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| Options Type |
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| European-style options contract that is cash-settled on expiration day. |
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| Contract Unit |
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| Upon expiration of a call options contract, the value will be the difference between the settlement price of the underlying NYMEX Division light sweet crude oil futures contract and the strike price multiplied by 1,000 barrels, or zero, whichever is greater. Upon expiration of a put options contract, the value will be the difference between the strike price and settlement price of the underlying crude oil futures contract multiplied by 1,000 barrels, or zero, whichever is greater. |
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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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| Contract Months |
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| Any month in which there is an underlying futures contract. |
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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 Price Fluctuation |
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| There are no price limits. |
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| Last Trading Day |
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| Trading ends three business days before the termination of trading in the underlying futures contract. |
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| Settlement |
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| Settlement is in cash three business days before the termination of trading in the underlying futures contract. The European-style crude oil options contract cannot be exercised into the underlying futures contract. |
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| Options Strike Prices |
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| To add strike prices, registered users of NYMEX ClearPort® clearing or brokers can call customer service before noon each business day for listing the next Exchange business day. |
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| Exchange of Options for Options (EOO) |
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| The buyer or seller may exchange an off-Exchange options position for an options position on the Exchange of equal quantity by submitting a notice to the Exchange. EOOs may be used to either initiate or liquidate an options position. |
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| Margin Requirements |
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| Margins are required for open short options positions. The margin requirement for an options purchaser will never exceed the premium. |
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| Trading Symbol |
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| LC |
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