Contracts are financially settled based upon the price of coal loaded at the Kalimantan port in Indonesia. The contract is cash settled against the IHS McCloskey Indonesian Sub-Bituminous FOB Marker published in IHS McCloskey Coal Report.
|Trading Period||61-72 consecutive month contracts.
21-24 consecutive quarters.
Quarters are strips of three individual and consecutive contract months. Quarters always comprise a strip of Jan-Mar, Apr-Jun, Jul- Sep or Oct-Dec.
6 consecutive years.
Years are strips of twelve individual and consecutive contract months comprising Jan - Dec.
Months, quarters, seasons, and calendars are listed in parallel. Upon expiry of a December monthly contract an additional 12 months, four quarters, and one calendar year are added.
|Expiration Date||Trading will cease at the close of business on the last Friday of the delivery month, quarter, season, or calendar as applicable.|
|Contract Security||ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement.|
|Trading Model||Continuous trading throughout trading hours|
|Trading Methods||Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract.|
|Units of Trading||1,000 metric tonnes of sub-bituminous coal|
|Contract Size||1,000 metric tonnes per contract month|
|Minimum Trading Size||1 lot = 1,000 metric tonnes|
|Minimum Block Order||5 lots = 5,000 metric tons|
|Quotation||The contract price is in US Dollars and in US Dollar Cents per tonne|
|Minimum Price Flux||5 Dollar Cents per tonne|
|Tick Value||Contract Size x Minimum Trade Size x Minimum Price Flux|
|Maximum Price Flux||There are no limits.|
|Settlement Price||The weighted average price of trades during a fifteen-minute settlement period from 16:00:00 to 16:15:00, London Local Time. If there is low liquidity during this time, Quoted Settlement Prices (QSPs) will be used to establish the settlement price|
|Position Limits||Positions are reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take steps to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate.|
|Initial Margin||Calculated on all open contracts, initial margin is a deposit held by ICE Clear Europe in order to cover the costs that may be incurred in closing out a position in default. It is returned upon the closing of the position, or at expiry, with interest.|
|Daily Margin||All open contracts are 'marked-to-market' daily, with variation margin being called for as appropriate.|
|Cessation Of Trading||The month contracts cease trading at the close of business on the last Friday of the contract delivery period. The quarters and calendar years cease trading as a quarter/calendar year at the close of business on the last Friday of the first month contract in that quarter/calendar year.|
|Delivery/Settlement Terms||The ICE FOB Indo sub-bit Coal Contract is cash-settled at an amount equal to the arithmetic average, for the corresponding month, of the IHS McCloskey Indonesian Sub-Bituminous FOB marker as published in IHS McCloskey Coal Report, IHS McCloskey Fax and IHS McCloskey Newswire. The cash-settlement price will be to 2 decimal places, i.e. $0.01.|
NOTE: DST in the US will be different than BST time. See Circular 14011 for temporary trading hours changes.
Clearing Admin NameIndo Sub-Bit