The Chicago Mercantile Exchange (CME) yesterday saw the first ever trade for its newly launched LLS (Argus) vs. WTI Crude Oil Average Price Option (APO) contract.
The contract, which was originally launched on 14 September and is listed on the CME under the code WJO, saw a total of 1,680 contracts traded. Each contract is for a total of 1,000 bl.
In addition to the newly traded contract, CME also launched an LLS (Argus) vs. Brent Average Price Option contract and an LLS (Argus) Average Price Option contract.
The new APO contracts are an addition to an already extensive suite of products offered on the CME to hedge Argus LLS prices.
Other well established CME contracts for LLS — which include trade month swap futures and calendar swap futures —currently combine for a total of about 69,000 lots of open interest on the CME.
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