Nymex To Introduce New Brent Crude Oil Calendar Swap Futures

The New York Mercantile Exchange, Inc., announced today that it will introduce a financially-settled Brent crude oil calendar swap futures contract for trading and clearing on its NYMEX ClearPort^sm electronic platform beginning on March 6 for the March 7 trade date.

The contracts will be available for trading on NYMEX ClearPort^sm from 7 PM Sundays through 2:30 PM Fridays, with a 45-minute break each day between 2:30 PM and 3:15 PM. Off-Exchange transactions can also be submitted solely for clearing through NYMEX ClearPort^sm.

Margins for all months will be $2,500 for clearing members, $2,750 for members, and $3,375 for customers.

The contract will be listed for 72 consecutive months. The contract unit will be 1,000 barrels with the minimum price fluctuation of $0.01 per barrel.

Fees for transactions submitted for clearing on NYMEX ClearPort^sm. and for cash settlements will be $0.85 per contract for members and $1.35 for non-members. For trading on NYMEX ClearPort^sm. , members will receive $1.00 per contract, and the participant on the other side of the trade will pay an all-inclusive fee of $2.50.

The position accountability level will be 5,000 contracts for any single month or all months. Clearing members must identify customers with a position of 25 contracts or more to the Exchange.

Exchange President James E. Newsome said, "The Exchange is pleased to increase the trading opportunities available to participants hedging its Brent crude oil futures contract. We are committed to the success of these contracts and their users."