just a quick heads up to those of you trading nymex contracts.
The halt was due to RBOB.. unl;eaded gas contract being down limit. .. the rules state that if any.. yes ANY gas or energy product is down limit then the entire complex of energy futures and some options are also halted for 5 minutes.. so if ehtanol is down or up limit.. then crude will halt as well for 5 minutes.
I never knew about this rule and I got caught up in the Halt!
I was perplexed as well.
200.06A Special Price Fluctuation Limits for Light Sweet Crude Oil Futures
(A) Initial Price Fluctuation Limits for All Contract Months. At the commencement of each trading day, there shall be price fluctuation limits in effect for each contract month of this futures contract of $10.00 per barrel above or below the previous day's settlement price for such contract month. (B)
(1) Triggering Event and Temporary Trading Halt Related to Trading on Globex®. If a market for any of the first nine (9) contract months is bid or offered at the upper or lower price fluctuation limit, as applicable, on Globex it will be considered a Triggering Event which will halt trading for a five (5) minute period in all contract months of the CL futures contract, as well as all contract months in all products cited in the Associated Product Appendix of this rule. Trading in any option related to this contract or in an option contract related to any products cited in the Associated Product Appendix which may be available for trading on either Globex or on the Trading Floor, shall additionally be subject to a coordinated trading halt. (2) Expansion of Limits Following Temporary Trading Halt. Following the end of the 5-minute Temporary Trading Halt, the affected markets shall re-open simultaneously in all contract months of these futures contracts. When trading resumes, price fluctuation limits for each contract month shall be expanded an additional increment of the price fluctuation limits, above and below the previous day's settlement price for each contract month in the affected contracts on Globex and on the trading floor (as applicable). (3) Each instance in which a Triggering Event occurs, a Temporary Trading Halt will commence as provided by Sub-Sections (1)-(2) above and the price fluctuation limits for all contract months shall be expanded by an additional increment of the price fluctuation limits for CL as well as all products cited in the Associated Products Appendix in this rule. (4) End of Day Lifting of Price Fluctuation Limits. On any Exchange business day, regardless of any prior action concerning price fluctuation limits during the trading session, commencing sixty (60) minutes before the close of the Regular Trading Hours (RTH) session, there shall be no price fluctuation limits on any contract month in CL and all products cited in the Associated Products Appendix of this rule. The Price Fluctuation Limits shall be reinstated after the close of RTH for trading on Globex and shall be in effect through to the conclusion of the current trading day's Globex trading session. (C) Price Fluctuation Limits on the Trading Floor (Floor Trading)
(1) The price fluctuation limits cited in section (A) of this rule shall be applicable on the Trading Floor (Floor Trading). However, all markets on the trading floor shall be limited to trading at these price levels (locked limit) and shall not constitute a Triggering Event for purposes of a Temporary Trading halt on Globex. (2) In all instances when a Triggering Event in CL occurs on Globex, Floor Trading In CL and any products cited in the Associated Products Appendix of this rule shall immediately halt. Additionally, trading in any option related to this contract or in an option contract related to any products cited in the Associated Product Appendix, shall be subject to a coordinated trading halt. (3) Whenever Globex markets are expanded and re-opened pursuant to the provisions of Section (B) of this rule, effected markets on the Trading Floor shall re-open with the expanded limits in place.
(D) Associated Products Appendix
BZ
BRENT CRUDE OIL
CL
LIGHT SWEET CRUDE OIL
HO
NY HARBOR HEATING OIL
RB
NY HARBOR RBOB
LH
NY HARBOR ULTRA LOW SULPHUR DIESEL
LU
GULF COAST ULTRA LOW SULPHUR DIESEL
LR
GULF COAST GASOLINE
QEN
ETHANOL
RE
REBCO CRUDE OIL
QM
MiNY Crude Oil
QH
MiNY NY Harbor Heating Oil
QU
MiNY NY Harbor RBOB
