- Trading Screen Product Name
- Crude Diff Futures
- Trading Screen Hub Name
- WTI Bullet/Brent Bullet
- Contract Symbol
TIB
- Contract Size
1,000 barrels
- Unit of Trading
Any multiple of 1,000 barrels
- Currency
US Dollars and cents
- Trading Price Quotation
One cent ($0.01) per barrel
- Settlement Price Quotation
One tenth of one cent ($0.001) per barrel
- Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
- Last Trading Day
Trading shall end one Business Day prior to the Expiration Date of
the ICE Brent Crude Futures Contract
- Option Style
Options are European-style and will be automatically exercised on
the expiry day if they are “in-the-money”. The future
resulting from exercise immediately goes to cash settlement
relieving market participants of the need to concern themselves
with liquidation or exercise issues. If an option is
“out-of-the-money” it will expire automatically. It is
not permitted to exercise the option on any other day or in any
other circumstances than the Last Trading Day. No manual exercise
is permitted.
- Expiry
19:30 London Time (14:30 EST).
Automatic exercise settings are pre-set to exercise contracts which
are one minimum price fluctuation or more 'in the money' with
reference to the relevant reference price. Members cannot override
automatic exercise settings or manually enter exercise instructions
for this contract.
The reference price will be a price in USD and cents per barrel
based on the difference of the applicable ICE WTI Crude Futures
contract and the ICE Brent Crude Futures contract series. When
exercised against, the Clearing House, at its discretion, selects
sellers against which to exercise on a pro-rata basis.
- Option Premium / Daily Margin
The WTI/Brent Crude Oil Spread Options are premium-paid-upfront
options. The traded premium will therefore be debited by the
Clearing House from the Buyer and credited to the Seller on the
morning of the Business Day following the day of trade. Members who
are long premium-paid-upfront options will receive a Net
Liquidating Value (NLV) credit to the value of the premium which is
then used to offset the initial margin requirement flowing from
both these options and positions in other energy contracts. Members
who are short premium-paid-upfront options will receive an NLV
debit in addition to their initial margin requirement. NLV is
calculated daily with reference to the settlement price of the
option.
- Strike Price Intervals
This contract will support Custom Option Strikes with strikes in
increments of $0.01 within a range of -$100 to +$100. This range
may be revised from time to time according to futures price
movements. The “at-the-money” strike price is the
closest interval nearest to the previous business day's settlement
price of the underlying contract.
- Contract Series
Up to 36 consecutive months
- Final Payment Date
Two Clearing House Business Days following the Last Trading Day.
- Business Days
Publication days for ICE
- MIC Code
- IFED
- Clearing Venues
- ICEU