|
 |
| 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) |
