Nymex launches electronically traded options on energy and base metal contracts

The New York Mercantile Exchange (Nymex) will list options on crude oil, natural gas, gold and silver on the Chicago Mercantile Exchange’s (CME) Globex electronic trading platform, beginning on June 24 for a trade date of June 25.

No expiring options will be allowed to trade after the close of open outcry trading on the day of expiration. The options will be available for trading from 6:00pm Sundays through 5:15pm Fridays New York time, with a 45-minute break between 5:15pm and 6:00pm.

For crude oil options, expiration months will be every month from June until December 2008, in addition to the June and December months from 2009 through 2015. The move to six-month expiration periods will be made to concentrate liquidity in the market. Natural gas options contracts will be available for 24 consecutive months starting in June.

The electronically traded gold and silver options will reflect their current cycles on the floor. The strike price intervals will be the same as the floor-traded options contracts.