SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 23-355

Organization: New York Mercantile Exchange, Inc. ("NYMEX")

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 10/06/23 Filing Description: Delisting of Seven (7) Crude Oil 

Futures and Option Contracts

SPECIFY FILING TYPE 

Please note only ONE choice allowed per Submission.

Organization Rules and Rule Amendments

Certification § 40.6(a)

Approval § 40.5(a)

Notification § 40.6(d)

Advance Notice of SIDCO Rule Change § 40.10(a)

SIDCO Emergency Rule Change § 40.10(h)

Rule Numbers: 

New Product Please note only ONE product per Submission.

Certification § 40.2(a) 

Certification Security Futures § 41.23(a)

Certification Swap Class § 40.2(d)

Approval § 40.3(a)

Approval Security Futures § 41.23(b)

Novel Derivative Product Notification § 40.12(a)

Swap Submission § 39.5

Product Terms and Conditions (product related Rules and Rule Amendments)

Certification § 40.6(a) 

Certification Made Available to Trade Determination § 40.6(a)

Certification Security Futures § 41.24(a)

Delisting (No Open Interest) § 40.6(a) 

Approval § 40.5(a)

Approval Made Available to Trade Determination § 40.5(a)

Approval Security Futures § 41.24(c)

Approval Amendments to enumerated agricultural products § 40.4(a), § 40.5(a)

“Non-Material Agricultural Rule Change” § 40.4(b)(5)

Notification § 40.6(d)

Official Name(s) of Product(s) Affected: See filing.

Rule Numbers: See filing.
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

1

Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

October 6, 2023

VIA ELECTRONIC PORTAL

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

Re: CFTC Regulation 40.6(a) Certification. Delisting of Seven (7) Crude Oil Futures and 

Option Contracts.

NYMEX Submission No. 23-355

Dear Mr. Kirkpatrick:

New York Mercantile Exchange, Inc. (“NYMEX” or “Exchange”) is certifying to the Commodity Futures 

Trading Commission (“CFTC” or “Commission”) the delisting of the seven (7) crude oil futures and option 

contracts as set forth in the table below (the “Contracts”) effective immediately. There is no open interest 

in the Contracts.

Contract Title Commodity 

Code

Rulebook 

Chapter

Short-Term Crude Oil Option C01-C31 1065

Daily Crude Oil Calendar Spread Option (Two-Month)* DTM 915

LLS (Argus) vs. Brent BALMO Futures LBB 314

LLS (Argus) vs. Brent Crude Oil Average Price Option LRO 1129

LLS (Argus) vs. WTI Trade Month Average Price Option E5O 1126

WTS (Argus) Financial Futures WTS 1140

WTS (Argus) vs. WTI Financial Futures WTA 1143

*Daily Crude Oil Calendar Spread Option (One-Month) (Code: DNM) shall remain available for trading and clearing.

The Contracts are being delisted for trading on CME Globex electronic trading platform (“CME Globex”) as 

well as for submission for clearing via CME ClearPort.

Exhibit A provides amendments to NYMEX Rulebook Chapters in blackline format.

As a result of the delisting, information regarding the Contracts has been deleted from the respective 

product rulebook chapters, related position limits in the Position Limit, Position Accountability and 

Reportable Level Table located in the Interpretations and Special Notices Section of Chapter 5 (“Trading 

Qualifications and Practices”) of the NYMEX Rulebook (the “Table”), the CME Globex non-reviewable 

ranges located in Rule 588.H. of the NYMEX Rulebook, and the list of block-eligible products located on 

the CME Group website. The Table is attached under separate cover, in blackline format, as Exhibit B.

The Exchange reviewed the designated contract market core principles (“Core Principles”) as set forth in 

the Commodity Exchange Act (“CEA” or “Act”) and identified that the following Core Principles may be 

impacted by this initiative as follows:
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

2

• Emergency Authority: There is no open interest in the Contracts, and therefore there will be no 

market disruption related to the delisting. 

• Availability of General Information: The Exchange will make publicly available the details of the 

delisting by publishing a Special Executive Report (“SER”) to the marketplace. The SER will be 

available on CME Group’s website.

Pursuant to Section 5c(c) of the Act and CFTC Regulation 40.6(a), the Exchange hereby certifies that the 

delisting of the Contracts complies with the Act, including regulations under the Act. There were no 

substantive opposing views to this proposal.

The Exchange certifies that this submission has been concurrently posted on the Exchange’s website at

http://www.cmegroup.com/market-regulation/rule-filings.html.

Should you have any questions concerning the above, please e-mail 

CMEGSubmissionInquiry@cmegroup.com or contact the undersigned at (212) 299-2200. 

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel

Attachments: Exhibit A – Amendments to NYMEX Rulebook Chapters (blackline format) 

Exhibit B – Position Limit, Position Accountability, and Reportable Level Table in Chapter

 5 of the NYMEX Rulebook (attached under separate cover) (blackline format) 
3

EXHIBIT A

NYMEX Rulebook

(deletions struck through)

Chapter 1065

Short-Term Crude Oil Option

1065.01 EXPIRATION

Expiration shall be in accordance with the following schedule. On the initial listing date, the ShortTerm Crude Oil option will be listed with expiration four business days from the listing date. 

Thereafter, an additional contract will be listed for expiration four days after that business day. In the 

event that the expiration day of the Short-Term Crude Oil option coincides with the expiration of the 

associated Crude Oil option, the Short-Term Crude Oil option will not be listed. No Short-Term Crude 

Oil option shall be listed if its expiration coincides with an Exchange holiday.

1065.02 OPTION TYPE

A Short-Term Crude Oil option is a European-style option.

1065.03 TRADING UNIT

A Short-Term Crude Oil put option contract traded on the Exchange represents the cash difference 

between the exercise price and the settlement price of the first nearby underlying Light Sweet Crude 

Oil futures contract multiplied by 1,000, or zero, whichever is greater. In the event that the option is 

expiring on the last trading day of the first nearby underlying Light Sweet Crude Oil futures contract, 

the second nearby underlying futures will be used for settlement. A Short-Term Crude Oil call option 

contract traded on the Exchange represents the cash difference between the settlement price of the 

first nearby Crude Oil futures contract and the exercise price multiplied by 1,000, or zero, whichever 

is greater. In the event that the option is expiring on the last trading day of the first nearby Crude Oil 

futures contract, the second nearby underlying futures will be used for settlement.

1065.04 STRIKE PRICES

Transactions shall be conducted for option contracts as set forth in Rule 300.20.

1065.05 TRADING MONTHS 

Trading in Short-Term Crude Oil option contracts shall be conducted in the days determined by the 

Exchange. 

1065.06 PRICES

Prices shall be quoted in dollars and cents per barrel. The minimum price increment will be $0.01 

per barrel, or $10 per contract. A cabinet trade may occur at the price of $0.001 per barrel or $1.00

per contract.

1065.07 ABSENCE OF PRICE FLUCTUATION LIMITATIONS

Trading in Short-Term Crude Oil option contracts shall not be subject to price fluctuation limitations
4

Chapter 915

Daily Crude Oil Calendar Spread Option

915100. SCOPE OF CHAPTER

This chapter is limited in application to put and call options on Light Sweet Crude Oil futures contracts. 

In addition to the rules of this chapter, transactions in options on Light Sweet Crude Oil futures shall 

be subject to the general rules of the Exchange insofar as applicable.

915101. OPTION CHARACTERISTICS

The number of days open for trading at a given time shall be determined by the Exchange.

915101.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

915101.B. Trading Unit

The underlying spread for the one-month Daily Crude Oil Calendar Spread Option will be defined as 

the first nearby month Light Sweet Crude Oil futures contract less the second nearby month Light 

Sweet Crude Oil futures contract. The underlying spread for the two-month Daily Crude Oil Calendar 

Spread Option will be defined as the first nearby month Light Sweet Crude Oil futures contract less 

the third nearby month Light Sweet Crude Oil futures contract. A call Option represents the differential 

between the settlement price of the underlying spread less the strike price, or zero whichever is 

greater, multiplied by 1,000. A put Option represents the differential between the strike price and the 

settlement price of the underlying spread, or zero, whichever is greater, multiplied by 1,000. In the 

event that the option is expiring on the last trading day of the first nearby Light Sweet Crude Oil 

futures contract, the underlying spread for the one-month Daily Calendar Spread Option will be 

defined as the second nearby month Light Sweet Crude Oil futures contract less the third nearby 

month Light Sweet Crude Oil futures contract. The underlying spread for the two-month Daily 

Calendar Spread Option will be defined as the second nearby month Light Sweet Crude Oil futures 

contract less the fourth nearby month Light Sweet Crude Oil futures contract.

915101.C. Price Increments

Prices shall be quoted in dollars and cents per barrel and prices shall be in multiples of $0.01 (1 cent) 

per barrel. However, a cabinet trade may occur at a price of $0.001 per barrel, or $1.00 per contract.

915101.D. Position Limits and Position Accountability

For purposes of calculating compliance with position limits, each contract will be aggregated with 

positions held in Crude Oil Last Day Financial futures. Each position in the contract will be calculated 

as a single position in the Crude Oil Last Day Financial futures contract. 

In accordance with Rule 559, no person shall own or control positions in excess of 3,000 contracts 

net long or net short in the spot month. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits.

915101.E. Termination of Trading

The daily option contract shall expire at the close of business on the business day.

915101.F. Type Option

The option is a European-style option cash settled only on expiration day.

915102. EXERCISE PRICES

Transactions shall be conducted for option contracts as set forth in Rule 300.20.

915103. DISCLAIMER

NYMEX AND ITS AFFILIATES MAKE NO WARRANTIES, EXPRESS OR IMPLIED, AS TO THE 

RESULTS TO BE OBTAINED BY ANY PERSON OR ENTITY FROM USE OF THE PRICE 

ASSESSMENT, TRADING AND/OR CLEARING BASED ON THE PRICE ASSESSMENT, OR ANY 

DATA INCLUDED THEREIN IN CONNECTION WITH THE TRADING AND/OR CLEARING OF THE 

CONTRACT, OR, FOR ANY OTHER USE. NYMEX AND ITS AFFILIATES MAKE NO 

WARRANTIES, EXPRESS OR IMPLIED, AND HEREBY DISCLAIM ALL WARRANTIES OF 

MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO 

THE PRICE ASSESSMENT OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF 

THE FOREGOING, IN NO EVENT SHALL NYMEX OR ITS AFFILIATES HAVE ANY LIABILITY FOR 
5

ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES 

(INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Chapter 314

LLS (Argus) vs. Brent BALMO Futures

314100. SCOPE OF CHAPTER

The provisions of these rules shall apply to all futures contracts bought or sold on the Exchange for cash 

settlement based on the Floating Price. The procedures for trading, clearing and cash settlement of this 

contract, and any other matters not specifically covered herein shall be governed by the general rules of 

the Exchange. 

314101. CONTRACT SPECIFICATIONS 

(A) The Floating Price for each contract month is the balance-of-month arithmetic average of the LLS 

(1st month) weighted average price from Argus Media minus the Brent Crude Oil (ICE) Futures first 

nearby contract settlement price from the selected start date through the end of the contract month, 

inclusive, except as set forth in Section (B) below.

(B) The settlement price of the first nearby contract month will be used except on the last day of trading 

for the expiring Brent Crude Oil Futures contract when the settlement price of the second nearby 

contract will be used. 

The Floating Price is calculated using the non-common pricing convention. In calculating the spread 

differential, the monthly average for each component leg of the spread shall be calculated by using all 

trading days in the month for each component leg of the spread, followed by the calculation of the spread 

differential between the two averages.

314102. TRADING SPECIFICATIONS

The number of months open for trading at a given time shall be determined by the Exchange.

314102.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

314102.B. Trading Unit

The contract size shall be 1000 U.S. barrels. Each contract shall be valued as the contract quantity 

(1000) multiplied by the settlement price.

314102.C. Price Increments

Prices shall be quoted in U.S. dollars and cents per barrel. The minimum price fluctuation shall be 

$0.01 per barrel.

314102.D. Position Limits and Accountability

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & 

Special Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to 

the Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion. 

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions 

from the specified position limits. 

314102.E. Termination of Trading

Trading shall cease on the last business day of the contract month.

314103. FINAL SETTLEMENT 

Final settlement under the contract shall be by cash settlement. Final settlement, following termination of 

trading for a contract month, will be based on the Floating Price. The final settlement price will be the 

Floating Price calculated for each month. 

314104. DISCLAIMER
6

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.

Chapter 1129

LLS (Argus) vs. Brent Crude Oil Average Price Option

112900. SCOPE OF CHAPTER

This chapter is limited in application to put and call options on LLS (Argus) vs. Brent Financial Futures 

(LLR) contract. In addition to the rules of this chapter, transactions in options on LLS (Argus) Financial 

Futures shall be subject to the general rules of the Exchange insofar as applicable. 

112901. OPTION CHARACTERISTICS

The number of months open for trading at a given time shall be determined by the Exchange. 

1129101.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

1129101.B. Trading Unit

A LLS (Argus) vs. Brent Crude Oil Average Price Option is a cash-settled option. On expiration of a 

call option, the value will be the difference between settlement price of the underlying LLS (Argus) 

vs. Brent Financial Futures and the strike price multiplied by 1,000 barrels, or zero whichever is 

greater. On expiration of a put option, the difference between settlement price of the underlying LLS 

(Argus) vs. Brent Financial Futures and the strike price multiplied by 1,000 barrels, or zero whichever 

is greater. 

1129101.C. Price Increments

Prices shall be quoted in dollars and cents per barrel. The minimum price fluctuation shall be $0.01 

per barrel.

1129101.D. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply 

to the Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion.

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits.

1129101.E. Termination of Trading

Trading shall cease on the last business day of the contract month.

1129101.F. Type Option

The option is a European-style option which can be exercised on the expiration day. 

112902. EXERCISE PRICES

Transactions shall be conducted for option contracts as set forth in Rule 300.20.

112903. DISCLAIMER

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.

Chapter 1126

LLS (Argus) vs. WTI Trade Month Average Price Option

1126100. SCOPE OF CHAPTER
7

This chapter is limited in application to put and call options on the LLS (Argus) vs. WTI Trade Month 

Futures contract. In addition to the rules of this chapter, transactions in options on Argus LLS Trade 

Month Futures shall be subject to the general rules of the Exchange insofar as applicable. 

1126101. OPTION CHARACTERISTICS

The number of months open for trading at a given time shall be determined by the Exchange. 

1126101.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

1126101.B. Trading Unit

A LLS (Argus) vs. WTI Trade Month Average Price Option is a cash-settled option. On expiration of 

a call option, the value will be the difference between settlement price of the underlying Argus LLS 

vs. WTI (Argus) Trade Month Futures and the strike price multiplied by 1,000 barrels, or zero 

whichever is greater. On expiration of a put option, the difference between settlement price of the 

underlying Argus LLS vs. WTI (Argus) Trade Month Futures and the strike price multiplied by 1,000 

barrels, or zero whichever is greater. 

1126101.C. Price Increments

Prices shall be quoted in dollars and cents per barrel. The minimum price fluctuation shall be $0.01 

per barrel.

1126101.D. Position Limits, Exemptions, Position Accountability and Reportable Levels 

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply 

to the Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion.

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits.

1126101.E. Termination of Trading

Trading shall cease at the close of trading on the last business day that falls on or before the 25th 

calendar day of the month prior to the contract month. If the 25th calendar day is a weekend or 

holiday, trading shall cease on the first business day prior to the 25th calendar day.

1126101.F. Type Option

The option is a European-style option which can be exercised on the expiration day. 

1126102. EXERCISE PRICES AND CHARACTERISTICS

Transactions shall be conducted for option contracts as set forth in Rule 300.20.

1126103. DISCLAIMER

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.

Chapter 1140

WTS (Argus) Financial Futures

1140100. SCOPE OF CHAPTER

The provisions of these rules shall apply to all futures contracts bought or sold on the Exchange for 

cash settlement based on the Floating Price. The procedures for trading, clearing and cash 

settlement of this contract, and any other matters not specifically covered herein shall be governed 

by the general rules of the Exchange.

1140101. CONTRACT SPECIFICATIONS

The Floating Price for each contract month is equal to the arithmetic average of the WTS (1st month) 

weighted average price from Argus Media for each business day that it is determined during the 

contract month.
8

1140102. TRADING SPECIFICATIONS

The number of months open for trading at a given time shall be determined by the Exchange.

1140102.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

1140102.B. Trading Unit

The contract size shall be 1,000 U.S. barrels. Each contract shall be valued as the contract quantity 

(1,000) multiplied by the settlement price.

1140102.C. Price Increments

Prices shall be quoted in U.S. dollars and cents per barrel. The minimum price fluctuation shall be 

$0.01 per barrel.

1140102.D. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply 

to the Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion.

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits.

1140102.E. Termination of Trading

Trading shall cease at the close of trading on the last business day of the contract month.

1140103. FINAL SETTLEMENT

Final settlement under the contract shall be by cash settlement. Final settlement, following 

termination of trading for a contract month, will be based on the Floating Price. The final settlement 

price will be the Floating Price calculated for each contract month.

1140104. DISCLAIMER

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.

Chapter 1143

WTS (Argus) vs. WTI Financial Futures

1143100. SCOPE OF CHAPTER

The provisions of these rules shall apply to all futures contracts bought or sold on the Exchange for 

cash settlement based on the Floating Price. The procedures for trading, clearing and cash 

settlement of this contract, and any other matters not specifically covered herein shall be governed 

by the general rules of the Exchange.

1143101. CONTRACT SPECIFICATIONS

The Floating Price for each contract month is equal to the arithmetic average of the WTS (1st month) 

weighted average price from Argus Media minus the NYMEX Light Sweet Crude Oil Futures first 

nearby contract month settlement price for each business day that both are determined during the 

contract month.

1143102. TRADING SPECIFICATIONS

The number of months open for trading at a given time shall be determined by the Exchange.

1143102.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

1143102.B. Trading Unit

The contract quantity shall be 1,000 U.S. barrels. Each contract shall be valued as the contract 

quantity (1,000) multiplied by the settlement price.
9

1143102.C. Price Increments

Prices shall be quoted in U.S. dollars and cents per barrel. The minimum price fluctuation shall be 

$0.01 per barrel. 

1143102.D. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply 

to the Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion.

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits.

1143102.E. Termination of Trading

Trading shall cease at the close of trading on the last business day of the contract month.

1143103. FINAL SETTLEMENT

Final settlement under the contract shall be by cash settlement. Final settlement, following 

termination of trading for a contract month, will be based on the Floating Price. The final settlement 

price will be the Floating Price calculated for each contract month.

1143104. DISCLAIMER

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.
10

EXHIBIT B

NYMEX Rulebook

Chapter 5

(“Trading Qualifications and Practices”)

Position Limit, Position Accountability, and Reportable Level Table 

(under separate cover)