The position accountability levels for any single month or all months will be 20,000 contracts for the light, sweet crude oil APO contract and 7,000 contracts for the heating oil and gasoline APO contracts. Position limits will be 1,000 contracts for the expiring contract in each product. The level at which clearing members must identify customers to the Exchange will be 350 contracts for the light, sweet crude oil APO contract; 250 contracts for the heating oil APO contract; and 150 contracts for the gasoline APO contract.
The three APO contracts will be financially settled based on the difference between the strike price and the average of front month settlements during the calendar month. These options cannot be exercised prior to expiration and are cash settled at that time, rather than being exercised into the futures contract. The underlying futures contracts will be the West Texas Intermediate, New York harbor heating oil, and New York harbor gasoline calendar swap futures contracts, all of which expire on the last business day of the contract month.
