- Trading Screen Product Name
- Crude Futures
- Trading Screen Hub Name
- WTI Euro Option (Cash Settled)
- Contract Symbol
WUL
- 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 two Business Days prior to the Expiration Date of
the ICE WTI Crude Futures contract, i.e. 6th US business day prior
to the 25th calendar day of the month preceding the contract month.
If the 25th calendar day of the month is not a US business day the
final trading day shall be the trading day which is the 7th US
business day preceding the 25th calendar day of the month preceding
the contract month. (A US business day is a day on which NYMEX is
open for business.)
- Option Style
Options are European-style and will be automatically exercised on
the expiry day if they are “in-the-money”. The swap
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 (14:30EST).
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
equal to the settlement price of the ICE WTI Bullet Swap Future for
the contract month. For these purposes "settlement price" means the
3rd to last business day prior to the Last Trading Day of the ICE
WTI Futures contract month. When exercised against, ICE Clear
Europe, at its discretion, selects sellers against which to
exercise on a pro-rata basis.
- Option Premium / Daily Margin
The premium on the EU-Style WTI Cash Settled Option is
paid/received on the day following the day of trade. Option
positions, as with Swap Future positions, are marked-to-market
daily giving rise to positive or negative realized potential
variation margin flows. Once the premium is paid there is no
additional variation or initial margin payable by the buyer of the
option. All open contracts are marked-to-market daily. Initial
Margin is payable by the buyer and seller of the option, but for
the buyer the initial margin will not exceed the value of the
premium paid. In addition, the buyer may use the value of the
premium of an in-the-money option collateral against other ICE OTC
and ICE Futures Europe margin obligations at ICE Clear Europe.
- Strike Price Intervals
Minimum $0.50 increment strike prices. $1.00 Strikes from $20 to
$240. $0.50 strikes 20 strikes above and below ATM. The at the
money strike price is the closes 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