Nymex to clear OTC average-price options

Nymex has no scheduled go-live date for the new clearing service for average-price options, based on a number of energy products such as natural gas and crude oil. But a Nymex spokeswoman said a number of options should be cleared via Nymex's Clearport system within the next couple of months.

Nymex has offered a clearing service for about 60 futures contracts since May 2002. This provides counterparties with protection against the credit risk inherent in such contracts.

“By broadening our array of financial instruments, we are able to come another step closer to offering the energy industry a single, efficient and comprehensive source for all its trading and risk management needs,” said Nymex president Robert Collins.