SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 24-062

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): 01/18/24 Filing Description: Harmonization Amendments to 

Seven (7) Crude Oil Futures 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

Official Product Name: 

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.
20 S Wacker Dr Chicago, IL 60606 T 312 466 7478 tim.elliott@cmegroup.com cmegroup.com

1

Timothy Elliott 

Managing Director and Chief Regulatory Counsel

Legal Department

January 18, 2024

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. Harmonization Amendments to Seven 

(7) Crude Oil Futures Contracts.

NYMEX Submission No. 24-062

Dear Mr. Kirkpatrick:

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

Trading Commission (“CFTC” or “Commission”) amendments to the seven (7) crude oil futures contracts

listed in Table 1. below (the “Contracts”) effective Monday, February 5, 2024.

Specifically, the Exchange is implementing harmonization changes to the Contracts to reflect the 

Exchange’s most current format of product rulebook chapters (collectively, the “Rule Amendments”). The 

Rule Amendments are administrative in nature and will not impact the economic value of the Contracts.

Table 1.

Contract Title Rulebook 

Chapter

CME 

ClearPort 

Code

CME 

Globex 

Code

Argus LLS vs. WTI (Argus) Trade Month Futures 303 E5 AE5

WTI Financial Futures 510 CS CSX

WTI BALMO Futures 514 42 A42

Crude Oil Last Day Financial Futures 828 26 26

LLS (Argus) vs. WTI Financial Futures 840 WJ AWJ

Mars (Argus) vs. WTI Trade Month Futures 849 YV AYV

WTS (Argus) vs. WTI Trade Month Futures 857 FH AFH

The Rule Amendments are provided in Exhibit A below in blackline format.

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 Rule Amendments may have some

bearing on the following Core Principle:

• Availability of General Information: The Exchange will amend the CME rulebook, accordingly 

on the effective date, which is publicly available on the CME Group website. In addition, the 
20 S Wacker Dr Chicago, IL 60606 T 312 466 7478 tim.elliott@cmegroup.com cmegroup.com

2

Exchange will publish a Special Executive Report (“SER”) to advise the marketplace of the Rule 

Amendments. The SER will also be posted on the CME Group website.

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

Rule Amendments comply with the Act, including regulations under the Act. There were no substantive 

opposing views to the proposal.

The Exchange certifies that this submission has been concurrently posted on the CME Group website at 

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

Should you have any questions concerning the above, please contact the undersigned at (312) 466-7478 

or via e-mail at CMEGSubmissionInquiry@cmegroup.com.

Sincerely, 

/s/ Timothy Elliott

Managing Director and Chief Regulatory Counsel

Attachment: Exhibit A – NYMEX Rulebook Chapters (blackline format)
3

EXHIBIT A

NYMEX Rulebook 

(additions underscored; deletions struck through)

Chapter 303

Argus LLS vs. WTI (Argus) Trade Month Futures

303.01 SCOPE

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

settlement based on the Floating Price.

303.02 FLOATING PRICE

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

month) differential weighted average (Diff wtd avg) price from Argus Media, which is based on the 

weighted average floating price of LLS minus the "WTI Formula Basis" price from Argus Media, for 

the Trade month period beginning with the first business day after the 25th calendar day two 

months prior to the contract month through 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, the Trade month period shall end on the first business day prior to the 25th calendar day.

303.03 CONTRACT QUANTITY AND VALUE

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.

303.04 CONTRACT MONTHS

Trading shall be conducted in contracts in such months as shall be determined by the Exchange.

303.05 PRICES AND FLUCTUATIONS

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

$0.01 per barrel. There shall be no maximum price fluctuation.

303.06 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.

303.07 FINAL SETTLEMENT

Delivery 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. 

303.08 RESERVED

303.09 DISCLAIMER

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.
4

303100. 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.

303101. CONTRACT SPECIFICATIONS

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

differential weighted average (Diff wtd avg) price from Argus Media, which is based on the weighted 

average floating price of LLS minus the "WTI Formula Basis" price from Argus Media, for the Trade 

month period beginning with the first business day after the 25th calendar day two months prior to 

the contract month through 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, the Trade month 

period shall end on the first business day prior to the 25th calendar day.

303102. TRADING SPECIFICATIONS

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

303102.A. Trading Schedule

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

303102.B. Trading Units

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.

303102.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.

303102.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.

303102.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.

303103. 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.

303104. DISCLAIMER

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.
5

Chapter 510

WTI Financial Futures

510.01 SCOPE

The provisions of these rules shall apply to all contracts listed on the Exchange for cash settlement 

based on the Floating Price.

510.02 FLOATING PRICE

The Floating Price for each contract month is equal to the arithmetic average of the NYMEX Light 

Sweet Crude Oil Futures first nearby contract settlement price for each business day that it is 

determined during the contract month.

510.03 CONTRACT QUANTITY AND VALUE

The contract quantity shall be 1,000 U.S. barrels. Each futures contract based on the NYMEX WTI 

Calendar Swap contract shall be valued as the contract quantity (1,000) multiplied by the 

settlement price.

510.04 CONTRACT MONTHS

Posting of transactions shall be conducted in contracts in such months as shall be determined by 

the Board of Directors.

510.05 PRICES AND FLUCTUATIONS

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

$0.01 per barrel. There shall be no maximum price fluctuation. 

510.06 TERMINATION OF TRADING

Posting of transactions shall cease on the last business day of the contract month.

510.07 FINAL SETTLEMENT

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

posting 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.

510100. SCOPE OF CHAPTER

The provisions of these rules shall apply to all 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.

510101. CONTRACT SPECIFICATIONS

The Floating Price for each contract month is equal to the arithmetic average of the NYMEX Light 

Sweet Crude Oil Futures first nearby contract settlement price for each business day that it is 

determined during the contract month.

510102. TRADING SPECIFICATIONS

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

510101.A. Trading Schedule 

The hours of trading for this contract shall be determined by the Exchange.
6

510101.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.

510101.C. Price Increments 

Prices shall be quoted in dollars and cents per barrel and prices shall be in multiples of $0.01 per 

barrel. The minimum price increment will be $0.01. 

510101.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.

510102.E. Termination of Trading

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

510103. 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.

Chapter 514

WTI BALMO Futures

514.01. SCOPE 

The provisions of these Rules shall apply to all contracts listed on the Exchange for cash settlement 

based on the Floating Price. 

514.02. FLOATING PRICE 

The Floating Price for each contract month is equal to the balance-of-month arithmetic average of 

the NYMEX Light Sweet Crude Oil Futures first nearby contract settlement price starting from the 

selected start date through the end of the contract month, inclusively. 

514.03. CONTRACT QUANTITY AND VALUE 

The contract quantity shall be 1,000 U.S. barrels. Each futures contract based on the NYMEX WTI 

Calendar Swap contract shall be valued as the contract quantity (1,000) multiplied by the settlement 

price. 

514.04. CONTRACT MONTHS 

Trading shall be conducted in contracts in such months as shall be determined by the Exchange.

514.05. PRICES AND FLUCTUATIONS

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

$0.01 per barrel. There shall be no maximum price fluctuation. 

514.06. TERMINATION OF TRADING

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

514.07. FINAL SETTLEMENT 

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

posting 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. 

514.08. EXCHANGE OF FUTURES FOR RELATED POSITION TRANSACTIONS

Any Exchange of Futures for Related Position (EFRP) transactions shall be governed by the 

provisions of Exchange Rule 538.

514.09. DISCLAIMER
7

NEW YORK MERCANTILE EXCHANGE, INC. AND ITS AFFILIATES (“NYMEX”) DOES NOT 

GUARANTEE THE ACCURACY AND/OR COMPLETENESS OF THE INDEX OR ANY OF THE 

DATA INCLUDED THEREIN. NYMEX MAKES NO WARRANTIES, EXPRESS OR IMPLIED, AS TO 

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

TRADING BASED ON THE INDEX, OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH 

THE TRADING OF THE CONTRACT, OR, FOR ANY OTHER USE. NYMEX MAKES NO 

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

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

THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE 

FOREGOING, IN NO EVENT SHALL NYMEX HAVE ANY LIABILITY FOR ANY LOST PROFITS OR 

INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST 

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

514100. SCOPE OF CHAPTER

The provisions of these rules shall apply to all 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.

514101. CONTRACT SPECIFICATIONS 

The Floating Price for each contract month is equal to the balance-of-month arithmetic average of 

the NYMEX Light Sweet Crude Oil Futures first nearby contract settlement price starting from the 

selected start date through the end of the contract month, inclusively.

514102. TRADING SPECIFICATIONS

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

514101.A. Trading Schedule 

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

514101.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.

514101.C. Price Increments 

Prices shall be quoted in dollars and cents per barrel and prices shall be in multiples of $0.01 per 

barrel. The minimum price increment will be $0.01. 

514101.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.

514102.E. Termination of Trading

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

514103. 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.
8

Chapter 828

Crude Oil Last Day Financial Futures 

828.01. SCOPE

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

settlement based on the Floating Price.

828.02. FLOATING PRICE

The Floating Price for each contract month shall be equal to the NYMEX Light “Sweet” Crude Oil 

Futures first nearby contract settlement price on the last trading day for the contract month.

828.03. CONTRACT QUANTITY AND VALUE

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.

828.04. CONTRACT MONTHS

Trading shall be conducted in contracts in such months as shall be determined by the Exchange.

828.05. PRICES AND FLUCTUATIONS

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

$0.01 per barrel. There shall be no maximum price fluctuation.

828.06. TERMINATION OF TRADING

Trading in the current contract month shall cease on the third business day prior to the twenty-fifth 

calendar day of the month preceding the contract month. If the twenty-fifth calendar day of the month 

is a non-business day, trading shall cease on the third business day prior to the last business day 

preceding the twenty-fifth calendar day. 

828.07. FINAL SETTLEMENT

Delivery 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.

828.08. EXCHANGE FOR RELATED POSITIONS

An Exchange for Physical (“EFP”) transaction and an Exchange for Risk (“EFR”) transaction, 

collectively referred to as an Exchange for Related Position (“EFRP”), shall be governed by the 

provisions of Exchange Rule 538. 

828.09 DISCLAIMER

NEW YORK MERCANTILE EXCHANGE, INC. AND ITS AFFILIATES (“NYMEX”) DOES NOT 

GUARANTEE THE ACCURACY AND/OR COMPLETENESS OF THE INDEX OR ANY OF THE 

DATA INCLUDED THEREIN. NYMEX MAKES NO WARRANTIES, EXPRESS OR IMPLIED, AS TO 

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

TRADING BASED ON THE INDEX, OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH 

THE TRADING OF THE CONTRACT, OR, FOR ANY OTHER USE. NYMEX MAKES NO 

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

MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO 
9

THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE 

FOREGOING, IN NO EVENT SHALL NYMEX HAVE ANY LIABILITY FOR ANY LOST PROFITS OR 

INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST 

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

828100. SCOPE OF CHAPTER

The provisions of these rules shall apply to all 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.

828101. CONTRACT SPECIFICATIONS 

The Floating Price for each contract month shall be equal to the NYMEX Light Sweet Crude Oil 

Futures first nearby contract settlement price on the last trading day for the contract month.

828102. TRADING SPECIFICATIONS

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

828101.A. Trading Schedule 

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

828101.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.

828101.C. Price Increments 

Prices shall be quoted in dollars and cents per barrel and prices shall be in multiples of $0.01 per 

barrel. The minimum price increment will be $0.01. 

828101.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.

828102.E. Termination of Trading

Trading shall cease on the third business day prior to the twenty-fifth calendar day of the month 

preceding the contract month. If the twenty-fifth calendar day of the month is a non-business day, 

trading shall cease on the third business day prior to the last business day preceding the twenty-fifth 

calendar day.

828103. 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.
10

Chapter 840

LLS (Argus) vs. WTI Financial Futures

840.01. SCOPE

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

settlement based on the Floating Price.

840.02. FLOATING PRICE

The Floating Price for each contract month is equal to the arithmetic average of the LLS (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.

840.03. CONTRACT SIZE AND VALUE

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

(1000) multiplied by the settlement price.

840.04. CONTRACT MONTHS

Trading shall be conducted in contracts in such months as shall be determined by the Board of 

Directors.

840.05. PRICES AND FLUCTUATIONS

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

per barrel. There shall be no maximum price fluctuation.

840.06. TERMINATION OF TRADING

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

840.07. FINAL SETTLEMENT

Delivery 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.

840.08. RESERVED

840.09. DISCLAIMER

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

840100. 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.

840101. CONTRACT SPECIFICATIONS

The Floating Price for each contract month is equal to the arithmetic average of the LLS (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.

840102. TRADING SPECIFICATIONS

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

840102.A. Trading Schedule

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

840102.B. Trading Units

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.

840102.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.
11

840102.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.

840102.E. Termination of Trading

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

840103. 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.

840104. DISCLAIMER

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

Chapter 849

Mars (Argus) vs. WTI Trade Month Futures

849.01. SCOPE

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

settlement based on the Floating Price.

849.02. FLOATING PRICE

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

differential weighted average (Diff wtd avg) price from Argus Media, which is based on the weighted 

average floating price of Mars minus the WTI Formula Basis price, for the Trade month period beginning 

with the first business day after the 25th calendar day two months prior to the contract month through 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, the Trade month period shall end on the first business day 

prior to the 25th calendar day.

849.03. CONTRACT SIZE AND VALUE

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

(1000) multiplied by the settlement price.

849.04. CONTRACT MONTHS

Trading shall be conducted in contracts in such months as shall be determined by the Board of Directors.

849.05. PRICES AND FLUCTUATIONS

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

per barrel. There shall be no maximum price fluctuation.

849.06. 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.

849.07. FINAL SETTLEMENT

Delivery 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.

849.08. RESERVED
12

849.09. DISCLAIMER

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

849100. 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.

849101. CONTRACT SPECIFICATIONS

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

differential weighted average (Diff wtd avg) price from Argus Media, which is based on the weighted 

average floating price of Mars minus the WTI Formula Basis price, for the Trade month period 

beginning with the first business day after the 25th calendar day two months prior to the contract 

month through 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, the Trade month period shall 

end on the first business day prior to the 25th calendar day.

849102. TRADING SPECIFICATIONS

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

849102.A. Trading Schedule

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

849102.B. Trading Units

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.

849102.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.

849102.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.

849102.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.

849103. 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.

849104. DISCLAIMER

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.
13

Chapter 857

WTS (Argus) vs. WTI Trade Month Futures

857.01. SCOPE

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

settlement based on the Floating Price.

857.02. FLOATING PRICE

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

differential weighted average (Diff wtd avg) price from Argus Media, which is based on the weighted 

average floating price of WTS minus the WTI Formula Basis price, for the Trade month period 

beginning with the first business day after the 25th calendar day two months prior to the contract month 

through 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, the Trade month period shall end on 

the first business day prior to the 25th calendar day.

857.03. CONTRACT QUANTITY AND VALUE

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.

857.04. CONTRACT MONTHS

Trading shall be conducted in contracts in such months as shall be determined by the Board of 

Directors.

857.05. PRICES AND FLUCTUATIONS

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

per barrel. There shall be no maximum price fluctuation.

857.06. 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.

857.07. FINAL SETTLEMENT

Delivery 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.

857.08. RESERVED

857.09. DISCLAIMER

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

857100. 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.

857101. CONTRACT SPECIFICATIONS

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

differential weighted average (Diff wtd avg) price from Argus Media, which is based on the weighted 

average floating price of WTS minus the WTI Formula Basis price, for the Trade month period 

beginning with the first business day after the 25th calendar day two months prior to the contract 

month through 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, the Trade month period shall 

end on the first business day prior to the 25th calendar day.

857102. TRADING SPECIFICATIONS
14

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

857102.A. Trading Schedule

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

857102.B. Trading Units

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.

857102.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.

857102.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.

857102.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.

857103. 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.

857104. DISCLAIMER

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