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Thursday, May 07, 2020

Futures Trader Alert #2020 - 31
Notice of Natural Gas and Crude Matching Session Schedule


  • Industry Announcement

Markets Impacted:

Contact Information:

At the request of our membership, NFX intends to conduct a Natural Gas and Crude Matching Session that will result in positions migrating to NYMEX during the May 28th trading session via block trades at NFX and NYMEX.  Participation in the matching session is open to all NFX market participants who qualify as Eligible Contract Participants as that term is defined in the Commodity Exchange Act.  The daily schedule for the Natural Gas and Crude Matching Session is listed below in detail:

Tuesday, May 12th

  • Deadline for FCMs to submit all remaining customer and house Henry Hub Natural Gas and Crude positions to NFX for the May 28th matching session.

Wednesday, May 13th

  • NFX will review all submitted positions and propose closing block trades for ALL matching NFX Natural Gas and Crude positions, as well as equal but opposite opening NYMEX trades and positions.

Thursday, May 21st

  • NFX will send a file to each customer and house account representative which will include all the proposed matched NFX closing and NYMEX opening positions for review and sign-off.

Tuesday, May 26th

  • Noon ET deadline for each participating entity to confirm the NFX closing and NYMEX opening position files that will be used for the matching session. NFX will send out a market notification that all Natural Gas/Crude futures and options block trades displayed on its market during the May 28th trading session are solely Natural Gas and Crude matching session transactions.

Thursday, May 28th

  • At the beginning of the May 28th session (shortly after 7PM ET on May 27th) NFX will enter transactions to close all existing customer and house positions. These trades will be executed as standard block trades.
  • Starting at approximately 7AM ET on May 28th, NYMEX will enter block trades that will establish the opening transactions at NYMEX.
  • All of the futures and options block trades, at both NFX and NYMEX, will be entered using the May 27th NFX settlement prices which are equivalent to the NYMEX settlement prices. In the event that NFX has open interest in an option contract for which NYMEX does not publish a settlement price for the corresponding contract, NFX will establish the settlement price for such options.
  • The NFX block trades will be executed as standard block trades and will flow through the standard NFX trade flow including the NFX market data feed. The block trades will settle through the standard CME Clearing House margin and settlement process based on NYMEX’s May 28th settlement prices.

Friday, May 29th

  • Subject to the successful reduction of position quantities through the OCC PCS process and the accurate reporting of Customer Gross Margin (CGM) position quantities, any excess collateral held at OCC may be withdrawn via standard collateral processing for closed NFX Natural Gas and Crude positions. Customers should contact their FCMs to determine when any excess collateral may be available for withdrawal.
 For additional information, please contact NFX Market Operations or call 215.496.5409.

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