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The New York Board of Trade (NYBOT), a wholly-owned subsidiary of IntercontinentalExchange (NYSE: ICE), announced that effective Monday, July 16, 2007, NYBOT is implementing amendments to Floor Trading Rule 4.28 to provide that the closing period used to derive daily settlement prices for the Sugar No. 14 futures contract shall be the one-minute period prior to the close of the electronic trading session for the contract. Prior to the change, the closing period was the one-minute period prior to the close of the open outcry session for the contract.
Further, the Rule has been amended to allow duly authorized Exchange staff to determine the Sugar No. 14 settlement price. Settlements will continue to be established in accordance with Rule 4.28, i.e., settlements will be computed based on the weighted average of prices traded during the closing period (3:14 p.m. ET to 3:15 p.m. ET). When no trades have been executed during the close, the settlement price will be the average of the bid and offer. When both a bid and offer have not been made during the close, the settlement price will be determined using spreads. Please consult Rule 4.28 for the exact language of the Rule, of which the modified section is excerpted, below.
Rule 4.28. Settlement Prices
Settlement Prices for all Exchange Futures Contracts, other than expiring Cotton No. 2, FCOJ, NFC, Financial and Index Futures Contracts on the Last Trading Day and the last trading day of every month for Russell 1000 Index and Russell 2000 Index Futures Contracts, shall be determined by either the Settlement Price Committee or duly authorized Exchange staff as follows:
(a) For the purposes of this Rule, all prices, bids and offers used to determine the Settlement Price shall be comprised of prices, bids and offers made by open outcry and ETS during the closing period and trading hours defined in Rule 4.06 and 4.07; provided, however, that, for the Sugar No. 14 Futures Contract, the time period for determining the Settlement Price shall be one minute prior to the close of ETS.
About IntercontinentalExchange
IntercontinentalExchange® (NYSE: ICE) operates the leading global, electronic marketplace for
trading both futures and OTC energy contracts and the leading soft commodity exchange. ICE’s
markets offer access to a range of contracts based on crude oil and refined products, natural gas,
power and emissions, as well as agricultural commodities including cocoa, coffee, cotton,
ethanol, orange juice, wood pulp and sugar, in addition to currency and index futures and options.
ICE® conducts its energy futures markets through its U.K. regulated London-based subsidiary,
ICE Futures, Europe’s leading energy exchange. ICE Futures offers liquid markets in the world’s
leading oil benchmarks, Brent Crude futures and West Texas Intermediate (WTI) Crude futures,
trading nearly half of the world’s global crude futures by volume of commodity traded. ICE
conducts its agricultural commodity futures and options markets through its U.S. regulated
subsidiary, the New York Board of Trade®. For more than a century, the NYBOT® has provided
global markets for food, fiber and financial products. ICE was added to the Russell 1000® Index
on June 30, 2006. Headquartered in Atlanta, ICE also has offices in Calgary, Chicago, Houston,
London, New York and Singapore. For more information, please visit www.theice.com and
www.nybot.com.
