CME Group, the world's largest and most diverse derivatives marketplace, today announced the launch of trading and clearing services for three new petroleum "last day" financially settled futures contracts. Trading will be available on the New York trading floor and clearing services will be available through CME ClearPort(R), 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. Trading and clearing are scheduled to begin on November 1 for trade date November 2. These contracts will be listed by and subject to the rules and regulations of NYMEX.
The futures contracts and commodity codes will be: crude oil last day financial (26); heating oil last day financial (23); and RBOB last day financial (27).
These contracts are a useful hedging tool for a diverse group of market participants, including the financial sector and end users, who prefer the flexibility of a cash-settled instrument that mirrors the underlying physical futures contracts.
The first listed month will be the November 2009 contract. The crude oil contract will be listed for nine years using the following listing schedule: consecutive months will be listed for the current year and next five years; in addition, the June and December contract months will be listed beyond the sixth year. The heating oil contract will be listed through August 2012, and the RBOB contract will be listed for 36 consecutive months.
For more information please visit www.cmegroup.com/clearport.