|
 |
| Trading Unit |
|
| 42,000 U.S. gallons (1,000 barrels). |
|
| Price Quotation |
|
| U.S. dollars and cents per gallon. |
|
| Trading Hours (All
times are New York time) |
|
Open outcry trading is conducted
from 10:05 AM until 2:30 PM.
Electronic trading is conducted from 6:00 PM
until 5:15 PM via the CME Globex® trading
platform, Sunday through Friday. There is a
45-minute break each day between 5:15PM
(current trade date) and 6:00 PM (next trade
date). |
|
| Trading Months |
|
| 12 consecutive months on a rolling
basis, starting with the January 2006 contract
month. |
|
| Trading at
Settlement (TAS) |
|
| Trading at settlement is available
for the front two months except on the last
trading day and is subject to the existing TAS
rules. Trading in all TAS products will cease
daily at 2:30 PM Eastern Time. The TAS
products will trade off of a "Base Price" of
100 to create a differential (plus or minus)
in points off settlement in the underlying
cleared product on a 1 to 1 basis. A trade
done at the Base Price of 100 will correspond
to a "traditional" TAS trade which will clear
exactly at the final settlement price of the
day. |
|
| Minimum Price
Fluctuation |
|
| $0.0001 (0.01˘) per gallon ($4.20
per contract). |
|
| Maximum Daily
Price Fluctuation |
|
| $0.25 per gallon ($10,500 per
contract) for all months. If any contract is
traded, bid, or offered at the limit for five
minutes, trading is halted for five minutes.
When trading resumes, the limit is expanded by
$0.25 per gallon in either direction. If
another halt were triggered, the market would
continue to be expanded by $0.25 per gallon in
either direction after each successive
five-minute trading halt. There will be no
maximum price fluctuation limits during any
one trading session. |
|
| Last Trading
Day |
|
| Trading terminates at the close of
business on the last business day of the month
preceding the delivery month. |
|
| Settlement Type |
|
| Physical. |
|
| Delivery |
|
F.O.B. seller's facility in New York
harbor ex-shore. All duties, entitlements,
taxes, fees, and other charges paid.
Requirements for seller's shore facility:
capability to deliver into barges. Delivery
may also be completed by pipeline, tanker,
book transfer, or inter- or intra-facility
transfer. Delivery must be made in accordance
with applicable federal, state, and local
licensing and tax laws. Delivery shall comply
with all state laws related to oxygen content.
Complete delivery rules and provisions are
detailed in Chapter 191 of the Exchange
Rulebook. |
|
| Delivery Period |
|
| Deliveries may only be initiated the
day after the fifth business day and must be
completed before the last business day of the
delivery month. |
|
| Alternate
Delivery Procedure (ADP) |
|
| An alternate delivery procedure is
available to buyers and sellers who have been
matched by the Exchange subsequent to the
termination of trading in the spot month
contract. If buyer and seller agree to
consummate delivery under terms different from
those prescribed in the contract
specifications, they may proceed on that basis
after submitting a notice of their intention
to the Exchange. |
|
| Exchange of
Futures for Physicals (EFP) |
|
| The commercial buyer or seller may
exchange a futures position for a physical
position of equal quantity by submitting a
notice to the Exchange. EFPs may be used to
either initiate or liquidate a futures
position. |
|
| Grade and
Quality Specifications |
|
Generally conforms to industry
standards for reformulated regular gasoline
blendstock for oxygen blending (RBOB) with 10%
denatured fuel ethanol (92% purity) as listed
by the Colonial Pipeline for fungible F grade
for sales in New York and New Jersey. RBOB is
a wholesale non-oxygentated blendstock traded
in the New York Harbor barge market that is
ready for the addition of 10% ethanol at the
truck rack.
| Month |
Reid Vapor Pressure (RVP)
pounds per square inch
|
Volatile Organic Compounds
(VOC) Percentage Reduction
|
| January |
15.0 max
|
N/A
|
| February |
15.0 max
|
N/A
|
| March |
13.5 max
|
N/A
|
| April |
N/A
|
23.4 min
|
| May |
N/A
|
23.4 min
|
| June |
N/A
|
23.4 min
|
| July |
N/A
|
23.4 min
|
| August |
N/A
|
23.4 min
|
| September 1-15 |
N/A
|
23.4 min
|
| September 16-30 |
13.5 max
|
N/A
|
| October |
13.5 max
|
N/A
|
| November |
15.0 max
|
N/A
|
| December |
15.0 max
|
N/A
|
|
|
| Margin
Requirements |
|
| Margins are required for open
futures positions. |
|
| Trading Symbol |
|
RB
RBT (TAS Code) |
