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| Natural Gas Penultimate Swap |
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Natural gas penultimate swap futures give market participants increased flexibility to manage their risk with a cleared, financially settled instrument.
The natural gas penultimate swap futures contract is similar to the NYMEX Division natural gas futures contract but, since it settles financially one day earlier than the benchmark contract to help offset the risk that market participants can incur upon the expiration of the natural gas options contract.
Price settlement of the penultimate swap futures contract is based on the settlement price of the natural gas futures contract on the next-to-last day of futures trading.
All positions will be aggregated and margined according to the value at risk as calculated by the SPAN® system. Cross margining of offsetting positions across markets can result in reduced margin obligations.
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