The ICE gC Newcastle Coal Single Expiry Options contract is an option on an underlying monthly expiry ICE gcC Newcastle Coal futures contract as appropriate. A quarterly single expiry option will expire equally into the three underlying months which make up that quarter. A calendar year single expiry option will expire equally into the twelve underlying months which make up that calendar year. For example, a 5 lot Q1 gC Newcastle Coal single expiry option, if exercised, will result in 5 lots of each of a Jan, Feb , and Mar Newcastle Coal futures contract. The quarterly single expiry option and the calendar year single expiry option both have separate but identical underlying futures contracts, which is identical to the ICE Rotterdam Coal Futures contract.
|Trading Period||Four consecutive calendar years.|
|Expiration Date||Trading will cease at the end of the designated Settlement Period, 16:00 - 16:15 LLT, thirty calendar days before the start of the contract period. If that day is a non-business day, expiry will be on the preceding business day. For example, on 2 December 2011 both the Quarter 1 2012 and Calendar Year 2012 contracts will expire.|
|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 thermal coal|
|Minimum Trading Size||1 lot = 1,000 metric tonnes|
|Minimum Block Order||5 lots = 5,000 metric tonnes
5 lots aggregated over the strip with a reporting time of 15 minutes (For example, 1 lot of the yearly strip is equal to 12 monthly lots and is eligible for blocking. Similarly, 1 quarterly strip equals 3 monthly lots and does not meet the block minimum).
|Quotation||The contract price is in US Dollars and in US Dollar Cents per tonne|
|Strike Price Increments||Strike Range: 70.00 - 200.00 Dollars per tonne.
Multiples of 0.05 Dollars 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.|
|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.|
|Option Premium||Equity Style such that premiums are paid at the time the transaction is executed.|
|Exercise and Automatic Exercise||Expires into the ICE gC Newcastle Coal Futures contract with European-style exercise. If the option is not abandoned, automatic exercise will occur for options which are one or more ticks in the money. At-The-Money and Out-of-The-Money options will expire worthless. Members will have up to two and a quarter hours after the designated Settlement Period on the option expiry day to manually abandon or exercise an option.|
|Underlying Contract||ICE gC Newcastle Coal Futures contract.|
NOTE: DST in the US will be different than BST time. See Circular 12138 for temporary trading hours changes.
Clearing Admin NameCoal Newc