NEW YORK and LONDON, Nov. 21, 2011 /PRNewswire/ -- CME
Group, the world's leading and most diverse derivatives
marketplace, today announced the launch of NYMEX Brent 25-Day
(Platts) futures and options contracts to begin trading
December 12 with February 2012 being the first listed month. These
contracts are listed with, and subject to, the rules and
regulations of NYMEX.
"Our new NYMEX Brent 25-Day contracts will offer customers a
critical hedging solution to manage their price risk, at a time
when the Brent market is undergoing a significant transformation,"
said Gary Morsches, Managing
Director, Energy Products, CME Group. "Customers have expressed
strong interest in a transparently settled Brent futures contract
that more closely reflects the hedging needs of the underlying
physical Brent market. We're confident our new contracts are well
aligned with the Platts 25-day basis and will provide market
participants with transparency and superior convergence against the
physical Brent market to enable them to begin managing their price
risk today."
Final settlement of NYMEX Brent 25-Day (Platts) futures and
options contracts will be based on the Platts 25-day Brent (BFOE)
cash assessment and use the Platts Market on Close (MOC)
methodology, which is the industry standard for Brent pricing.
Options to be listed will include an average price option and
underlying calendar swap, as well as American-style and
European-style options. These contracts will be listed for
electronic trading on CME Globex, open-outcry and over-the-counter
clearing on CME ClearPort.
CME Group will work with Platts on an ongoing basis to maintain
contract specifications in close alignment with the Brent (BFOE)
cash market, including adopting a revised expiry schedule beginning
in March 2015.
The CME Group Energy complex offers the most benchmarks in its
asset class, with market participants trading an average daily
volume of 1.8 million contracts on CME Globex, CME ClearPort and
the trading floor.
As the world's leading and most diverse derivatives marketplace,
CME Group (www.cmegroup.com) is where the world comes to manage
risk. CME Group exchanges offer the widest range of global
benchmark products across all major asset classes, including
futures and options based on interest rates, equity indexes,
foreign exchange, energy, agricultural commodities, metals, weather
and real estate. CME Group brings buyers and sellers
together through its CME Globex® electronic trading platform and
its trading facilities in New York
and Chicago. CME Group also operates CME
Clearing, one of the world's leading central counterparty
clearing providers, which offers clearing and settlement services
for exchange-traded contracts, as well as for over-the-counter
derivatives transactions through CME ClearPort®. These products and
services ensure that businesses everywhere can substantially
mitigate counterparty credit risk in both listed and
over-the-counter derivatives markets.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME,
Globex and Chicago Mercantile Exchange are trademarks of Chicago
Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the
Board of Trade of the City of
Chicago, Inc. NYMEX, New York Mercantile Exchange and
ClearPort are registered 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 (NASDAQ:
CME) and its products can be found at www.cmegroup.com.
CME-G
SOURCE CME Group