- Trading Screen Product Name
- Gasoil Futures
- Trading Screen Hub Name
- LS GO 1st Line
- Contract Symbol
ULA
- Hedge Instrument
The delta hedge for the Low Sulphur Gasoil Average Price Option is
the ICE Low Sulphur Gasoil 1st Line Swap Future (ULA)
- Contract Size
100 metric tonnes
- Unit of Trading
Any multiple of 100 metric tonnes
- Currency
US Dollars and cents
- Trading Price Quotation
One cent ($0.01) per metric tonne
- Settlement Price Quotation
One tenth of one cent ($0.001) per metric tonne
- Minimum Price Fluctuation
One tenth of one cent ($0.001) per metric tonne
- 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 metric
tonne based on the average of the settlement prices as made public
by ICE for the Low Sulphur Gasoil 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 premium on the Low Sulphur Gasoil Average Priced Option is
paid/received on the business day following the day of trade. Net
Liquidating Value (NLV) will be re calculated each business day
based on the relevant daily settlement prices. For buyers of
options the NLV credit will be used to off set their Original
Margin (OM) requirement; for sellers of options, the NLV debit must
be covered by cash or collateral in the same manner as OM
requirement. OM for all options contracts is based on the
option’s delta.
- Strike Price Intervals
Minimum $5.00 increment strike prices. $10.00 Strikes from $200 to
$1000. $5.00 strikes 20 strikes above and below the 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 60 consecutive months
- Final Payment Date
Two Clearing House Business Days following the Last Trading Day.
- Business Days
Publication days for ICE
- MIC Code
- IFEU
- Clearing Venues
- ICEU