CME Group Announces the Launch of Clearing Services for Electricity Swap Futures
May 21 2009 - 2:05PM
PR Newswire (US)
CHICAGO, May 21 /PRNewswire-FirstCall/ -- CME Group, the world's
largest and most diverse derivatives exchange, today announced the
launch of clearing services for two new electricity swap futures
contracts, scheduled to launch on June 7 for trade date June 8.
Clearing services will be available through CME ClearPort(R), a set
of flexible clearing services open to over the counter (OTC) market
participants to substantially mitigate counterparty risk and
provide capital efficiencies across asset classes. These contracts
are listed for trading by NYMEX through CME ClearPort, and are
subject to NYMEX rules and regulations. The swap futures contracts
and their commodity codes will be: PJM PECO Zone 5 MW peak calendar
money day-ahead LMP (4N) and PMJ PECO Zone 5 MW off-peak calendar
month day-ahead LMP (4P). Utilities and marketers will use these
contracts to provide liquidity and transparency, in conjunction
with the other zonal products cleared through CME ClearPort. The
first listed month will be July 2009. The contracts will be listed
for current year plus the next five consecutive years. The peak
contract will be 80 megawatt hours in size, and the off-peak
contract will be five megawatt hours. The minimum price fluctuation
will be $0.05 per megawatt hour. For more information, please visit
http://www.cmegroup.com/clearport. CME Group
(http://www.cmegroup.com/) is the world's largest and most diverse
derivatives exchange. Building on the heritage of CME, CBOT and
NYMEX, CME Group serves the risk management needs of customers
around the globe. As an international marketplace, CME Group brings
buyers and sellers together on the CME Globex electronic trading
platform and on trading floors in Chicago and New York. By acting
as the buyer to every seller and the seller to every buyer, CME
Clearing virtually eliminates counterparty credit risk. CME
Clearing also offers financial safeguards to help mitigate systemic
risk, providing the security and confidence market participants
need to operate, invest and grow. CME Group offers the widest range
of benchmark products available across all major asset classes,
including futures and options based on interest rates, equity
indexes, foreign exchange, energy, agricultural commodities,
metals, and alternative investment products such as weather and
real estate. CME Group is listed on NASDAQ under the symbol "CME."
The Globe logo, CME, Chicago Mercantile Exchange, CME Group,
Globex, E-mini and CME ClearPort are trademarks of Chicago
Mercantile Exchange Inc. CBOT and Chicago Board of Trade are
trademarks of the Board of Trade of the City of Chicago. NYMEX and
New York Mercantile Exchange are trademarks of New York Mercantile
Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All
other trademarks are the property of their respective owners.
Further information about CME Group and its products can be found
at http://www.cmegroup.com/. CME-G DATASOURCE: CME Group CONTACT:
Media, Anu Ahluwalia, +1-212-299-2439, or Allan Schoenberg,
+1-312-930-8189, , or Investors, John Peschier, +1-312-930-8491,
all of CME Group Web Site: http://www.cmegroup.com/
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