• Amendments to NYMEX/COMEX Rule 589 (Special Price Fluctuation Limits) and NYMEX Rulebook Chapters for Certain NYMEX Energy Futures and Options Contracts

      • To
      • Members, Member Firms and Market Users
      • From
      • Research and Product Development
      • #
      • SER-7346R
      • Notice Date
      • 27 May 2015
      • Effective Date
      • 31 May 2015
    • (This SER supersedes SER 7346 dated May 19, 2015 to reflect revised language in NYMEX/COMEX Rule 589.)

      Effective Sunday, May 31, 2015 for trade date Monday, June 1, 2015, and pending all relevant CFTC regulatory review periods, the New York Mercantile Exchange, Inc. (“NYMEX”) and Commodity Exchange, Inc. (“COMEX”) (collectively, the “Exchanges”) will amend NYMEX/COMEX Rule 589 (Special Price Fluctuation Limits) to reflect the change from an unlimited number of price expansions per day to four price limit expansions per day. Following the fourth price limit level, there will be no further price limits in effect. In addition, for energy contracts, there shall be no special price fluctuation limits on the expiration day for an expiring energy contract.

      Further, NYMEX will amend the special price fluctuation limits for 5 energy futures contracts.  These rulebook chapters will be amended to reflect changes to special price fluctuation limits in NYMEX/COMEX Rule 589.  In an effort to harmonize the price limit-related rules across all four of CME Group’s exchanges to the greatest extent possible, NYMEX is extracting the relevant rules from the energy product chapters to NYMEX/COMEX Rule 589.

      The 5 energy futures contracts are as follows:



      Rulebook Chapter

      Light Sweet Crude Oil Futures



      NY Harbor ULSD Futures



      RBOB Futures



      Henry Hub Natural Gas Futures



      Henry Hub Natural Gas Last Day Physically-Delivered Futures



      Please refer to the following appendixes for details regarding the aforementioned amendments:

      Appendix A: Energy Futures and Options Contracts Subject to NYMEX/COMEX Rule 589

      Appendix B: Amendments to NYMEX/COMEX Rule 589 (blackline format)

      Appendix C: Amendments to NYMEX Rulebook Chapters (blackline format)


      Questions regarding this notice may be directed to:

      Elizabeth Hui                                      +1 212 299 2356                                 Elizabeth.Hui@cmegroup.com

      Daniel Brusstar                                   +1 212 299 2358                                 Daniel.Brusstar@cmegroup.com

      Please click here for complete SER-7346R.