NEW YORK, Oct. 6 /PRNewswire/ -- The New York Mercantile Exchange, Inc. announced today that it will launch a new Russian export blend crude oil (REBCO) futures contract on the CME Globex electronic trading platform, beginning on October 22 for trade date October 23.
The contract, which will have the code RE, will feature physical delivery of REBCO on a free-on-board basis at the port of Primorsk, Russia on the Baltic Sea. The contract size will be 1,000 barrels denominated in U.S. dollars and cents per barrel. The last day of trading will be three business days before the 15th calendar day before the first day of the delivery month.
NYMEX will list the contract for 72 consecutive months beginning with the January 2007 contract. It will also be available for exchange of futures for physicals (EFP) and exchange of futures for swaps (EFS) transactions on NYMEX ClearPort(R) from 6:00 PM Sunday through 5:15 PM Friday, with a 45-minute break between 5:15 PM and 6:00 PM on Mondays through Thursdays.
Fees for trading the contract will be $1.00 per side for members and $2.00 per side for non-members.
For more information, go to http://www.nymexoncmeglobex.com/ .
Forward Looking and Cautionary Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to our future performance, operating results, strategy, and other future events. Such statements generally include words such as could, can, anticipate, believe, expect, seek, pursue, and similar words and terms, in connection with any discussion of future results. Forward-looking statements involve a number of assumptions, risks, and uncertainties, any of which may cause actual results to differ materially from the anticipated, estimated, or projected results referenced in forward-looking statements. In particular, the forward-looking statements of NYMEX Holdings, Inc., and its subsidiaries are subject to the following risks and uncertainties: the success and timing of new futures contracts and products; changes in political, economic, or industry conditions; the unfavorable resolution of material legal proceedings; the impact and timing of technological changes and the adequacy of intellectual property protection; the impact of legislative and regulatory actions, including without limitation, actions by the Commodity Futures Trading Commission; and terrorist activities and international hostilities, which may affect the general economy as well as oil and other commodity markets. We assume no obligation to update or supplement our forward-looking statements.
