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| Trading Unit |
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| A long call on the Brent crude oil calendar spread options contract will exercise into a long position in the closer Brent crude oil financial contract month and a short position in the longer-dated Brent crude oil financial contract month. A short put will exercise into a short position in the closer Brent crude oil financial contract and a long position in the longer-dated Brent crude oil financial contract month. |
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| Price Quotation |
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| U.S. dollars and cents per barrel. |
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| Trading Hours (All times are New York time) |
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Open outcry trading is conducted from 9:00 AM until 2:30 PM.
Off-Exchange transactions can be submitted solely for clearing to the NYMEX ClearPort® clearing website as an exchange of futures for swaps (EFS) or exchange of futures for physicals (EFP) transaction until 5:15 PM, Monday through Friday, and the day preceding a holiday. |
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| Trading Months |
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- 12 consecutive months beginning with the first nearby thru 12th nearby
- two 2-month spreads (1st thru 3rd nearby and 2nd thru 4th nearby)
- one 3-month spread (1st thru 4th nearby)
- two 6-month spreads (December-June through June-December)
- one 12-month spread (December-December)
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| Minimum Price Fluctuation |
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| $0.01 (1¢) per barrel ($10.00 per contract). |
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| Maximum Daily Price Fluctuation |
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| No price limits. |
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| Last Trading Day |
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| The expiration date is one business day before the termination of the underlying futures contract, and the options can be exercised only on the last day. |
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| Strike Prices |
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| Ten strike prices in increments of $0.05 (5¢) per barrel above and below the at-the-money strike price, and the next five strike prices in increments of $0.10 (10¢) a barrel above the highest and below the lowest existing strike prices for a total of at least 31 strike prices. Strike price boundaries are adjusted according to futures price movements. |
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| Trading Symbol |
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Calendar spread options will be presented as multiple commodity codes to specify the spread between months. Only the first month will be specified and the second month will be implied as an offset from the first month defined through the commodity code. For example, the code for light, sweet crude oil calendar spread options is A. AA will imply a one-month spread between contracts, AB will imply two months between contracts, AC will imply three months between contracts, AM six months, and AZ 12 months. The third letter of the code represents the first month of the spread. Therefore, ABN04 (N=July) will represent a July 2007 to September 2007 Brent crude oil calendar spread options contract.
Lead symbol: A
1 month: AA
2 months: AB
3 months: AC
6 months: AM
12 months: AZ |
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