At the time of the initial phase of the launch, scheduled for the second quarter of 2006, NYMEX will offer cash-settled energy futures contracts for all listed months. The second phase of the launch will offer physically delivered energy futures contracts no later than six months from the initial launch.
The new NYMEX board, under the leadership of Chairman Richard Schaeffer, also voted to increase the maximum order limit size for all NYMEX miNYTM futures contracts to 999 contracts. In addition, it approved an exchange of futures for swaps mechanism for crude oil futures. NYMEX will also be adopting CME Globex electronic trading hours.
Mr. Schaeffer said, "NYMEX is excited to offer this additional avenue into its hugely popular and successful energy complex. Market participants may continue to rely on the price transparency and liquidity they have grown to expect from NYMEX while utilizing the highly respected CME Globex electronic trading platform.”
James E. Newsome, NYMEX president and chief executive officer, said,” The future of NYMEX will be shaped by its pairing with the CME to provide futures markets participants the best of both worlds, while significantly expanding access to NYMEX energy contracts through the CME Globex global distribution network”
