Contract Specifications

Notes:

*The "#" before the product name indicates physical delivery futures or futures options, while the "$" indicates cash-settled futures or spot options.

* Acceptable order types: (Futures) 1. MKT (with protection) after market open, 2. Limit, 3. STP (with protection), 4. STP Limit. (Options) Limit.
*NYMEX Rulebook, COMEX Rulebook; Position Limits; trading system CME Globex reference guide; Globex- product-reference-sheet.
*Globex Supported Matching Algorithms.

* The last trading day for NYMEX energy and metals contracts is only trade to the settlement price determination period.

* Energy and metals options that expire at-the-money (where the market price equals the exercise price) are treated as follows: calls are considered in-the-money and are likely to be exercised or assigned, while puts are considered out-of-the-money and are forfeited.
NYMEX price limit Dynamic Circuit Breaker is dynamic and rolling, with Special Price Fluctuation Limits; Special Price Fluctuation Limits.

At the start of each trading day, the dynamic variant is based on the prior day’s settlement price or a price deemed by the GCC. During the trading day, it is applied in rolling 60-minute periods to set dynamic upper and lower price limits, which means the range in which prices can move is reset continuously on a rolling 60-minute lookback window. If markets move +/- 10% in that time, a 2-minute halt is initiated. If a triggering event occurs in the lead contract month during the two minutes before the close of trading, a five-second temporary trading halt will apply to all contract months. For non-lead contract months, a triggering event in the same period will result in a five-second temporary trading halt specific to that non-lead contract month.

Dynamic Circuit Breaker (DCB); video introduction, Q&A, Rules.
Rolling 60-minute look-back window calculation: The high and low prices within the window plus or minus the variant determine the DCB high bid and low ask limits; Rules 589.
*Protection Mechanism:
1. GLOBEX Market with Protection.
2. Rulebook 588. Trade Cancellations and Price Adjustments、The Global Command Center (GCC) monitors trades and may cancel or adjust those outside the Non-Reviewable Range (NRR). If abnormal prices are detected or reported (requests must be made by phone within eight minutes), the GCC will review the trade. If a trade exceeds the NRR, it will be adjusted to fair market price plus or minus the NRR, or canceled in complex cases. A $500 handling fee applies to the requester. Reference: Non-Reviewable Range
3. Velocity Logic: When the market moves too quickly within a set timeframe, it triggers a brief pause and enters a Pre-Open status, typically lasting 5 to 20 seconds. During this time, no market orders are allowed. Reference: Product Reference Sheet.
*SMP (Self-Match Prevention) is a CME feature to prevent violations of CME Rule 534 wash trades prohibited. If the trading system detects a self-match, it will immediately cancel the newer order. Note: Stop orders are not checked when placed but will be checked and canceled if they trigger and self-match during execution.

*(Final settlement price)

BZ: Calculated based on the Floating Price The Floating Price is equal to the ICE Brent Crude Oil Index price as published one day after the final trading day of the contract month.

QM: Will be equal to the settlement price of CL futures for the corresponding contract month on the same day. (QM expires one business day earlier than CL).

MHG: Will be equal to the settlement price of HG futures for the corresponding contract month on the same day. (MHG expires two business days before the first notice day of HG).
*Options: Margin for short option = Market value of premium + MAX ( Initial Margin for Futures / 2, Initial Margin for Futures – Out-of-the-Money Value / 2 )

Buyers may request early exercise before expiration; those without sufficient futures margin request early exercise must close the underlying futures position at market price. At expiration, in-the-money positions automatically exercise into the underlying futures, and buyers without adequate margin will face forced liquidation.

Sellers may be assigned delivery into the underlying futures before expiration. They may also receive notification of out-of-the-money exercises or in-the-money waivers only after expiration. Please refer to the Precautions.

* Day Trading: Any day trades executed within 30 minutes of the product’s market close will be settled against the initial margin. Clients should refrain from placing closing orders after this period. If a client places a closing order after the 30-minute window and duplicates positions, they will be responsible for any resulting errors. Day trading orders will not be accepted on the last trading day for cash-settled products.

* Daylight Saving Time (DST): In the United States, DST begins on the second Sunday in March and ends on the first Sunday in November.