• Large Trader Requirements, All Month/Any One Month Accountability Levels, Expiration Month Position Limits, and Diminishing Balances and Aggregation Allocations for Six (6) New Euro-Denominated Petroleum Products, Amendments to the Header Notes of the NYMEX Rulebook Chapter 5 Position Limit Table, and Amendments to the Any One Month Accountability Levels and Aggregation Allocations of Existing Related Contracts

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-5694
      • Notice Date
      • 13 April 2011
      • Effective Date
      • 18 April 2011

    • In connection with the launch of six (6) new Euro-Denominated Petroleum Swap Futures contracts on trade date April 18, 2011, please note below the corresponding all month/any one month accountability levels (NYMEX Rule 560), expiration month position limits (NYMEX Rule 559), reportable levels (NYMEX Rule 561), and diminishing balances and aggregation allocations for the new contracts.  These contracts will be added to the Position Limit, Position Accountability and Reportable Level Table located in the Interpretations and Special Notices Section of Chapter 5 of the NYMEX Rulebook.  The commodity codes are provided for the Clearing Members that file reports pursuant to NYMEX Rule 561.A in a machine-readable format. 

       

      In addition, the amendments to the Header Notes clarify that the new Mini contracts (Commodity Codes MGG, MUL, MFE, and MFT) shall be deemed equivalent to .10 of the quantity of the base contract into which they aggregate.

       

      Furthermore, the any one month accountability levels and aggregation allocations were amended for existing related petroleum contracts that were affected by the launch of the new contracts.  

       

      Contract related questions can be directed to Chris Reinhardt, Associate Director, Market Surveillance, at 212.299.2882, and Ryne Toscano, Supervisor, Market Surveillance, at 212.299.2879.

       

       

       


      (Bold/underlining indicates additions; strikethrough indicates deletions)

       

      Contract Name

      Rule Chap-ter

      Com-modity Code

      Diminish-ing Balances

      Contracts

      All Month Account-ability Level

      Any One Month Account-ability Level

      Expira-tion Month Limit

      Report-ing Level

      Aggre-gate Into (1)

      Aggre-gate Into (2)

      Rule 560

      Rule 560

      Rule 559

      Rule 561

      Petroleum

       

       

       

       

       

       

       

       

       

      Europe

       

       

       

       

       

       

       

       

       

      Northwest Europe

       

       

       

       

       

       

       

       

       

       

      ICE Brent (Euro- Denominated) Calendar Swap Futures

      1055

      IBE

      *

      20,000

      20,000

      2,000

      25

      BZ

       

      Daily Gasoline Euro-bob Oxy (Argus) NWE Barges Swap Futures

      238

      GBR

       

      3,500

      2,500

      500

      25

      7H

      7F

       

      ICE Gasoil (Euro- Denominated) Swap Futures

      1056

      IGE

      *

      7,000

      7,000

      1,000

      25

      GX

       

      Mini Gasoil 0.1 (Platts) Cargoes CIF NWE vs. Gasoil Swap Futures

      235

      MGF

      *

      1,000/ 7,000

      500/ 5,000 7,000

      150/ 1,000

      25

      GFS

      7F GX

       

      Mini Gasoil 0.1 (Platts) Cargoes CIF NWE vs. ICE Gasoil (Euro Denominated)  Swap Futures

      1060

      MGG

      *

      1,000/ 7,000

      500/ 7,000

      150/ 1,000

      25

      TW

      GX

       

      Mini ULSD 10ppm (Platts) Cargoes CIF NWE vs. Gasoil Swap Futures

      234

      MGN

      *

      1,000/ 7,000

      500/ 5,000 7,000

      150/ 1,000

      25

      TY

      7F GX

       

      Mini ULSD 10ppm (Platts) Cargoes CIF NWE vs. ICE Gasoil (Euro Denominated) Swap Futures

      1059

      MUL

      *

      1,000/ 7,000

      500/ 7,000

      150/ 1,000

      25

      TY

      GX

       

       


       

       

      Mini 1% Fuel Oil (Platts) Cargoes FOB NWE (Euro- Denominated) Swap Futures

      1061

      MFE

      *

      1,500

      1,500

      150

      25

      UF

       

      Mini 3.5% Fuel Oil (Platts) Barges FOB Rdam (Euro- Denominated) Swap Futures

      1057

      MFT

      *

      1,500

      1,500

      150

      25

      UV

       

      Mini European Jet Kero (Platts) Cargoes CIF NWE vs. Gasoil Swap Futures

      232

      MJC

      *

      1,500/ 7,000

      1,500/ 5,000 7,000

      150/ 1,000

      25

      UJ

      7F GX

       

      Mini European Jet Kero (Platts) Barges FOB Rdam vs. Gasoil Swap Futures

      233

      MJB

      *

      1,500/ 7,000

      1,500/ 5,000 7,000

      150/ 1,000

      25

      UR

      7F GX

      Mediterranean

       

       

       

       

       

       

       

       

       

      Italy

       

       

       

       

       

       

       

       

       

       

      Mini ULSD 10ppm (Platts) Cargoes CIF MED vs. Gasoil Swap Futures

      231

      UCM

      *

      5,000/ 7,000

      5,000/ 5,000 7,000

      500/ 1,000

      25

      Z6

      7F GX

       

       

       


      NYMEX Chapter 5

      Position Limit, Position Accountability and Reportable Level Table

      Header Notes

       

      1.  ….

       

      The following Petroleum contracts shall be deemed equivalent to .10 of the quantity of the corresponding base contract into which each Mini Petroleum contract aggregates:

       

      Mini European 3.5% Fuel Oil (Platts) Barges FOB Rdam Swap Futures

      Mini Singapore Fuel Oil 180 cst (Platts) Swap Futures

      Mini European 1% Fuel Oil (Platts) Barges FOB Rdam Swap Futures

      Mini European 1% Fuel Oil (Platts) Cargoes FOB NWE Swap Futures

      Mini European Naphtha (Platts) CIF NWE Swap Futures

      Mini European 1% Fuel Oil (Platts) Cargoes FOB NWE BALMO Swap Futures

      Mini European 3.5% Fuel Oil (Platts) Barges FOB Rdam BALMO Swap Futures

      Gasoil (ICE) Mini Calendar Swap Futures

      Mini Gasoil 0.1 (Platts) Cargoes CIF NWE vs. Gasoil Swap Futures

      Mini ULSD 10ppm (Platts) Cargoes CIF NWE vs. Gasoil Swap Futures

      Mini European 1% Fuel Oil (Platts) Barges FOB Rdam BALMO Swap Futures

      Mini European Jet Kero (Platts) Cargoes CIF NWE vs. Gasoil Swap Futures

      Mini European Jet Kero (Platts) Barges FOB Rdam vs. Gasoil Swap Futures

      Mini ULSD 10ppm (Platts) Cargoes CIF MED vs. Gasoil Swap Futures

      Mini Singapore Fuel Oil 180 cst (Platts) BALMO Swap Futures

      Mini Gasoil 0.1 (Platts) Cargoes CIF NWE vs. Gasoil (Euro Denominated)  Swap Futures

      Mini ULSD 10ppm (Platts) Cargoes CIF NWE vs. Gasoil (Euro Denominated) Swap Futures

      Mini 1% Fuel Oil (Platts) Cargoes FOB NWE (Euro Denominated) Swap Futures

      Mini 3.5% Fuel Oil (Platts) Barges FOB Rdam (Euro Denominated) Swap Futures

       

       

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