- Trading Screen Product Name
- Heating Oil Futures
- Trading Screen Hub Name
- HO 1st Line
- Contract Symbol
HOF
- Contract Size
1,000 barrels (42,000 gallons)
- Unit of Trading
Any multiple of 1,000 barrels
- Currency
US Dollars and cents
- Trading Price Quotation
One hundredth of one cent ($0.0001) per gallon
- Settlement Price Quotation
One hundredth of one cent ($0.0001) per gallon
- Minimum Price Fluctuation
One hundredth of one cent ($0.0001) per gallon
- Last Trading Day
Last Trading Day of the contract month
- Option Style
Options are Asian-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.
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 gallon
based on the average of the settlement prices as made public by ICE
for the Heating Oil 1st Line Swap Future for the contract month.
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 Heating Oil Average Price 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
minimum of 10 strikes above and below at the money in $0.01
increments will be listed at launch. This contract will support
Custom Option Strikes with strikes in increments of $0.001 within a
range of $0.500 to $10.000. These ranges may be revised from time
to time according to future 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 48 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