CME Group is to launch clearing services for five new petroleum swap futures contracts, scheduled to launch on 17 May for trade date 18 May.
Clearing services will be available through CME ClearPort. The contracts are listed with, and subject to, the rules and regulations of NYMEX. These contracts will also be listed for trading by NYMEX through CME ClearPort.
These clearing services will help meet the needs of new and existing customers, primarily in Asia and Europe, who would like to hedge their exposure to the growing biofuels markets.
The move comes at a time when clearing houses are looking to diversify their product range. LCH.Clearnet has recently announced that it will clear iron ore swaps from May 2009 onwards.
The swap futures contracts and their commodity codes to be cleared by the CME will be: ethanol (Platts) T1 FOB Rotterdam excluding duty (2M); ethanol (Platts) T2 FOB Rotterdam including duty (Z1); Singapore Mogas 92 unleaded (Platts) (1N); Singapore Mogas 92 unleaded (Platts) BALMO (1P); and FAME 0 (Argus) biodiesel FOB Rotterdam (2L).
The first listed month will be June 2009. All of the contracts will be listed for 36 consecutive months, with the exception of the BALMO swap futures contract, which will be listed for up to two consecutive months.
L.D. & G.T