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CONTRACT INFORMATION
Q: Are the physically delivered NYMEX futures contracts available for side-by-side trading on CME Globex?
A:
As of the opening of the September 5 electronic trading session, the physically delivered NYMEX Division futures contracts are offered for around-the-clock trading on the CME Globex electronic trading system. The contracts are: light sweet crude oil (CL), heating oil (HO), unleaded gasoline (HU), RBOB gasoline (RB), natural gas (NG), propane (PN), platinum (PL), and palladium (PA).
NYMEX continues to offer the five full-sized financially settled energy futures contracts that were launched on CME Globex in June.
Also listed on CME Globex are the new NYMEX miNY TM futures contracts for platinum (PQ) and palladium (LQ), and the NYMEX miNY energy futures.
Each of the above contracts is available for trading on CME Globex for all of the listed months.
Q: As of the September 5 trading session, are the physically delivered contracts that are traded on CME Globex side-by-side with the open outcry session fungible with the contracts that are traded on the floor?
A:
Yes, just as has been the case previously with NYMEX ACCESS®, they are the same contract and the only difference is in the trading venues (floor or electronic): thus, for example, a position can be opened in one venue and closed on the other.
Q: What happens to after-hours trading?
A: After-hours trading in the NYMEX Division open outcry contracts migrated to CME Globex from NYMEX ACCESS® for the August 7 trading session. With the listing of these contracts side-by-side with the floor, trading continues on the electronic system after the trading floor closes although the trading day ends at 5:15 PM with the end of the CME Globex session. The next NYMEX business day or trade date commences at 6:00 PM when CME Globex reopens. All times are New York time.
It is important to note that on the final day of trading spot month physically delivered or financially settled NYMEX contracts on CME Globex, the close of trading occurs at 2:30 PM (simultaneous to the close of regular trading hours on the floor); trading in all other contract months on CME Globex continues until 5:15 PM.
Q: What is the status of NYMEX ACCESS®
A: NYMEX ACCESS remains operational for the time being only for the after-hours trading of COMEX Division futures contracts.
Q: Do members still get Day Trade credits for trades on CME Globex?
A: Members continue to receive Day Trade credits for offsetting buys and sells that occur within the same trade date, regardless of trading venue. The credit still applies if the buy (or sell) occurs on the NYMEX trading floor and the offsetting sell (or buy) occurs on CME Globex, as long as both transactions occur within the same trade date. Both transactions could occur directly on CME Globex as well.
Q: Are crack, calendar, and other spreads available?
A: One-to-one crack spreads on the physical energy products are available during the same hours as the underlying products. CME Globex offers a basic implied functionality for crack spreads, calendar spreads, and product-to-product spreads such as for heating oil and gasoline. Traders should make sure that the display of the CME Globex-operated implieds is activated in their front-end software.
Q: Could I have some exposure from a position arising from trading a spread?
A: In general, not if the order is entered on an Exchange-listed spread; however, that could occur if an automated spreading tool or front-end generated implied is used that requires each leg of the spread to be entered separately.
Q: What should I do if I have been trading on NYMEX ACCESS?
A: The NYMEX Division contracts were delisted from NYMEX ACCESS on the evening of August 6th. It is imperative that market participants who wish to establish their own direct connection to CME Globex make arrangements with their clearing firm and a third party system provider if necessary. Trading can also continue to be conducted through any firm that is connected to CME.
Q: What is the error policy for electronic trades?
A: The CME error trade rule (CME Rule 588 Globex Trading Cancellations), which is administered by CME staff, will apply to trading of NYMEX products as well and in fact has been incorporated by reference by NYMEX in NYMEX Chapter 11G. This rule is similar in substance to the NYMEX error trade approach that has been in place for trading on NYMEX electronic trading systems. The CME rule lists the “no bust” ranges that apply for specific contracts. A call must be placed to the CME Globex control center (312-456-2391) within eight minutes of the transaction to question anything related to a potential error trade.
Q: Once a trade is submitted through the electronic venue, can a trader allocate his trades?
A: Yes, through e-Clerk, within the rules and regulations of the Exchange. eClerks, authorized by the executing brokers, have the capability to reallocate electronic trades appearing in the trade management system (TMS) throughout the business day. The eClerk and broker registration forms can be accessed from the NYMEX website at: http://www.nymex.com/reallocation_eletrade.aspx
Q: Who clears the NYMEX contracts listed on CME Globex?
A: NYMEX.
Q: Is trading-at-settlement (TAS) available for contracts trading on CME Globex?
A: TAS is available for the first two contract months of the financially settled and physically delivered energy products (except propane) that are executed on CME Globex, as well as for the physically delivered contracts executed on the floor, except on the last trading day of the physically delivered contracts. Trading in all TAS products, including by open outcry, ceases each day at 2:30 PM, New York time.
TAS transactions on CME Globex in the futures contracts on the accompanying table trade off of a "base price" of 100 to create a differential of a maximum of 10 ticks above or below the settlement price of the underlying futures contract.
Thus, a TAS trade on CME Globex at 103 corresponds to a +3 tick differential to the settlement price of the underlying futures contract.
For example, if light sweet crude oil (CL) or WTI crude oil financial (WS) trades on CME Globex at TAS 103 and the light sweet crude oil market settles at $72.10, the TAS trade is executed at $72.13. Likewise, a trade at TAS 97 is a differential of -3 and the trade settles at $72.07.
A TAS transaction for final settlement is done at 100.
The ability to conduct a TAS trade at a differential is extended to open outcry executions, effective September 5. On the floor, however, traders should just use +3 or -5, for example, for differentials and zero or “flat” for even settlement.
In all TAS differential trades transacted on CME Globex or the floor, a counterparty must take the opposite side at that differential.
Commodity Code on
CME Globex® |
Name |
Cleared Product |
WST |
WTI Crude Oil Financial TAS |
WS |
RTT |
RBOB Gasoline Financial TAS |
RT |
BHT |
Heating Oil Financial TAS |
BH |
HPT |
Natural Gas Financial TAS |
HP |
HHT |
Natural Gas Financial (Last Day) TAS |
HH |
BBT |
Brent Crude Oil Financial TAS |
BB |
CLT |
Light Sweet Crude Oil Physical TAS |
CL |
HOT |
Heating Oil Physical TAS |
HO |
HUT |
Unleaded Gasoline Physical TAS |
HU |
RBT |
RBOB Gasoline Physical TAS |
RB |
NGT |
Natural Gas Physical TAS |
NG |
Q: How can I register for electronic trade positions to view positions on the trade management system (TMS), perform top day allocations on TMS, and receive proper ATOM credits?
A: To register, download and complete the form located at http://www.nymex.com/elec_reallpos.aspx. Clearing members must submit all completed registrations by fax to NYMEX Customer Service at 212-301-4751.
Q: Is registration required to use wireless devices in the trading rings?
A: Traders who want to use a tablet computer on the floor must register with the Exchange to receive access to the NYMEX Wireless Network. This is the link for members to register their tablets for use on the trading floor: http://www.nymex.com/wrless_reg.aspx
Q: Are support services offered for the transition?
A: The Exchange operates a wireless valet center located on the NYMEX Division trading floor. The valet allows traders to store their wireless trading tablets overnight, charges and reinstalls batteries, and provides backup tablets and batteries in the event traders require a loaner. The center is manned by customer service staff, 8 AM to 4 PM Mondays through Fridays.
In addition, representatives from independent software venders (ISV) are available in the fourth floor training center. Contact the Exchange training and development department for the schedule at (212) 299-2450
Q: Is NYMEX ClearPort® still online?
A: Yes, NYMEX ClearPort Clearing still operates for the clearing of off-exchange brokered deals and NYMEX ClearPort Trading also remains on line.
Q: Where do I get additional information?
A: Contact the NYMEX marketing department at 1-212-299-2301 or NYMEX customer service at 800-438-8616. For more information on CME Globex, contact a CME Globex account manager at 312-634-8700, or in Europe at (44) 207-623-2550. You can also visit www.nymexoncmeglobex.com.
For more information on the products or clearing, please contact the NYMEX Marketing Department at 1-212-299-2301.
For more information on CME Globex, please contact a CME Globex Account Manager at 312-634-8700, or in Europe at +44.207.623.2550.
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