATION LIMITATIONS
      Trading in NY Harbor ULSD Heating Oil Crack Spread Average Price Option shall not be subject to price fluctuation limitations.
       
       
       
      Chapter 541
      NY Heating Oil (Platts) vs. NY Harbor ULSD Heating Oil Futures
       
      541.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the mid-point between the high and low quotations from Platts Oilgram Price Report for New York No. 2 (Barge) minus the New York NY Harbor ULSDHeating OilFutures first nearby contract month settlement price for each business day that both are determined during the contract month. For purposes of determining the Floating Price, the Platts mean will be rounded each day to the nearest thousandth of a cent.
       
       
       
      Chapter 551
      NY Harbor ULSD Heating Oil European Financial Option
       
      551.02 STRIKE PRICES
      (A) Trading shall be conducted for options with strike prices in increments as set forth below.
       
      (B) On the first business day of trading in an option contract month, trading shall be at the following strike prices: (i) the previous day's settlement price for New York NY Harbor ULSD Heating Oil Futures (HO) contract in the corresponding delivery month rounded off to the nearest one-cent strike price unless such settlement price is precisely midway between two strike prices in which case it shall be rounded off to the lower strike price and (ii) the twenty one-cent increment strike prices which are twenty increments higher than the strike price described in (i) of this Rule 551.02(B) and (iii) the twenty one-cent increment strike prices which are twenty increments lower than the strike price described in (i) of this Rule 551.02(B) and (iv) an additional ten strike prices for both call and put options will be listed at five-cent increments above the highest one-cent increment as described in (ii) of this Rule 551.02(B), beginning with the first available such strike that is evenly divisible by $0.05 and (v) an additional ten strike prices for both call and put options will be listed at five-cent increments below the lowest one-cent increment as described in (iii) of this Rule 551.02(B).
       
      (C) Thereafter, on any business day prior to the expiration of the option, (i) new consecutive strike prices for both puts and calls will be added such that at all times there will be at least twenty one-cent strike prices above and below the at-the-money strike price available for trading in all options contract months and (ii) new five-cent increment strike prices will be added such that at all times there shall be ten five-cent strike prices above the highest one-cent strike, (iii) new five-cent increment strike prices will be added such that at all times there shall be up to ten five-cent strike prices below the lowest one-cent strike and each such strike price shall be above zero. The at-the-money strike price will be determined in accordance with the procedures set forth in Subsection (B) of this Rule 551.05.
       
      (D) Notwithstanding the provisions of subsections (A) through (C) of this Rule, if the Board determines that trading in NY Harbor ULSDheating oil futures options will be facilitated thereby, the Board may, by resolution, change the increments between strike prices, the number of strike prices which shall be traded on the first day in any new option contract month, the number of new strike prices which will be introduced on each business day or the period preceding the expiration of a NY Harbor ULSDheating oil futures option in which no new strike prices may be introduced.
       
      551.03 TRADING UNIT
      On expiration of a call option, the value will be the difference between the settlement price of the underlying New York NY Harbor ULSD Heating Oil Futures (HO) Contract and the strike price multiplied by 42,000 Gallons, or zero, whichever is greater. On exercise of a put option, the value will be the difference between the strike price and the settlement price of the underlying New York NY Harbor ULSD Heating Oil Futures (HO) contract multiplied by 42,000 Gallons, or zero, whichever is greater.
       
      551.05 EXPIRATION
      The contract shall expire three business days prior to the underlying New York NY Harbor ULSD Heating Oil Futures (HO).
       
      551.07 HOURS OF TRADING
      The hours of trading in the contract on the Exchange shall be the same as the hours of trading for New York NY Harbor ULSD Heating Oil Futures (HO) contract. All such trading shall take place on the trading floor of the Exchange within the hours prescribed by the Board. Positions to be submitted for clearing through NYMEX ClearPort® will be from 6:00 PM.
       
      Sundays through 5:15 PM Fridays Eastern time with a 45 minute break each day between 5:15 PM and 6:00 PM.
       
      551.08 TEMPORARY TRADING HALT
      When a Triggering Event (as defined in Chapter 150) in New York NY Harbor ULSD Heating Oil Futures (HO) contract occurs, trading in this option shall be subject to a coordinated Temporary Trading Halt (as defined in Chapter 150).
       
       
       
       
      Chapter 558
      RBOB Gasoline vs. NY Harbor ULSD Heating Oil Futures
      558.02 FLOATING PRICE                                                                                                                                               The Floating Price for each contract month is equal to the arithmetic average of the RBOB Gasoline Futures first nearby contract month settlement price minus the New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month settlement price for each business day that both are determined during the contract month.
       
      Chapter 564
      NY ULSD (Platts) vs. NY Harbor ULSD Heating Oil Futures
       
      564.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the mid-point between the high and low quotations from Platts Oilgram Price Report for New York ULSD (Barge) minus the New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month settlement price for each business day that both are determined during the contract month.
       
      For purposes of determining the Floating Price, the Platts New York ULSD mean will be rounded each day to the nearest thousandth of a cent.
       
      Chapter 569
      Gulf Coast ULSD (Argus) Up-Down Futures
       
      569.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the mid-point between the high and low quotations from Argus Media for Gulf Coast ULSD (Pipeline) minus the New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month settlement price for each business day that both are determined during the contract month.
       
      For purposes of determining the Floating Price, the Argus Media ULSD mean will be rounded each day to the nearest thousandth of a cent.
       
      Chapter 570
      Gulf Coast Jet (Argus) Up-Down Futures
       
      570.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the mid-point between the high and low quotations from Argus Media for Jet 54 (Pipeline) minus the New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month settlement price for each business day that both are determined during the contract month.
       
      For purposes of determining the Floating Price, the Argus Gulf Coast jet mean will be rounded each day to the nearest thousandth of a cent.
       
       
      Chapter 575
      Los Angeles CARB Diesel (OPIS) vs. NY Harbor ULSD Heating Oil Futures
       
      575.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the mid-point between the high and low quotations from OPIS for Los Angeles CARB Diesel (Pipeline) minus the New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month settlement price for each business day that both are determined during the contract month.
       
      For purposes of determining the Floating Price, the OPIS CARB Diesel mean will be rounded each day to the nearest thousandth of a cent.
       
      Chapter 577
      Los Angeles Jet (OPIS) vs. NY Harbor ULSD Heating Oil Futures
       
      577.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the mid-point between the high and low quotations from OPIS for Los Angeles Jet (Pipeline) minus the New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month settlement price for each business day that both are determined during the contract month.
       
      For purposes of determining the Floating Price, the OPIS Jet mean will be rounded each day to the nearest thousandth of a cent.
       
       
      Chapter 603
      NY Harbor ULSDHeating Oil Financial Futures
       
      603.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the settlement prices for New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month for each business day that it is determined during the contract month.
       
       
      Chapter 608
      Gulf Coast Jet (Platts) Up-Down Futures
       
      608.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the mid-point between the high and low quotations from Platts Oilgram Price Report for U.S. Gulf Jet 54 Fuel pipeline minus the New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month settlement price for each business day that both are determined during the contract month.
       
      For purposes of determining the Floating Price, the Platts U.S. Gulf Coast Jet 54 Fuel pipeline mean will be rounded each day to the nearest thousandth of a cent.
       
       
      Chapter 609
      Los Angeles Jet Fuel (Platts) vs. NY Harbor ULSD Heating Oil Futures
       
      609.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the high and low quotations from Platts Oilgram Price Report for Los Angeles Jet Fuel pipeline minus the New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month settlement price for each business day that both are determined during the contract month.
       
      For purposes of determining the Floating Price, the Platts Los Angeles Jet Fuel pipeline mean will be rounded each day to the nearest thousandth of a cent.
       
      Chapter 725
      NY Harbor ULSDHeating Oil vs. Gasoil Futures
       
      725.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the NYMEX New York NY Harbor ULSD No. 2 Heating Oil first nearby settlement price minus the first line Gasoil (ICE) Futures settlement price for each business day during the contract month (using Non-common pricing).
       
      For purposes of determining the Floating Price, the Gasoil Futures first nearby contract month settlement price will be converted each day to U.S. dollars and cents per gallon, rounded to the nearest cent. The conversion factor will be 7.45 barrels per metric ton.
       
      (B) The settlement prices for the first nearby contract month will be used except on the last day of trading for the expiring Gasoil Futures contract when the settlement prices of the second nearby Gasoil contract will be used.
       
       
      Chapter 746
      Gulf Coast ULSD (Platts) Up-Down Futures
       
      746.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the arithmetic average of the of the high and low quotations from Platts Oilgram Price Report for U.S. Gulf Coast ULSD (pipeline) minus the New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month settlement price for each business day that both are determined during the contract month. 
       
      For purposes of determining the Floating Price, the Platts U.S. Gulf Coast LS Diesel pipeline mean will be converted each day to U.S. dollars and cents per barrel, rounded to the nearest cent.
       
       
      Chapter 825
      NY Harbor ULSDHeating Oil Bullet Futures
       
      825.02 FLOATING PRICE
      The Floating Price is equal to the NYMEX New York NY Harbor ULSD Heating Oil Futures first nearby contract settlement price on the penultimate trading day for the delivery month.
       
      825.06 TERMINATION OF TRADING
      Trading shall cease one business day prior to the termination date of the NYMEX New York NY Harbor ULSD Heating Oil Futures Contract for the delivery month.
       
       
      Chapter 829
      NY Harbor ULSD Heating Oil Last Day Financial Futures
       
      829.02 FLOATING PRICE
      The Floating Price is equal to the NYMEX New York NY Harbor ULSD Heating Oil Futures first nearby contract settlement price on the last trading day for the contract month.
       
       
      Chapter 1052
      NY ULSD (Argus) vs. NY Harbor ULSD Heating Oil BALMO Futures
       
      1052101. CONTRACT SPECIFICATIONS
      The Floating Price for each contract month is equal to the balance-of-month arithmetic average of the mid-point between the high and low quotations from Argus Media for New York ULSD (barge) minus the NYMEX New York NY Harbor ULSD No. 2 Heating Oil futures first nearby contract month settlement price for each business day that both are determined during the contract month starting from the selected start date through the end of the month, inclusive.
       
      1052102. TRADING SPECIFICATIONS
      The number of months open for trading at a given time shall be determined by the Exchange.
      1052102.A. Trading Schedule
      The hours of trading for this contract shall be determined by the Exchange.
      1052102.B. Trading Unit
      The contract quantity shall be 42,000 gallons. Each contract shall be valued as the contract quantity (42,000) multiplied by the settlement price.
      1052102.C. Price Increments
      Prices shall be quoted in U.S. dollars and cents per gallon. The minimum price fluctuation shall be $0.0001 per gallon.
       
      1052102.D. Position Limits and Position Accountability
      For purposes of calculating compliance with position limits, each contract will be aggregated with positions held in NY ULSD (Argus) Swap futures and NY Harbor ULSD Heating Oil Last Day Financial futures. Each position in the contract will be calculated as a single position in the NY ULSD (Argus) Swap futures contract and a single position in the NY Harbor ULSD Heating Oil Last Day Financial futures contract.
       
      For purposes of position limits and position accountability levels, contracts shall diminish ratably as the contract month progresses toward month end.
       
      In accordance with Rule 559, no person shall own or control positions in excess of 1,000 (NY ULSD (Argus) Swap futures)/1,000 (NY Harbor ULSD Heating Oil Last Day Financial futures) contracts net long or net short in the spot month.
       
      In accordance with Rule 560:
      1. the all-months accountability level shall be 10,000 (NY ULSD (Argus) Swap futures)/7,000 (NY Harbor ULSD Heating Oil Last Day Financial futures) futures-equivalent contracts net long or net short in all months combined;
       
      2. the any-one month accountability level shall be 10,000 (NY ULSD (Argus) Swap futures)/5,000 (NY Harbor ULSD Heating Oil Last Day Financial futures) futures-equivalent contracts net long or net short in any single contract month excluding the spot month.
       
      Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions from the specified position limits.
       
      Chapter 1097
      NY Harbor ULSDHeating Oil Brent Crack Spread Futures
       
      1097.02 FLOATING PRICE
      (A) The Floating Price for each contract month is equal to the arithmetic average of the New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month settlement price minus the arithmetic average of the Brent Crude Oil (ICE) Futures 1st nearby contract settlement prices, except as set forth in Section (B) below, for each business day that it is determined during the contract month. For purposes of determining the Floating Price, the NY Harbor ULSDheating oil price will be converted each day to U.S. dollars and cents per barrel, rounded to the nearest cent (using non-common pricing).
      (B) The settlement price of the 1st nearby contract month will be used except on the last day of trading for the expiring ICE Brent Crude Oil Futures contract when the settlement price of the 2nd nearby ICE Brent Crude Oil Futures contract will be used.
       
      Chapter 1099
      Gulf Coast Jet (Argus) Up-Down BALMO Futures
       
      1099.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the balance-of-month arithmetic average of the mid-point of the high and low quotations from Argus Media for Jet 54 (Pipeline) minus the New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month settlement price starting from the selected start date through the end of the contract month, inclusively (using common pricing).
       
      For purposes of determining the Floating Price, the Argus Media Gulf Coast jet mean will be rounded each day to the nearest thousandth of a cent.
       
      Chapter 1100
      Gulf Coast ULSD (Argus) Up-Down BALMO Futures
       
      1100.02 FLOATING PRICE
      The Floating Price for each contract month is equal to the balance-of-month arithmetic average of the mid-point of the high and low quotations from Argus Media for Gulf Coast ULSD (Pipeline) minus the New York NY Harbor ULSD No. 2 Heating Oil Futures first nearby contract month settlement price starting from the selected start date through the end of the contract month, inclusively (using common pricing).
       
      For purposes of determining the Floating Price, the Argus Media ULSD mean will be rounded each day to the nearest thousandth of a cent.

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