The ICE Brent NX (New Expiry) Crude Futures contract is a deliverable contract based on EFP delivery with an option to cash settle.
|Contract Size||1,000 Barrels|
|Unit of Input||Any multiple of 1,000 Barrels|
|Currency||US Dollars and cents|
|Trading Price||One cent ($0.01) per barrel|
|Settlement Price||One cent ($0.01) per barrel|
|Minimum Price Flux||One cent ($0.01) per barrel|
|Expiration Date||Trading shall cease at the end of the designated settlement period
on the Business Day (a trading day which is not a public holiday in
England and Wales) immediately preceding:
(i) Either the 25th calendar day preceding the first day of the contract month, if such 25th day is a Business Day, or
(ii) If the 25th calendar day is not a Business Day, trading shall cease on the next preceding Business Day.
From the March 2015 contract month trading shall cease on the last Business Day of the second month preceding the contract month (i.e. the March contract month will expire on the last trading day of January).
If the applicable day on which trading is due to cease would be either: (i) the Business Day preceding Christmas Day, or (ii) the Business Day preceding New Year’s Day, then trading shall cease on the next preceding Business Day.
|Contract Security||ICE Clear Europe acts as the central counterparty for trades conducted on the London exchanges. This enables it to guarantee the financial performance of every contract registered with it by its members (the clearing members of the exchanges) up to and including delivery, exercise and/or settlement. ICE Clear Europe has no obligation or contractual relationship with its members' clients who are non-member users of the exchange markets, or non-clearing members of the exchanges.|
|Final Settlement Price||The ICE Brent NX Crude Futures contract is a deliverable contract based on EFP delivery with an option to cash settle, i.e. the ICE Brent Index price for the day following the last trading day of the futures contract.|
|Daily Settlement||The weighted average price of trades during a three minute settlement period from 19:27:00, London time.|
|Daily Margin||All open contracts are marked-to-market daily|
|Position Limits||The ICE Brent NX Crude Future is a cash-settled contract. The Exchange's daily position management regime requires that any position greater than 100 lots in all contract months must be 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 any steps necessary to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate.|
|Contract Series||Up to 98 consecutive months|
|Trading Methods||Electronic futures, Exchange of futures for physical (EFP), Exchange of futures for swap (EFS), Exchange of futures for related contract (EFRC) and Block Trades are available for this contract.|
|Business Days||ICE Business Days|
NOTE: DST in the US will be different than BST time. See Circular 12138 for temporary trading hours changes.
Clearing Admin NameIPE e-Brent