The new calendar swap futures contracts and their trading symbols are: European naphtha (UN), Northwest Europe jet kerosene (UJ), Rotterdam jet kerosene (UR), Northwest Europe gasoil (UE), Rotterdam gasoil (UG), European Mediterranean gasoil (UQ), Northwest Europe ultra low–sulfur diesel (UL), Rotterdam ultra low–sulfur diesel (UP), Northwest Europe 1% fuel oil (UF), Rotterdam 1% fuel oil, (UH), Rotterdam 3.5% fuel oil (UV), European Mediterranean 3.5% fuel oil (UI); Singapore fuel oil 180 centistokes (UA), Gulf Coast gasoline (GS), Gulf Coast heating oil (GP), and Gulf Coast jet fuel (GE).
The contracts will be available for trading on the NYMEX ClearPortsm trading platform 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 be submitted solely for clearing to the NYMEX ClearPortsm clearing website as an exchange of futures for swaps (EFS) or exchange of futures for physicals (EFP) transaction until 2:40 PM.
The contract quantities of the European and Singapore calendar swaps will be 1,000 metric tons each; the Gulf Coast contracts will be for 42,000 gallons each. All of the contracts will be available for 36 months forward and will cease trading on the last business day of the contract month. The contracts will be financially settled based on the arithmetic average of the mid–point between the high and low quotations from Platts European Marketscan for the European contracts, Platts Asia–Pacific Marketscan for the Singapore contract, and Platts Oilgram Price Report for the Gulf Coast contracts.
The position accountability level for each European and Singapore contract will be 1,500 contracts for all months or any single month and 150 contracts for the expiring contract. The accountability level for each Gulf Coast contract will be 10,000 contracts and 1,000 contracts for the expiring contract.
The level at which clearing members must identify customers to the Exchange will be 25 contracts for each contract.
As part of the Exchange’s liquidity provider program on NYMEX ClearPortsm, any trader who makes a bid or offer that is subsequently accepted will receive $7.00 per European or Singapore contract and $1.00 per Gulf Coast contract and the participant on the other side of the trade will pay an all–inclusive fee of $15.00 per European or Singapore contract and $2.50 per Gulf Coast contract.
Fees for a transaction submitted solely for clearing on NYMEX ClearPortsm will be $6.00 per European or Singapore contract per side for Exchange members and $9.00 per contract per side for non–members and $0.85 per Gulf Coast contract per side for Exchange members and $1.35 per side for non–members.
Exchange President James E. Newsome said, "These new contracts will extend the protection of the Exchange clearinghouse to transactions in the most active refined products markets in Europe, Asia, and the U.S. Gulf Coast. They will bring the growing slate of energy instruments available for trading or solely for clearing to more than 100 contracts and will bring a new dimension to the market coverage of the NYMEX ClearPortsm product mix."
