• Listing of U.S. Midwest #1 Busheling Ferrous Scrap (AMM) Futures

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6348
      • Notice Date
      • 17 August 2012
      • Effective Date
      • 09 September 2012
    • Effective Sunday, September 9, 2012, for trade date Monday, September 10, 2012, and pending all relevant CFTC regulatory review periods, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will list the following U.S. Midwest #1 Busheling Ferrous Scrap (AMM) futures for trading on the CME Globex and for submission for clearing through CME ClearPort. This futures contract will be financially settled. The contract is listed with, and subject to, the rules and regulations of NYMEX.
      The Exchange will allow the exchange for related position (EFRP) transactions to be submitted through CME Globex and CME ClearPort. EFRP transactions in this futures contract will be governed by the provisions of Exchange Rule 538.
      CONTRACT SPECIFICATIONS:
      •       Title: U.S. Midwest #1 Busheling Ferrous Scrap (AMM) Futures
      •       Commodity Code: BUS
      •       Rule Chapter: 601
      •       First Listed Month: October 2012
      •       Listing Period: 24 consecutive months
      •       Contract Size: 20 Gross Tons
      •       Termination of Trading: Trading shall cease on the 10th calendar day of the contract month. If 10th calendar day falls into a holiday or weekend, the price will settle on the immediate following business day. Business days are based on the U.S. Public Holiday calendar.
      •       Minimum Price Tick: $0.01 per gross ton
      •       Value per Tick: $0.20 per gross ton
      •       Final Settlement Price: Settlement tick = $0.01
      •       Trading and Clearing Hours:
      CME Globex: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)
      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).
      •       Exchange Fees:

      Exchange Fees
       
       
      Member Day
      Member
      Cross Division
      Non-Member
      IIP
       
      Pit
      NA 
      NA
      NA
       NA
       
       
      Globex
      $2.00 
      $3.00
      $1.00 
       $5.00
      $3.30 
       
      ClearPort
       
      $4.00
       
       $5.00
       
       
       
       
       
      Processing Fees
       
       
      Member
      Non-Member
       
      Cash Settlement
      $4.00
      $5.00 
       
      Futures from E/A
      NA 
      NA
       
       
      House Acct
      Cust Acct
       
      Options E/A Notice
       NA
      NA 
       
      Delivery Notice
      NA 
       NA
       
       
       
       
      Additional Fees and Surcharges
       
      EFS Surcharge
      NA 
       
      Block Surcharge
      $0.10  
       
      Facilitation Desk Fee
      $0.20 
       

       
       
      Please refer questions on this subject to:
      Research and Product Development
      Robert Biolsi                             Bob.Biolsi@cmegroup.com                               (212) 299-2610
      Young-Jin Chang                       Youngjin.Chang@cmegroup.com                       (312) 466-4637
      Joann Arena                              Joann.Arena@cmegroup.com                            (212) 299-2356

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