NYMEX is planning on launching a New York Harbor Ethanol Futures contract, on March 31, 2008.  The contract will be physically delivered, traded on CME Globex and cleared on  NYMEX Clearport (Exchange of futures for physical “EFP” available on NYMEX Clearport).  The NYMEX New York Harbor Physical Ethanol Futures will be based on delivery at petroleum products terminals in the harbor. 

The contract unit will be 42,000 gallons (1,000 barrels), with trading on 36 consecutive months on a rolling basis.  The last trading day will the last business day of the preceding delivery month.  Full details are expected by next week.  The contract size compares to 29,000 gallons offered by CME/CBOT.

Beginning on Sunday evening, March 30 (for trade date Monday, March 31), the Exchange will list a physically-delivered New York Harbor Ethanol Futures Contract on CME GLOBEX® and on NYMEX ClearPort® clearing.  This new futures contract will be available during the normal trading hours for CME GLOBEX® and NYMEX ClearPort® clearing.

The New York Harbor Ethanol Futures Contract, code QE (Globex code QEN), features physical delivery of ethanol in the New York Harbor, with delivery terms similar to the New York Harbor RBOB Gasoline Contract.  The first contract month to be listed will be for May 2008.  The Exchange will list 36 consecutive months.  The last trading day in a current month shall be on the last business day of the month preceding the delivery month.  The contract size is 42,000 gallons and minimum tick size is $0.0001 per gallon.

Further, the inter-commodity spread between ethanol and RBOB will be listed on CME GLOBEX®.  EFP and EFS transactions will be available for execution on the NYMEX ClearPort® clearing platform.

The fees for the New York Harbor Ethanol Futures Contract are as follows:

CME  GLOBEX®                                           NYMEX ClearPort® clearing  
Member Day Trade               $0.45               Member (EFP, EFS, Blocks)    $0.70
Member Overnight Trade       $0.70               Non-Member (EFP, EFS, Blocks)   $1.45
Non-Member Rate                 $1.45
COMEX Blended Rate            $0.95

Additional Charges
Delivery (House Account)         $0.50
Delivery (Customer Account)    $1.00
Block Trading Surcharge          $0.10
EFS Surcharge                        $2.50

For further information, please contact Daniel Brusstar on 212-299-2604.

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Effective Date:           Monday, March 31, 2008 (close of business)           

Futures Contracts:     Physically-Delivered Contract for New York Harbor Ethanol Futures (QE)

Contract Months:      All Months

 

 

Note: The spot month assessment will take place in two increments. First, $100 on positions at the close of business on the day preceding termination. Second, the remaining of the spot assessment on positions at the close of business on the day after termination.

Should you have any questions regarding these changes, please contact William Doherty at (212) 299-2925.

 

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Effective Date:           Monday, March 31, 2008 (close of business)

Contract Months:      All Months
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Listed below are the additions to the spread credits list: