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Description

A monthly cash settled Exchange Futures Contract based upon the mathematical result of subtracting the average of the daily prices published by NYMEX for the location specified in Reference Price B from the average of the daily prices published by OPIS for the location specified in Reference Price A.

Market Specifications

Trading Screen Product Name

Normal Butane OPIS/Gasoline Diff Futures

Trading Screen Hub Name

MT.B-ENT/WTI 1st line

Contract Symbol

NBN

Settlement Method

Cash settlement

Contract Size

1,000 barrels

Currency

USD

Minimum Price Fluctuation

The price quotation convention shall be One tenth of a cent ($0.001) per barrel; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Contract Series

Up to 62 consecutive monthly Contract Periods

Last Trading Day

The last Business Day of the Contract Period

Final Settlement

Average of the Reference Price A prices minus Average of the Reference Price B prices

REFERENCE PRICE A

NGL-MONT BELVIEU N. BUTANE (NON-TET)-OPIS

a) Ref Price A - Description

"NGL-MONT BELVIEU N. BUTANE (NON-TET)-OPIS " means that the price for a Pricing Date will be that day's Specified Price per gallon of normal butane for delivery on the Delivery Date, stated in U.S. cents, published under the heading "Mont Belvieu Spot Gas Liquids Prices: Non-TET N. Butane: Any Current Month" in the issue of OPIS that reports prices effective on that Pricing Date.

b) Ref Price A - Pricing Date

Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price

Average

d) Ref Price A - Pricing calendar

OPIS

e) Ref Price A - Delivery Date

Contract Period

REFERENCE PRICE B

RBOB Gasoline 1st Line Future

a) Ref Price B - Description

"RBOB Gasoline 1st Line” the Floating Price will be a price in USD and cents per gallon based on the average of the settlement prices as made public by NYMEX for the front month RBOB Gasoline Future for the month of production.

b) Ref Price B - Pricing Date

Each trading day of the NYMEX RBOB 1st Line Futures Contract during the Contract Period

c) Ref Price B - Specified Price

Settlement price

d) Ref Price B - Pricing Calendar

NYMEX

e) Ref Price B - Delivery Date

First Nearby Month

Final Payment Date

The second Clearing Organization business day following the Last Trading Day

MIC Code

IFED

Clearing Venues

ICEU

Trading Hours

Codes