• Listing of Energy and Metals Swaps on CME SEF

      • To
      • Members, Member Firms and Market Users
      • From
      • Research and Product Development
      • #
      • SER-6906
      • Notice Date
      • 08 November 2013
      • Effective Date
      • 10 November 2013
    • Effective Sunday, November 10, 2013, for trade date Monday, November 11, 2013, and pending all relevant CFTC regulatory review periods, the Swap Execution Facility Division of the Chicago Mercantile Exchange, Inc. (“CME SEF”) will list the following two (2) cleared swap contracts for trading:
       
      • U.S. Midwest Busheling Ferrous Scrap (AMM) Swap
      • Transco Zone 6 Natural Gas (Platts IFERC) Fixed Price Swap
       
       
      The contract titles, commodity codes, rule chapters, and specifications are provided below:
       

      Contract Title
      U.S. Midwest Busheling Ferrous Scrap (AMM) Swap
      Commodity Code
      BUW
      Chapter
      CME Swap Execution Facility Rulebook Chapter 10
      Contract Size
      20 Gross Tons
      Prices and Fluctuations
      $ 0.01 per gross ton
      Settlement
      The Floating Price for each contract month is equal to the price assessment published on the 10th calendar day of that given calendar month for the U.S. Midwest Busheling Ferrous Scrap by AMM. If the 10th day is a holiday or weekend, the price will settle on the first immediately following business day.
       
      Final settlement under the 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.
      Termination of Trading
      Trading shall terminate on the 10th calendar day of the contract month. If 10th calendar day falls on a holiday or weekend, the price will settle on the first immediately following business day. Business days are based on the U.S. Public Holiday calendar.
      Listing Schedule
      CME Globex and CME ClearPort: 24 consecutive calendar months
      First Listed Month
      December 2013

       
       
       
       

      Contract Title
      Transco Zone 6 Natural Gas (Platts IFERC) Fixed Price Swap
       
      Commodity Code
      XZW
      Chapter
      CME Swap Execution Facility Rulebook Chapter 11
      Contract Size
      2,500 million British thermal units (MMBtu)
      Prices and Fluctuations
      Prices shall be quoted in U.S. dollars and cents per MMBtu (minimum price fluctuation shall be $0.0001 per MMBtu).
      Settlement
      The Floating Price for each contract month is equal to the price assessment, which is the Bidweek (average) price for Transco Zone 6 N.Y. published in the Platts Inside FERC (“IFERC”) Gas Market Report under the “Northeast” heading in the “Index” column of the table entitled "Market Center Spot Gas Prices" for the corresponding contract month.
      Termination of Trading
      Trading shall cease on the last business day of the month prior to the contract month.
      Listing Schedule
      CME Globex: 36 consecutive calendar months; CME ClearPort:  current year plus the next five (5) years
      First Listed Month
      December 2013
       

       
       
      CME Globex and 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)
       
       
      For additional information on U.S. Midwest Busheling Ferrous Scrap (AMM) Swap, please contact:
       
      Bob Biolsi                  bob.biolsi@cmegroup.com                 (212) 299-2610
      Joann Arena              joann.arena@cmegroup.com             (212) 299-2356
       
      For additional information on Transco Zone 6 Natural Gas (Platts IFERC) Fixed Price Swap, please contact:
       
      Adila Mchich             adila.mchich@cmegroup.com              (212) 299-2270
      Emily Kwak               emily.kwak@cmegroup.com                (212) 299-2394