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| Trading Unit |
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Futures: 42,000 U.S. gallons (1,000 barrels).
Options: One NYMEX Division New York Harbor unleaded gasoline futures
contract. |
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| Price Quotation |
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| Futures and Options: In dollars and cents per
gallon, for example, $0.8522 (85.22¢) per gallon. |
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| Trading Hours |
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Futures and Options: Open outcry trading is
conducted from 10:05 A.M. until 2:30 P.M.
After hours futures trading is conducted via the NYMEX ACCESS®
internet-based trading platform beginning at 3:15 P.M. on Mondays through
Thursdays and concluding at 9:00 A.M. the following day. On Sundays, the
session begins at 7:00 P.M. All times are New York time. |
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| Trading Months |
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Futures: 12 consecutive months.
Options: 12 consecutive months. |
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| Minimum Price Fluctuation |
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| Futures and Options: $0.0001 (0.01¢) per gallon
($4.20 per contract). |
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| Maximum Daily Price Fluctuation |
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Futures: Initial limits of $0.06 (6¢) per gallon
are in place in all but the first two months and rise to $0.09 (9¢) per
gallon if the previous day's settlement price in any back month is at the
$0.06 per gallon limit. In the event of a $0.20 (20¢) per gallon move in
either of the first two contract months, limits on all months become $0.20
per gallon from the limit in place in the direction of the move following
a one-hour trading halt.
Options: No price limits. |
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| Last Trading Day |
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Futures: Trading terminates at the close of
business on the last business day of the month preceding the delivery
month.
Options: Expiration occurs three business days before the underlying
futures contract. |
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| Exercise of Options |
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| By a clearing member to the Exchange clearinghouse
not later than 5:30 P.M., or 45 minutes after the underlying futures
settlement price is posted, whichever is later, on any day up to and
including the option's expiration. |
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| Options Strike Prices |
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| Twenty strike prices in one-cent-per-gallon
increments above and below the at-the-money strike price, and ten strike
prices in five-cent increments above the highest and below the lowest
existing strike prices for a total of at least 61 strike prices. The
at-the-money strike price is the nearest to the previous day's close of
the underlying futures contract. Strike price boundaries are adjusted
according to the futures price movements. |
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| Delivery |
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| F.O.B. seller's facility in New York Harbor
ex-shore. All duties, entitlements, taxes, fees, and other charges paid.
Requirements for seller's shore facility: capability to deliver into
barges. Delivery may also be completed by pipeline, tanker, book transfer,
or inter- or intra-facility transfer. Delivery must be made in accordance
with applicable federal, state, and local licensing and tax laws. |
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| Delivery Period |
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| Deliveries may only be initiated the day after the
fifth business day and must be completed before the last business day of
the delivery month. |
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| Alternate Delivery Procedure
(ADP) |
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| An alternate delivery procedure is available to
buyers and sellers who have been matched by the Exchange subsequent to the
termination of trading in the spot month contract. If buyer and seller
agree to consummate delivery under terms different from those prescribed
in the contract specifications, they may proceed on that basis after
submitting a notice of their intention to the Exchange. |
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| Exchange of Futures For, or in
Connection with, Physicals (EFP) |
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| The commercial buyer or seller may exchange a
futures position for a physical position of equal quantity by submitting a
notice to the Exchange. EFPs may be used to either initiate or liquidate a
futures position. |
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| Position Accountability |
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| Any one month/all months: 7,000 net futures, but
not to exceed 1,000 in the last three days of trading in the spot month. |
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| Grade and Quality
Specifications |
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Generally conforms to industry standards for Phase
II Complex Model Reformulated Gasoline.
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Phase
II Complex Model 2000
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Oxygen |
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1.7% min by weight |
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Benzene |
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1.3% max by volume |
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| Trading Symbols |
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Futures: HU
Options: GO |
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