• Notification of Listing of European Jet Kerosene (Platts) Cargoes CIF NWE Average Price Option on the NYMEX Trading Floor and through CME ClearPort®

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-5047
      • Notice Date
      • 04 November 2009
      • Effective Date
      • 22 November 2009
    • Beginning on Sunday, November 22, 2009 for trade date Monday, November 23, 2009, the New York Mercantile Exchange, Inc. (“NYMEX”) will list for trading on the NYMEX trading floor and for clearing through CME ClearPort® a European Jet Kerosene (Platts) Cargoes CIF NWE Average Price Option. The option contract is listed with NYMEX, and subject to, the rules and regulations of NYMEX and Chicago Mercantile Exchange Inc.  The specifications of the option contract are provided below.

      RULE CHAPTER, CODE AND UNDERLYING CALENDAR SWAP

      Contract

      Chapter No.

      Commodity Code

      Underlying Calendar Swap

      European Jet Kerosene (Platts) Cargoes CIF NWE Average Price Option

      651A

      30

      UJ

       

      OPTION CLASSIFICATION

      European-style Option (Exercises on expiration day only)

      CONTRACT SIZE

      1,000 metric tons

      EXPIRATION DATE

      The option expires on the last business day of the underlying calendar month.

      TRADING UNIT

      A long call option will be financially settled on expiration day by the settlement price for the underlying calendar swap less the strike price multiplied by 1,000 metric tons, or zero, whichever is greater. A long put option will be financially settled on expiration day by the strike price less the settlement price of the underlying calendar swap multiplied by 1,000 metric tons, or zero, whichever is greater.

      STRIKE PRICE INTERVALS

      Five strike prices in increments of $.50 per metric ton above and below the at-the-money strike price for a total of at least 11 strike prices. Strike price boundaries are adjusted according to futures price movements.

      MINIMUM PRICE FLUCTUATION

      $0.01 (1¢) per metric ton.

      TRADING MONTHS

      36 consecutive monthly contracts beginning with the December 2009 contract month.

      TRADING HOURS

      CME ClearPort: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT).

      Open Outcry: Monday – Friday 9:00 a.m. – 2:30 p.m. (8:00 a.m. – 1:30 p.m. CT).

      FEE SCHEDULE

      European Jet Kerosene (Platts) Cargoes CIF NWE Average Price Option

      (½ Turn)

      Member

      Cross Division (Blended)

      Non-Member

      ClearPort Clearing

      $6.00

       

      $9.00

       

       

       

       

      Open Outcry

       

       

       

      Day Trade

      $3.20

       

       

      O/N Trade

      $6.00

      $9.00

      $9.00

       

       

       

       

      Cash Settlement

      $6.00

       

      $9.00

      EFS, EFP, Spreads, Strips and ex Pit trades are available at standard member and nonmember rates – no surcharges apply. No block trades acceptable.