Nymex To Launch Brent Calendar Swap And Light, Sweet Crude Oil/Brent Calendar Swap Futures Contracts

The New York Mercantile Exchange, Inc., will introduce financially settled NYMEX Brent crude oil calendar swap futures and light, sweet crude oil/NYMEX Brent crude oil spread calendar swap futures contracts on its NYMEX ClearPort^sm electronic trading and clearing platform beginning on February 13 for the February 14 trading session.

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 to NYMEX ClearPort^sm as an exchange of futures for swaps (EFS) or exchange of futures for physicals (EFP) transaction until 2:40 PM.

Margins for all months of the NYMEX Brent crude oil calendar swap futures contract will be $2,500 for clearing members, $2,750 for members, and $3,375 for customers.

Margins for all months of the light, sweet crude oil/NYMEX Brent crude oil calendar swap futures contract will be $250 for clearing members, $275 for members, and $338 for customers.

Margins on the inter-month spreads for the first month of the NYMEX Brent crude oil calendar swap futures contract will be $400 for clearing members, $440 for members, and $540 for customers. Margins on the inter-month spreads for the second to sixth months will be $250 for clearing members, $275 for members, and $338 for customers. Margins on the inter-month spreads for the seventh to 12th months will be $150 for clearing members, $165 for members, and $203 for customers. Margins on the inter-month spreads for all other months will be $100 for clearing members, $110 for members, and $135 for customers.

The contract units will be 1,000 barrels for the NYMEX Brent crude oil calendar swap futures contract and 1,000 times the settlement price for one barrel for the light, sweet crude oil/NYMEX Brent crude oil spread calendar swap futures contract.

The position accountability levels for the new contracts will be 20,000 contracts for any single month or all months, with the exception of a 1,500-contract level for the last three days of the expiring contract. Clearing members must identify customers with a position of 350 contracts or more to the Exchange.

Fees for transactions submitted for trading on NYMEX ClearPort^sm will be $1.00 for members and $2.50 for non-members. Clearing fees and cash settlement fees will be $0.85 for members and $1.35 for non-members for the NYMEX Brent crude oil calendar swap futures contract and $2.20 for members and $2.70 for non-members for the light, sweet crude oil/Brent spread calendar swap futures contract.

Exchange President James E. Newsome said, "The Exchange is delighted to expand its Brent crude oil offerings. In addition to helping market participants meet all of their risk management needs, it is a show of our commitment to the European energy markets."