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| Trading Unit |
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| A New York Harbor Blendstock (RBOB) Gasoline-Crude Oil spread put option contract traded on the Exchange represents an option to assume a short position in the underlying New York Harbor Gasoline Blendstock (RBOB) futures contract and a long position in the underlying light "sweet" crude oil futures contract traded on the Exchange. A call option represents an option to assume a long position in the underlying New York Harbor Gasoline Blendstock (RBOB) futures contract and a short position in the underlying light "sweet" Crude Oil futures contract traded on the Exchange. |
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| Price Quotation |
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| U.S. dollars and cents per barrel. |
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| Trading Hours (All times are New York time) |
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| Open outcry trading is conducted from 9:00 AM until 2:30 PM. |
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| Trading Months |
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| 12 consecutive months. |
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| Minimum Price Fluctuation |
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| $0.01 (1¢) per barrel ($10.00 per contract). |
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| Maximum Daily Price Fluctuation |
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| No price limits. |
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| Last Trading Day |
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| The business day prior to the expiration day of the underlying crude (CL) contract. |
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| Margins |
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| Margins are required for open short options positions. The margins will be based on SPAN® system. |
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| Exercise Style |
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| American style, by a clearing member to the Exchange clearinghouse no later than 4:30 PM or 45 minutes after the underlying futures settlement price is posted, whichever is later, on any day up to and including the options expiration. |
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| Strike Prices |
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| An at-the-money strike price is determined by rounding the differential between the product leg and the crude oil leg to the nearest $0.25 interval. Five additional strikes are offered both above and below the established “at-the-money” strike price at $0.25 increments. Three additional out-of-the-money strike prices are added above and below those strikes at $1.00 intervals, and two additional strikes will be added above and below at $2.00 intervals. |
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| Trading Symbol |
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| RX |
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