Listing of Five Petroleum Futures on NYMEX Trading Floor and CME ClearPort and Rule Amendments to Two Existing Contracts

Effective Sunday, February 7, 2010 for trade date Monday, February 8, 2010, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will list five new petroleum futures contracts. These contracts will be available for trading on the NYMEX trading floor and for submission for clearing through CME ClearPort, a set of flexible clearing services open to over-the-counter (OTC) market participants to substantially mitigate counterparty risk and provide neutral settlement prices across asset classes. These contracts are listed with NYMEX, and subject to the rules and regulations of NYMEX and Chicago Mercantile Exchange Inc. 

The 5 new products, codes and rule chapters:

The first listed month for the three BALMO Swap Futures (codes 43, 88, and 63) and the Brent CFD (Platts) vs. Brent Third Month (Platts) Swap Futures (code 59) contracts will be the February 2010 contract month. The three BALMO Swap Futures contracts will be listed for one month and the following month for 10 business days prior to the start of the contract month.  The Brent CFD (Platts) vs. Brent Third Month (Platts) Swap Futures will be listed for four consecutive months.

The first listed month for the 1% Fuel Oil Rdam vs. 1% Fuel Oil NWE (Platts) Swap Futures (code 33) contract will be the March 2010 contract month.  The 1% Fuel Oil Rdam vs. 1% Fuel Oil NWE (Platts) Swap Futures contract will be listed for 36 consecutive months.

Trading and clearing hours are:

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).

The fees for the new contracts are listed below.  The fees for the seven new petroleum products are as follows.

In addition the Exchange will also amend the rules for the existing Brent CFD (Platts) vs. Brent Second Month (Platts) Swap Futures (code 6W, Chapter 699) and the Brent CFD (Platts) vs. Brent Front Month (Platts) Swap Futures (code 1C, Chapter 319). The rule amendments are housekeeping in nature, and intend to reflect the standard procedures in the industry. Specifically, amendments to the floating price in Exchange Rules 699.02 and 319.02, and termination of trading in Exchange Rules 699.06 and 319.06, are made to reflect the standard pricing methodoloy.  A blackline reflecting those amendments is provided herewith for your convenience.

For more information please contact Daniel Brusstar at (212) 299-2604.

Rule Amendments

(bold/underline indicates addition; strikethrough indicates deletion)

Chapter 699

Brent CFD (Platts) vs. Brent Second Month (Platts) Swap Futures

699.02.             FLOATING PRICE

The Floating Price for each Brent Contract for Differences (CFD) contract is the daily five (5) consecutive weekdays arithmetic average of the mid-point between the high and low quotations from the Platts Crude Oil Marketwire for the CFD assessment which is based on Dated Brent minus the second month Brent (also referred to BFOE) cash price for each business day that both prices are determined during the contract month.

699.06.             TERMINATION OF TRADING

Trading shall cease at the close of on the last the business day of the daily of the week of the contract period.

699.08.             EXCHANGE OF FUTURES FOR, OR IN CONNECTION WITH, PRODUCT AND EXCHANGE OF FUTURES FOR, OR IN CONNECTION WITH, SWAP  RELATED POSITION TRANSACTIONS

Any Exchange of Futures for, or in Connection with, Product (EFP)  Related Position (EFRP) transactions or Exchange of Futures for, or in Connection with, Swap Transactions (EFS) shall be governed by the provisions of Rules 6.21 and 6.21A, respectively 538.

Chapter 319

Brent CFD (Platts) vs. Brent Front Month (Platts) Swap Futures

319.02              FLOATING PRICE

The Floating Price for each Brent Contract for Differences (CFD) contract is the daily five (5) consecutive weekdays arithmetic average of the mid-point between the high and low quotations from the Platts Crude Oil Marketwire for the CFD assessment which is based on Dated Brent minus the first month Brent (also referred to BFOE) cash price for each business day that both prices are determined during the contract month.

319.06              TERMINATION OF TRADING

Trading shall cease at the close of  on the last the business day of the daily week of the contract period.

319.08              EXCHANGE OF FUTURES FOR RELATED POSITION , OR IN CONNECTION WITH, PRODUCT AND EXCHANGE OF FUTURES FOR, OR IN CONNECTION WITH, SWAP TRANSACTIONS

Any Eexchange of Ffutures for, or in connection with, product  Related Position (EFRP) transactions or exchange of futures for, or in connection with, swap transactions (EFS) shall be governed by the provisions of Exchange Rules 6.21 and 6.21A, respectively538.