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| Type |
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| A 1:1 options contract on the price differential between New York harbor heating oil and light, sweet crude oil futures. Crack spread options are American options with the same terms and conditions. |
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| Trading Unit |
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A long crack call, or a short crack put, represents one long underlying heating oil futures contract and one short, underlying light sweet crude oil futures contract.
A long crack put, or a short crack call, represents one short, underlying heating oil futures contract and one long underlying light, sweet crude oil futures contract. |
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| Price Quotation |
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| U.S. dollars and cents per barrel. Since this contract is priced on the differential between New York Harbor heating oil futures and light, sweet crude oil futures, it can be quoted on either a positive or negative number. |
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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. |
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| Trading Months |
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| 18 consecutive months. |
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| Minimum Price Fluctuation |
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| $0.01 (1¢) per barrel ($10.00 per contract). |
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| Last Trading Day |
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| Expiration occurs at the close of trading on the business day immediately preceding the expiration of the underlying light sweet crude oil futures contract. |
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| Exercise of Options |
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| Prices will be determined by an established algorithm, using the settlement price of light sweet crude oil on the day of exercise to price the crude oil leg of the spread. The heating oil leg is priced by taking the crude oil price, adding the strike price, and rounding to the nearest dollar and cents figure evenly divided by 42 (this will always be within 21 points of the crude oil price plus the strike price). |
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| Strike Prices |
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| An at-the-money strike price is determined by rounding the differential between the product leg and the crude oil leg to the nearest $0.25 (25¢) interval. Five additional strikes are offered both above and below the established "at-the-money" strike price at $0.25 (25¢) increments. Three additional out-of-the-money strike prices are added above and below those strikes at $1.00 intervals, and two additional strikes will be added above and below at $2.00 intervals. |
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| Position Accountability Levels |
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| 20,000 futures equivalent contracts in all months combined. |
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| Trading Symbol |
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| CH |
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