SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 23-337

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): 08/21/23 Filing Description: Delisting of Six (6) Coal (ARGUSMcCloskey) Futures and Options 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

August 21, 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 Six (6) Coal (ARGUS-McCloskey)

Futures and Options Contracts.

NYMEX Submission No. 23-337

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 six (6) coal (ARGUS-McCloskey) futures 

and options contracts (the “Contracts”) noted in Table 1. below effective immediately. There is no open 

interest in the Contracts. 

Table 1.

Contract Title

Commodity 

Code

Rulebook 

Chapter

Coal (API 2) cif ARA (ARGUS-McCloskey) Future-Style Margined Option 

on Quarterly Futures Strips F2Q 1117

Coal (API 2) cif ARA (ARGUS-McCloskey) Option MTO 927

Coal (API 2) cif ARA (ARGUS-McCloskey) Short Dated Calendar Option MTC 1115

Coal (API 4) fob Richards Bay (ARGUS-McCloskey) Future-Style 

Margined Option on Calendar Futures Strips F4C 1118

Coal (API 4) fob Richards Bay (ARGUS-McCloskey) Future-Style 

Margined Option on Quarterly Futures Strips F4Q 1119

Coal (API 4) fob Richards Bay (ARGUS-McCloskey) Option MFO 929

The Contracts are being delisted from the CME Globex electronic trading platform (“CME Globex”) and 

CME ClearPort, the venues on which they were previously listed.

In a separate but related matter, the Exchange is concurrently amending the listing schedule of three (3) 

additional existing coal (ARGUS-McCloskey) futures and options contracts (see NYMEX Submission No. 

23-336 also dated August 21, 2023).

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

2

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:

• 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 1117

Coal (API 2) cif ARA (Argus/McCloskey) Future-Style Margined Option on 

Quarterly Futures Strip

 

1117100. SCOPE OF CHAPTER

This chapter is limited in application to put and call Coal (API 2) cif ARA (Argus/McCloskey) FutureStyle Margined Options on Quarterly Futures Strip on the Coal (API 2) cif ARA (Argus/McCloskey) 

Futures contract. In addition to the rules of this chapter, transactions in the Coal (API 2) cif ARA 

(Argus/McCloskey) Future-Style Margined Option on Quarterly Futures Strip shall be subject to the 

general rules of the Exchange insofar as applicable.

1117101. OPTION CHARACTERISTICS

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

1117101.A. Trading Schedule

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

1117101.B. Trading Unit

The Coal (API 2) cif ARA (Argus/McCloskey) Future-Style Margined Option on quarterly Futures Strip 

is an option on the Coal (API 2) cif ARA (Argus/McCloskey) Futures contract. On expiration of a call 

option, the long position will be assigned three consecutive long futures months beginning with the 

underlying month of the Coal (API 2) cif ARA (Argus/McCloskey) Futures contract at the strike price. 

On exercise of a put option, the long position will be assigned three consecutive short futures months 

beginning with the underlying month of the Coal (API 2) cif ARA (Argus/McCloskey) Futures contract 

at the strike price.

1117101.C. Price Increments

Prices and strike prices shall be quoted in U.S. dollars and cents per metric ton. The minimum price 

fluctuation shall be $0.01 per metric ton ($30.00 per contract). Trading in the option contract shall not 

be subject to price fluctuation limitations.

1117101.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.

1117101.E. Termination of Trading

The Expiration Day shall be 30 calendar days prior to the first calendar day of the first calendar month 

in the strip of deliverable futures. If such day is not a London business day, the Expiration Day shall 

be the first preceding London business day. Trading shall cease at 12:30 p.m. London time on the 

Expiration Day.

1117101.F. Type Option

Option contracts may be exercised on the Expiration Day only. Notice of exercise must be delivered 

by a Clearing Member to the Clearing House not later than 2:30 p.m. London time on the Expiration 

Day. The option shall be available for automatic exercise. The in-the-money value of the option shall 

be based on a methodology to be published by the Exchange that reflects markets prices at the 

termination of trading of a contract.

1117101.G. Settlement Variation and Option Value

This contract is a future-style margin option. Settlement variation rules for futures-style margin 

options conform to those set forth for non-options stipulated in NYMEX Rule 814. As such, when a 

clearing member or its customers is long or short any amount of any commodity for a settlement 

cycle, as indicated by Clearing House records, settlement for any outstanding exposure shall be 
4

made with the Clearing House based on the settlement price for that settlement cycle. For futuresstyle margin options, each clearing member and its customers shall pay to, or collect from, the 

Clearing House any loss or profit, as the case may be, represented by the difference between (x) the 

settlement price of the futures-style margin option for such settlement cycle and (y) the settlement 

price of the futures-style margin option for the prior settlement cycle (or, for the first settlement cycle 

after the purchase/sale of such option, the price at which the option was purchased or sold).

1117102. EXERCISE PRICES

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

1117103. DISCLAIMER

The Coal (API 2) cif ARA (Argus/McCloskey) Future-Style Margined Option on Quarterly Futures 

Strip (the “Product”) is not sponsored, endorsed, sold or promoted by Argus Media Inc. (“Argus”) or 

IHS Global Ltd. (“IHS”). Argus and IHS make no representation or warranty, express or implied, to 

the owners of the Product or any member of the public regarding the advisability of trading in the 

Product. Argus’ and IHS’ only relationship to Chicago Mercantile Exchange Inc., CME Clearing 

Europe Ltd. and New York Mercantile Exchange, Inc. (together, “CME”) is the licensing of certain 

trademarks and trade names of Argus and IHS, and of the API 2 and API 4 indexes (which are 

determined, composed and calculated by Argus and IHS without regard to CME or the Product), and 

Argus and IHS have no obligation to take the needs of CME or the owners of the Product into 

consideration in determining, composing or calculating the API 2 and API 4 indexes. Argus and IHS 

are not responsible for and have not participated in the determination of the timing of, prices at, or 

quantities of the Product to be listed or in the determination or calculation of the equation by which 

the Product is to be converted into cash. Argus and IHS have no obligation or liability in connection 

with the administration, marketing or trading of the Product. 

ARGUS, IHS AND CME DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS 

OF THE API 2 AND API 4 INDEXES OR ANY DATA RELATED THERETO AND NEITHER ARGUS, 

IHS, NOR CME SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR 

INTERRUPTIONS THEREIN. ARGUS, IHS AND CME MAKE NO WARRANTY, EXPRESS OR 

IMPLIED, AS TO RESULTS TO BE OBTAINED BY CME, OWNERS OF THE PRODUCT, OR ANY 

OTHER PERSON OR ENTITY FROM THE USE OF THE API 2 AND API 4 INDEXES OR ANY DATA 

RELATED THERETO. ARGUS, IHS, AND CME MAKE NO EXPRESS OR IMPLIED WARRANTIES, 

AND EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A 

PARTICULAR PURPOSE OR USE WITH RESPECT TO THE API 2 AND API 4 INDEXES OR ANY 

DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT 

SHALL ARGUS, IHS, OR CME HAVE ANY LIABILITY FOR ANY DAMAGES WHATSOEVER, 

WHETHER DIRECT OR INDIRECT, INCLUDING WITHOUT LIMITATION, LOST PROFITS OR 

INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST 

PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO 

THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN 

ARGUS, IHS, AND CME. 

Without prejudice to any of the above provisions and in addition to them, each and every third party 

should and must note that, insofar as New York Mercantile Exchange, Inc. (“NYMEX”) may list any 

index for trading in or in connection or by reference therewith, none of: 

a. NYMEX; b. its directors or officers; or c. any relevant party that NYMEX may contract with for the 

supply of the index or information in relation thereto; (each of the foregoing, a “Relevant Party”) 

assume any obligation or liability in connection with the trading of any contract based on such index. 

Accordingly, no Relevant Party shall be in any way responsible for any losses, expenses or damages 

(in all cases direct or indirect) arising in connection with or referable to the trading of any contract 

linked or referable to the said index, provided that nothing herein shall affect either the obligations of 

NYMEX or its Members as Parties trading in any contract so linked or referable. None of the Relevant 

Parties guarantee or warrant or undertake in any manner the accuracy or completeness of any such 

index or any information or data included in or referable to it. 

NONE OF THE RELEVANT PARTIES MAKE ANY WARRANTY OR GIVES ANY GUARANTEE OR 

UNDERTAKING, EXPRESS OR IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF, OR 

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

INDEX, AND PROXY RELATED OR REFERABLE THERETO OR ANY INFORMATION OR DATA 

INCLUDED IN OR REFERABLE TO IT IN CONNECTION WITH ANY TRADING OR ANY 
5

CONTRACTS OR FOR ANY OTHER USE. NONE OF THE RELEVANT PARTIES MAKE ANY 

EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY 

PARTICULAR PURPOSE WITH RESPECT TO ANY SUCH INDEX, ANY RELATED OR 

REFERABLE THERETO OR ANY INFORMATION OR DATA INCLUDED IN OR REFERABLE TO 

ANY SUCH INDEX.

Chapter 927

Coal (API 2) cif ARA (Argus/McCloskey) Option

927100. SCOPE OF CHAPTER

This chapter is limited in application to Coal (API 2) cif ARA (Argus/McCloskey) put and call options. 

In addition to the rules of this chapter, transactions in Coal (API 2) cif ARA (Argus/McCloskey) put 

and call options shall be subject to the general rules of the Exchange insofar as applicable.

927101. OPTION CHARACTERISTCS

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

927101.A. Trading Schedule

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

927101.B. Trading Unit

On the expiration of a call option, the option will be financially settled to the greater of zero or the 

value produced by subtracting the strike price from the Floating Price of the Coal (API 2) cif ARA 

(Argus/McCloskey) Futures contract for the same contract month, multiplied by 1,000 metric tons. 

On the expiration of a put option, the option will be financially settled to the greater of zero or the 

value produced by subtracting the Floating Price of the Coal (API 2) cif ARA (Argus/McCloskey) 

Futures contract for the same contract month from the strike price, multiplied by 1,000 metric tons.

927101.C. Price Increments

Prices shall be quoted in dollars and cents per metric ton. The minimum price fluctuation shall be 

$0.01 per metric ton. The minimum final settlement is $0.01 per metric ton. A cabinet trade may 

occur at the price of $.001 per metric ton or $1.00, however, if it results in the liquidation of positions 

of both parties to the trade.

927101.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.

927101.E. Termination of Trading

The Coal (API 2) cif ARA (Argus/McCloskey) Option expiration shall be on the last Friday of the 

contract month. If such Friday is a UK holiday, the contract will expire on the UK business day 

immediately prior to the last Friday of the contract month unless such day is not an Exchange 

business day, in which case the contract will expire on the Exchange business day immediately prior. 

927101.F. Type Option

Coal (API 2) cif ARA (Argus/McCloskey) Option is a financially settled European-style option. The 

option cannot be exercised prior to expiration.

927102. EXERCISE PRICES

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

927103. DISCLAIMER
6

The Coal (API 2) cif ARA (Argus/McCloskey) Options are not sponsored, endorsed, sold or 

promoted by Argus or IHS. Argus and THS make no representation or warranty, express or 

implied, to the owners of the Coal (API 2) cif ARA (Argus/McCloskey) Options or any member of 

the public regarding the advisability of trading in the Coal (API 2) cif ARA (Argus/McCloskey) 

Options. Argus' and IHS' only relationship to Chicago Mercantile Exchange Inc., and New York 

Mercantile Exchange, Inc., (together “CME") is the licensing of certain trademarks and trade 

names of Argus and IHS and of the API 2, API 3, API 4, API 5, API 6, API 8 and API 12 indexes 

which are determined, composed and calculated by Argus and IHS without regard to CME or 

the Coal (API 2) cif ARA (Argus/McCloskey) Options. Argus and lHS have no obligation to take 

the needs of CME or the owners of the Coal (API 2) cif ARA (Argus/McCloskey) Options into 

consideration in determining, composing or calculating the API 2, API 3, AP( 4, API 5, API 6, 

API 8 and APJ 12 indexes. Argus and IHS are not responsible for and have not participated in 

the determination of the timing of, prices at, or quantities of the Coal (API 2) cif ARA 

(Argus/McCloskey) Options to be listed or in the determination or calculation of the equation by 

which the Coal (API 2) cif ARA (Argus/McCloskey) Options are to be converted into cash. Argus 

and IHS have no obligation or liability in connection with the administration, marketing or trading

of the Coal (API 2) cif ARA (Argus/McCloskey) Options.

ARGUS, IHS AND CME DO NOT GUARANTEE THE ACCURACY AND/OR THE 

COMPLETENESSOF THE API 2, API 3, APJ 4, API 5, API 6, API 8 AND API 12 INDEXES OR 

ANY DATA RELATED THERETO AND NEITHER ARGUS, IHS, NOR CME SHALL HAVE ANY 

LIABILITY FOR ANY ERRORS, OMISSIONS, OR lNTERRUPTIONS THEREIN. ARGUS, IHS 

AND CME MAKE NO WARRANTY, EXPRESS OR lMPLIED, AS TO RESULTS TO BE 

OBTAINED BY CME, OWNERS OF THE COAL (API 2) CIF ARA (ARGUS/MCCLOSKEY) 

OPTIONS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE API 2, APJ 3, APJ 

4, API 5, API 6, API 8 AND API 12 INDEXES OR ANY DATA RELATED THERETO. ARGUS, 

IHS, AND CME MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY 

DISCLAIM ALL WARRANTIES, OF MERCHANTABlLITY OR FITNESS FOR A PARTICULAR 

PURPOSE OR USE WITH RESPECT TO THE API 2, API 3, API 4, API 5, API 6, API 8 AND 

API 12 INDEXES OR ANY DATA RELATED THERETO. WlTHOUT LIMITING ANY OF THE 

FOREGOlNG, IN NO EVENT SHALL ARGUS, IHS, OR CME HAVE ANY LIABILITY FOR ANY 

DAMAGES WHATSO EVER, WHETHER DIRECT OR INDIRECT, INCLUDING WITHOUT 

LIMITATION, LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL 

DAMAGES (INC LUDING LOST PROFITS}, EVEN IF NOTIFIED OF THE POSSIBILITY OF 

SUCH DAMAGES. THERE ARE NO THIRD PARTY BENEFICIAR IES OF ANY AGREEMENTS 

OR ARRANGEMENTS BETWEEN ARGUS, IHS, AND CME.

Chapter 1115

Coal (API 2) cif ARA (Argus-McCloskey) Short Dated Option

on Calendar Futures Strip

1115100. SCOPE OF CHAPTER 

This chapter is limited in application to short dated put and call options on calendar year strips of Coal 

(API 2) cif ARA (Argus-McCloskey) futures contracts. In addition to the rules of this chapter, 

transactions in short dated options on calendar year strips of Coal (API 2) cif ARA (Argus-McCloskey) 

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

1115101. OPTION CHARACTERISTICS 

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

1115101.A. Trading Schedule 

The hours of trading for this contract shall be determined by the Exchange. 
7

1115101.B. Trading Unit 

The Coal (API 2) cif ARA (Argus-McCloskey) Short Dated Option on Calendar Futures Strip is an 

option on the Coal (API 2) cif ARA (Argus-McCloskey) futures contract. On expiration of a call option, 

the long position will be assigned twelve consecutive long futures months, beginning with the January 

contract for the calendar year following the option expiry month, of the Coal (API 2) cif ARA (ArgusMcCloskey) futures contract at the strike price. On exercise of a put option, the long position will be 

assigned twelve consecutive short futures months, beginning with the January contract for the 

calendar year following the option expiry month, of the Coal (API 2) cif ARA (Argus-McCloskey) 

futures contract at the strike price.

1115101.C. Price Increments 

The minimum price fluctuation is $0.01 per metric ton ($120 per contract). Prices shall be quoted in 

US dollars and cents per metric ton. A cabinet trade may occur at a price of $0.001 per metric ton, or 

$12.00 per contract, however, if it results in the liquidation of positions for both parties to the trade. 

1115101.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. 

1115101.E. Termination of Trading

The option Expiration Day shall be 30 calendar days prior to the first calendar day of the contract 

month. If such day is not a UK business day, the Expiration Day shall be the first preceding UK 

business day. Trading shall cease at 12:30 p.m. London time on the option’s Expiration Day. 

Notice of exercise must be delivered by a Clearing Member to the Clearing House not later than 2:30 

p.m. London time on the Expiration Day. The option shall be available for automatic exercise. The 

in-the-money value of the option shall be based on a methodology to be published by the Exchange 

that reflects markets prices at the termination of trading of a contract.

1115101.F. Type Option 

The option is a European-style option which can only be exercised into the underlying futures on 

Expiration Day. 

1115102. EXERCISE PRICES 

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

1115103. DISCLAIMER

The Coal (API 2) cif ARA (Argus-McCloskey) Short Dated Option on Calendar Futures Strip (the 

“Product”) is not sponsored, endorsed, sold or promoted by Argus Media Inc. (“Argus”) or IHS Global 

Ltd. (“IHS”). Argus and IHS make no representation or warranty, express or implied, to the owners 

of the Product or any member of the public regarding the advisability of trading in the Product. Argus’ 

and IHS’ only relationship to Chicago Mercantile Exchange Inc., CME Clearing Europe Ltd. and New 

York Mercantile Exchange, Inc. (together, “CME”) is the licensing of certain trademarks and trade 

names of Argus and IHS, and of the API 2 and API 4 indexes (which are determined, composed and 

calculated by Argus and IHS without regard to CME or the Product), and Argus and IHS have no 

obligation to take the needs of CME or the owners of the Product into consideration in determining, 

composing or calculating the API 2 and API 4 indexes. Argus and IHS are not responsible for and 

have not participated in the determination of the timing of, prices at, or quantities of the Product to be 

listed or in the determination or calculation of the equation by which the Product is to be converted 

into cash. Argus and IHS have no obligation or liability in connection with the administration, 

marketing or trading of the Product.
8

ARGUS, IHS AND CME DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS 

OF THE API 2 AND API 4 INDEXES OR ANY DATA RELATED THERETO AND NEITHER ARGUS, 

IHS, NOR CME SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR 

INTERRUPTIONS THEREIN. ARGUS, IHS AND CME MAKE NO WARRANTY, EXPRESS OR 

IMPLIED, AS TO RESULTS TO BE OBTAINED BY CME, OWNERS OF THE PRODUCT, OR ANY 

OTHER PERSON OR ENTITY FROM THE USE OF THE API 2 AND API 4 INDEXES OR ANY DATA 

RELATED THERETO. ARGUS, IHS, AND CME MAKE NO EXPRESS OR IMPLIED WARRANTIES, 

AND EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A 

PARTICULAR PURPOSE OR USE WITH RESPECT TO THE API 2 AND API 4 INDEXES OR ANY 

DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT 

SHALL ARGUS, IHS, OR CME HAVE ANY LIABILITY FOR ANY DAMAGES WHATSOEVER, 

WHETHER DIRECT OR INDIRECT, INCLUDING WITHOUT LIMITATION, LOST PROFITS OR 

INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST 

PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO 

THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN 

ARGUS, IHS, AND CME.

Without prejudice to any of the above provisions and in addition to them, each and every third party 

should and must note that, insofar as New York Mercantile Exchange, Inc. (“NYMEX”) may list any 

index for trading in or in connection or by reference therewith, none of:a. NYMEX;b.its directors or 

officers; orc.any relevant party that NYMEX may contract with for the supply of the index or 

information in relation thereto;(each of the foregoing, a “Relevant Party”) assume any obligation or 

liability in connection with the trading of any contract based on such index. Accordingly, no Relevant 

Party shall be in any way responsible for any losses, expenses or damages (in all cases direct or 

indirect) arising in connection with or referable to the trading of any contract linked or referable to the 

said index, provided that nothing herein shall affect either the obligations of NYMEX or its Members 

as Parties trading in any contract so linked or referable. None of the Relevant Parties guarantee or 

warrant or undertake in any manner the accuracy or completeness of any such index or any 

information or data included in or referable to it.

NONE OF THE RELEVANT PARTIES MAKE ANY WARRANTY OR GIVES ANY GUARANTEE OR 

UNDERTAKING, EXPRESS OR IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF, OR 

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

INDEX, AND PROXY RELATED OR REFERABLE THERETO OR ANY INFORMATION OR DATA 

INCLUDED IN OR REFERABLE TO IT IN CONNECTION WITH ANY TRADING OR ANY 

CONTRACTS OR FOR ANY OTHER USE. NONE OF THE RELEVANT PARTIES MAKE ANY 

EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY 

PARTICULAR PURPOSE WITH RESPECT TO ANY SUCH INDEX, ANY RELATED OR 

REFERABLE THERETO OR ANY INFORMATION OR DATA INCLUDED IN OR REFERABLE TO 

ANY SUCH INDEX.

Chapter 1118

Coal (API 4) FOB Richards Bay (Argus/McCloskey) Future-Style Margined Option 

on Calendar Futures Strip

 

1118100. SCOPE OF CHAPTER

This chapter is limited in application to put and call Coal (API 4) fob Richards Bay (Argus/McCloskey) 

Future-Style Margined Options on Calendar Futures Strip on the Coal (API 4) fob Richards Bay 

(Argus/McCloskey) Futures contract. In addition to the rules of this chapter, transactions in the Coal 

(API 4) fob Richards Bay (Argus/McCloskey) Future-Style Margined Option on Calendar Futures 

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

1118101. OPTION CHARACTERISTICS

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

1118101.A. Trading Schedule

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

1118101.B. Trading Unit
9

The Coal (API 4) fob Richards Bay (Argus/McCloskey) Future-Style Margined Option on Calendar 

Futures Strip is an option on the Coal (API 4) fob Richards Bay (Argus/McCloskey) Futures contract. 

On expiration of a call option, the long position will be assigned twelve consecutive long futures 

months beginning with the underlying month of the Coal (API 4) fob Richards Bay (Argus/McCloskey) 

Futures contract at the strike price. On exercise of a put option, the long position will be assigned 

twelve consecutive short futures months beginning with the underlying month of the Coal (API 4) fob 

Richards Bay (Argus/McCloskey) Futures contract at the strike price.

1118101.C. Price Increments

Prices and strike prices shall be quoted in U.S. dollars and cents per metric ton. The minimum price 

fluctuation shall be $0.01 per metric ton ($120.00 per contract). Trading in the option contract shall 

not be subject to price fluctuation limitations.

1118101.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.

1118101.E. Termination of Trading

The Expiration Day shall be 30 calendar days prior to the first calendar day of the first calendar month 

in the strip of deliverable futures. If such day is not a London business day, the Expiration Day shall 

be the first preceding London business day. Trading shall cease at 12:30 p.m. London time on the 

Expiration Day.

1118101.F. Type Option

Option contracts may be exercised on the Expiration Day only. Notice of exercise must be delivered 

by a Clearing Member to the Clearing House not later than 2:30 p.m. London time on the Expiration 

Day. The option shall be available for automatic exercise. The in-the-money value of the option shall 

be based on a methodology to be published by the Exchange that reflects markets prices at the 

termination of trading of a contract.

1118101.G. Settlement Variation and Option Value

This contract is a future-style margin option. Settlement variation rules for futures-style margin 

options conform to those set forth for non-options stipulated in NYMEX Rule 814. As such, when a 

clearing member or its customers is long or short any amount of any commodity for a settlement 

cycle, as indicated by Clearing House records, settlement for any outstanding exposure shall be 

made with the Clearing House based on the settlement price for that settlement cycle. For futuresstyle margin options, each clearing member and its customers shall pay to, or collect from, the 

Clearing House any loss or profit, as the case may be, represented by the difference between (x) the 

settlement price of the futures-style margin option for such settlement cycle and (y) the settlement 

price of the futures-style margin option for the prior settlement cycle (or, for the first settlement cycle 

after the purchase/sale of such option, the price at which the option was purchased or sold).

1118102. EXERCISE PRICES

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

1118103. DISCLAIMER

The Coal (API 4) fob Richards Bay (Argus/McCloskey) Future-Style Margined Option on Calendar 

Futures Strip (the “Product”) is not sponsored, endorsed, sold or promoted by Argus Media Inc. 

(“Argus”) or IHS Global Ltd. (“IHS”). Argus and IHS make no representation or warranty, express or 

implied, to the owners of the Product or any member of the public regarding the advisability of trading 

in the Product. Argus’ and IHS’ only relationship to Chicago Mercantile Exchange Inc., CME Clearing 

Europe Ltd. and New York Mercantile Exchange, Inc. (together, “CME”) is the licensing of certain 

trademarks and trade names of Argus and IHS, and of the API 2 and API 4 indexes (which are 

determined, composed and calculated by Argus and IHS without regard to CME or the Product), and 

Argus and IHS have no obligation to take the needs of CME or the owners of the Product into 

consideration in determining, composing or calculating the API 2 and API 4 indexes. Argus and IHS 

are not responsible for and have not participated in the determination of the timing of, prices at, or 

quantities of the Product to be listed or in the determination or calculation of the equation by which 

the Product is to be converted into cash. Argus and IHS have no obligation or liability in connection 

with the administration, marketing or trading of the Product. 
10

ARGUS, IHS AND CME DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS 

OF THE API 2 AND API 4 INDEXES OR ANY DATA RELATED THERETO AND NEITHER ARGUS, 

IHS, NOR CME SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR 

INTERRUPTIONS THEREIN. ARGUS, IHS AND CME MAKE NO WARRANTY, EXPRESS OR 

IMPLIED, AS TO RESULTS TO BE OBTAINED BY CME, OWNERS OF THE PRODUCT, OR ANY 

OTHER PERSON OR ENTITY FROM THE USE OF THE API 2 AND API 4 INDEXES OR ANY DATA 

RELATED THERETO. ARGUS, IHS, AND CME MAKE NO EXPRESS OR IMPLIED WARRANTIES, 

AND EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A 

PARTICULAR PURPOSE OR USE WITH RESPECT TO THE API 2 AND API 4 INDEXES OR ANY 

DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT 

SHALL ARGUS, IHS, OR CME HAVE ANY LIABILITY FOR ANY DAMAGES WHATSOEVER, 

WHETHER DIRECT OR INDIRECT, INCLUDING WITHOUT LIMITATION, LOST PROFITS OR 

INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST 

PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO 

THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN 

ARGUS, IHS, AND CME. 

Without prejudice to any of the above provisions and in addition to them, each and every third party 

should and must note that, insofar as New York Mercantile Exchange, Inc. (“NYMEX”) may list any 

index for trading in or in connection or by reference therewith, none of: a. NYMEX; b. its directors or 

officers; or c. any relevant party that NYMEX may contract with for the supply of the index or 

information in relation thereto; (each of the foregoing, a “Relevant Party”) assume any obligation or 

liability in connection with the trading of any contract based on such index. Accordingly, no Relevant 

Party shall be in any way responsible for any losses, expenses or damages (in all cases direct or 

indirect) arising in connection with or referable to the trading of any contract linked or referable to the 

said index, provided that nothing herein shall affect either the obligations of NYMEX or its Members 

as Parties trading in any contract so linked or referable. None of the Relevant Parties guarantee or 

warrant or undertake in any manner the accuracy or completeness of any such index or any 

information or data included in or referable to it. 

NONE OF THE RELEVANT PARTIES MAKE ANY WARRANTY OR GIVES ANY GUARANTEE OR 

UNDERTAKING, EXPRESS OR IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF, OR 

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

INDEX, AND PROXY RELATED OR REFERABLE THERETO OR ANY INFORMATION OR DATA 

INCLUDED IN OR REFERABLE TO IT IN CONNECTION WITH ANY TRADING OR ANY 

CONTRACTS OR FOR ANY OTHER USE. NONE OF THE RELEVANT PARTIES MAKE ANY 

EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY 

PARTICULAR PURPOSE WITH RESPECT TO ANY SUCH INDEX, ANY RELATED OR 

REFERABLE THERETO OR ANY INFORMATION OR DATA INCLUDED IN OR REFERABLE TO 

ANY SUCH INDEX.

Chapter 1119

Coal (API 4) FOB Richards Bay (Argus/McCloskey) Future-Style Margined Option 

on Quarterly Futures Strip

 

1119100. SCOPE OF CHAPTER

This chapter is limited in application to put and call Coal (API 4) fob Richards Bay (Argus/McCloskey) 

Future-Style Margined Options on Quarterly Futures Strip on the Coal (API4) FOB Richards Bay 

(Argus/McCloskey) Futures contract. In addition to the rules of this chapter, transactions in the Coal 

(API 4) fob Richards Bay (Argus/McCloskey) Future-Style Margined Option on Quarterly Futures 

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

1119101. OPTION CHARACTERISTICS

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

1119101.A. Trading Schedule

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

1119101.B. Trading Unit
11

The Coal (API 4) fob Richards Bay (Argus/McCloskey) Future-Style Margined Option on Quarterly 

Futures Strip is an option on the Coal (API4) FOB Richards Bay (Argus/McCloskey) Futures contract. 

On expiration of a call option, the long position will be assigned three consecutive long futures months 

beginning with the underlying month of the Coal (API4) FOB Richards Bay (Argus/McCloskey) 

Futures contract at the strike price. On exercise of a put option, the long position will be assigned 

three consecutive short futures months beginning with the underlying month of the Coal (API4) FOB 

Richards Bay (Argus/McCloskey) Futures contract at the strike price.

1119101.C. Price Increments

Prices and strike prices shall be quoted in U.S. dollars and cents per metric ton. The minimum price 

fluctuation shall be $0.01 per metric ton ($30.00 per contract). Trading in the option contract shall not 

be subject to price fluctuation limitations.

1119101.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.

1119101.E. Termination of Trading

The Expiration Day shall be 30 calendar days prior to the first calendar day of the first calendar month 

in the strip of deliverable futures. If such day is not a London business day, the Expiration Day shall 

be the first preceding London business day. Trading shall cease at 12:30 p.m. London time on the 

Expiration Day.

1119101.F. Type Option

Option contracts may be exercised on the Expiration Day only. Notice of exercise must be delivered 

by a Clearing Member to the Clearing House not later than 2:30 p.m. London time on the Expiration 

Day. The option shall be available for automatic exercise. The in-the-money value of the option shall 

be based on a methodology to be published by the Exchange that reflects markets prices at the 

termination of trading of a contract.

1119101.G. Settlement Variation and Option Value

This contract is a future-style margin option. Settlement variation rules for futures-style margin 

options conform to those set forth for non-options stipulated in NYMEX Rule 814. As such, when a 

clearing member or its customers is long or short any amount of any commodity for a settlement 

cycle, as indicated by Clearing House records, settlement for any outstanding exposure shall be 

made with the Clearing House based on the settlement price for that settlement cycle. For futuresstyle margin options, each clearing member and its customers shall pay to, or collect from, the 

Clearing House any loss or profit, as the case may be, represented by the difference between (x) the 

settlement price of the futures-style margin option for such settlement cycle and (y) the settlement 

price of the futures-style margin option for the prior settlement cycle (or, for the first settlement cycle 

after the purchase/sale of such option, the price at which the option was purchased or sold).

1119102. EXERCISE PRICES

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

1119103. DISCLAIMER

The Coal (API 4) fob Richards Bay (Argus/McCloskey) Future-Style Margined Option on Quarterly 

Futures Strip (the “Product”) is not sponsored, endorsed, sold or promoted by Argus Media Inc. 

(“Argus”) or IHS Global Ltd. (“IHS”). Argus and IHS make no representation or warranty, express or 

implied, to the owners of the Product or any member of the public regarding the advisability of trading 

in the Product. Argus’ and IHS’ only relationship to Chicago Mercantile Exchange Inc., CME Clearing 

Europe Ltd. and New York Mercantile Exchange, Inc. (together, “CME”) is the licensing of certain 

trademarks and trade names of Argus and IHS, and of the API 2 and API 4 indexes (which are 

determined, composed and calculated by Argus and IHS without regard to CME or the Product), and 

Argus and IHS have no obligation to take the needs of CME or the owners of the Product into 

consideration in determining, composing or calculating the API 2 and API 4 indexes. Argus and IHS 

are not responsible for and have not participated in the determination of the timing of, prices at, or 

quantities of the Product to be listed or in the determination or calculation of the equation by which 

the Product is to be converted into cash. Argus and IHS have no obligation or liability in connection 

with the administration, marketing or trading of the Product. 
12

ARGUS, IHS AND CME DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS 

OF THE API 2 AND API 4 INDEXES OR ANY DATA RELATED THERETO AND NEITHER ARGUS, 

IHS, NOR CME SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR 

INTERRUPTIONS THEREIN. ARGUS, IHS AND CME MAKE NO WARRANTY, EXPRESS OR 

IMPLIED, AS TO RESULTS TO BE OBTAINED BY CME, OWNERS OF THE PRODUCT, OR ANY 

OTHER PERSON OR ENTITY FROM THE USE OF THE API 2 AND API 4 INDEXES OR ANY DATA 

RELATED THERETO. ARGUS, IHS, AND CME MAKE NO EXPRESS OR IMPLIED WARRANTIES, 

AND EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A 

PARTICULAR PURPOSE OR USE WITH RESPECT TO THE API 2 AND API 4 INDEXES OR ANY 

DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT 

SHALL ARGUS, IHS, OR CME HAVE ANY LIABILITY FOR ANY DAMAGES WHATSOEVER, 

WHETHER DIRECT OR INDIRECT, INCLUDING WITHOUT LIMITATION, LOST PROFITS OR 

INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST 

PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO 

THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN 

ARGUS, IHS, AND CME. 

Without prejudice to any of the above provisions and in addition to them, each and every third party 

should and must note that, insofar as New York Mercantile Exchange, Inc. (“NYMEX”) may list any 

index for trading in or in connection or by reference therewith, none of: 

a. NYMEX; 

b. its directors or officers; or 

c. any relevant party that NYMEX may contract with for the supply of the index or information in 

relation thereto; 

(each of the foregoing, a “Relevant Party”) assume any obligation or liability in connection with the 

trading of any contract based on such index. Accordingly, no Relevant Party shall be in any way 

responsible for any losses, expenses or damages (in all cases direct or indirect) arising in connection 

with or referable to the trading of any contract linked or referable to the said index, provided that 

nothing herein shall affect either the obligations of NYMEX or its Members as Parties trading in any 

contract so linked or referable. None of the Relevant Parties guarantee or warrant or undertake in 

any manner the accuracy or completeness of any such index or any information or data included in 

or referable to it. 

NONE OF THE RELEVANT PARTIES MAKE ANY WARRANTY OR GIVES ANY GUARANTEE OR 

UNDERTAKING, EXPRESS OR IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF, OR 

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

INDEX, AND PROXY RELATED OR REFERABLE THERETO OR ANY INFORMATION OR DATA 

INCLUDED IN OR REFERABLE TO IT IN CONNECTION WITH ANY TRADING OR ANY 

CONTRACTS OR FOR ANY OTHER USE. NONE OF THE RELEVANT PARTIES MAKE ANY 

EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY 

PARTICULAR PURPOSE WITH RESPECT TO ANY SUCH INDEX, ANY RELATED OR 

REFERABLE THERETO OR ANY INFORMATION OR DATA INCLUDED IN OR REFERABLE TO 

ANY SUCH INDEX.

Chapter 929

Coal (API 4) fob Richards Bay (Argus/McCloskey) Option

929100. SCOPE OF CHAPTER

This chapter is limited in application to Coal (API 4) fob Richards Bay (Argus/McCloskey) put and 

call options. In addition to the rules of this chapter, transactions in Coal (API 4) fob Richards Bay 

(Argus/McCloskey) put and call options shall be subject to the general rules of the Exchange insofar 

as applicable.

929101. OPTION CHARACTERISTCS

The number of months open for trading at a given time shall be determined by the Exchange.
13

929101.A. Trading Schedule

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

929101.B. Trading Unit

On the expiration of a call option, the option will be financially settled to the greater of zero or the 

value produced by subtracting the strike price from the Floating Price of the Coal (API 4) fob Richards 

Bay (Argus/McCloskey) Futures contract for the same contract month, multiplied by 1,000 metric 

tons. On the expiration of a put option, the option will be financially settled to the greater of zero or 

the value produced by subtracting the Floating Price of the Coal (API 4) fob Richards Bay 

(Argus/McCloskey) Futures contract for the same contract month from the strike price, multiplied by 

1,000 metric tons.

929101.C. Price Increments

Prices shall be quoted in dollars and cents per metric ton. The minimum price fluctuation shall be 

$0.01 per metric ton. The minimum final settlement is $0.01 per metric ton. A cabinet trade may 

occur at the price of $.001 per metric ton or $1.00, however, if it results in the liquidation of positions

of both parties to the trade.

929101.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.

929101.E. Termination of Trading

The Coal (API 4) fob Richards Bay (Argus/McCloskey) Option expiration shall be on the last Friday 

of the contract month. If such Friday is a UK holiday, the contract will expire on the UK business day 

immediately prior to the last Friday of the contract month unless such day is not an Exchange 

business day, in which case the contract will expire on the Exchange business day immediately prior. 

929101.F. Type Option

Coal (API 4) fob Richards Bay (Argus/McCloskey) Option is a financially settled European-style 

option. The option cannot be exercised prior to expiration.

929102. EXERCISE PRICES

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

929103. DISCLAIMER

The Coal (API 4) fob Richards Bay (Argus/McCloskey) Options are not sponsored, endorsed, sold 

or promoted by Argus or IHS. Argus and THS make no representation or warranty, express or 

implied, to the owners of the Coal (API 4) fob Richards Bay (Argus/McCloskey) Options or any 

member of the public regarding the advisability of trading in the Coal (API 4) fob Richards Bay 

(Argus/McCloskey) Options. Argus' and IHS' only relationship to Chicago Mercantile Exchange 

Inc., and New York Mercantile Exchange, Inc., (together “CME") is the licensing of certain 

trademarks and trade names of Argus and IHS and of the API 2, API 3, API 4, API 5, API 6, API 

8 and API 12 indexes which are determined, composed and calculated by Argus and IHS without 

regard to CME or the Coal (API 4) fob Richards Bay (Argus/McCloskey) Options. Argus and lHS 

have no obligation to take the needs of CME or the owners of the Coal (API 4) fob Richards Bay 

(Argus/McCloskey) Options into consideration in determining, composing or calculating the API 

2, API 3, AP( 4, API 5, API 6, API 8 and APJ 12 indexes. Argus and IHS are not responsible for 

and have not participated in the determination of the timing of, prices at, or quantities of the Coal 

(API 4) fob Richards Bay (Argus/McCloskey) Options to be listed or in the determination or 

calculation of the equation by which the Coal (API 4) fob Richards Bay (Argus/McCloskey) Options

are to be converted into cash. Argus and IHS have no obligation or liability in connection with the

administration, marketing or trading of the Coal (API 4) fob Richards Bay (Argus/McCloskey) 

Options.
14

ARGUS, IHS AND CME DO NOT GUARANTEE THE ACCURACY AND/OR THE 

COMPLETENESSOF THE API 2, API 3, APJ 4, API 5, API 6, API 8 AND API 12 INDEXES OR 

ANY DATA RELATED THERETO AND NEITHER ARGUS, IHS, NOR CME SHALL HAVE ANY 

LIABILITY FOR ANY ERRORS, OMISSIONS, OR lNTERRUPTIONS THEREIN. ARGUS, IHS 

AND CME MAKE NO WARRANTY, EXPRESS OR lMPLIED, AS TO RESULTS TO BE 

OBTAINED BY CME, OWNERS OF THE COAL (API 4) FOB RICHARDS BAY 

(ARGUS/MCCLOSKEY) OPTIONS, OR ANY OTHER PERSON OR ENTITY FROM THE USE 

OF THE API 2, APJ 3, APJ 4, API 5, API 6, API 8 AND API 12 INDEXES OR ANY DATA 

RELATED THERETO. ARGUS, IHS, AND CME MAKE NO EXPRESS OR IMPLIED 

WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABlLITY 

OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE API 2, API 

3, API 4, API 5, API 6, API 8 AND API 12 INDEXES OR ANY DATA RELATED THERETO. 

WlTHOUT LIMITING ANY OF THE FOREGOlNG, IN NO EVENT SHALL ARGUS, IHS, OR 

CME HAVE ANY LIABILITY FOR ANY DAMAGES WHATSO EVER, WHETHER DIRECT OR 

INDIRECT, INCLUDING WITHOUT LIMITATION, LOST PROFITS OR INDIRECT, PUNITIVE, 

SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS}, EVEN IF 

NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO THIRD PARTY 

BENEFICIAR IES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN ARGUS, IHS, 

AND CME.
15

EXHIBIT B

NYMEX Rulebook

Chapter 5

(“Trading Qualifications and Practices”)

Position Limit, Position Accountability, and Reportable Level Table

(attached under separate cover)