ASCI Future1428

Description

The ICE Argus Sour Crude Index ("ASCI") Future is cash settled against the ASCI price to complement the existing ICE WTI futures contract. Additionally the contract enables effective hedging in the sour crude markets by creating a sour crude benchmark based on trading in the US Gulf coast.

Market Specifications

Contract Symbol
F
Trading Hours
The contract will be open for trading from 17:00 Central US Time (usually 23:00 London local time) on Sunday evenings and 19:00 Central US Time on Monday to Thursday evenings (usually 01:00 London local time on Tuesday to Friday mornings.

Trading will cease at 17:00 Central US Time (usually 23:00 London local time)each day.
Trading Methods
Contracts are traded on the ICE Platform or by the Exchange of Futures for Physicals (EFPs), Exchange of Futures for Swaps (EFSs) or Block Trades.
Contract Size
Minimum of 1 lot of 1,000 barrels per lot.
Units of Trading
1 lot equals 1,000 barrels.
Quotation
The contract price is in US dollars and cents per barrel.
Minimum Price Flux
One cent per barrel
Maximum Price Flux
There are no limits
Trading Period/Strip
Up to a maximum of 72 consecutive contract months. Quarters and calendar yearly strips will be listed for the entire forward curve.

Twelve additional contract months will be added each year on the expiry of the prompt December contract month.
Position Limits
The ASCI future is a cash-settled contract. The Exchange's daily position management regime requires that all positions in any contract month 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
Initial Margin
Calculated on all open contracts, initial margin is a deposit held by ICE Clear Europe Limited in order to cover the costs that may be incurred in closing out a position in default. It is returned upon the closing of the position, or at expiry, with interest.
Daily Margin
All open contracts are 'marked-to-market' daily, with variation margin being called for as appropriate. This process compares the settlement price, established by ICE Futures Europe, with the previous day's settlement price (or traded price for new trades).
Cessation Of Trading
Trading shall cease at the close of business on the 4th 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 Trade Day shall be the Trading Day which is the fourth US business day prior to the last US business day preceding the 25th calendar day of the month preceding the contract month.
Delivery Methods
Cash-settled at a price equal to the ASCI-Weighted "Price" as published by Argus Media in the 'Argus Crude' report under the heading 'Argus Sour Crude Index'.
Payment Dates
Payment for contracts will be made through ICE Clear Europe Limited on, or around, 1 business day after expiry of the contract month.
Other Information
The Contracts are governed by English law.
Clearing
ICE Clear Europe Limited guarantees financial performance of all ICE Futures Europe contracts registered with it by its clearing members. ICE Futures Europe Members are either members of ICE Clear Europe Limited, or have a clearing agreement with a Member who is a member of ICE Clear Europe Limited.
Regulation
ICE Futures is regulated in the UK by the Financial Services Authority (FSA) as a recognised investment exchange (RIE) under Part XVIII of the Financial Services and Markets Act 2000 (FSMA).

Further, ICE Futures Europe has: secured the relevant regulatory approvals; or, secured a statement of no objection; or, satisfied itself that it does not require regulatory approvals, to allow direct access to the ICE Platform in a number of other overseas jurisdictions, such as USA and Singapore. The complete list of jurisdictions can be found at: www.theice.com/publicdocs/futures_jurisdiction.pdf

In accordance with FSMA, all ICE Futures Europe General Participant Members based in the UK will be authorised and regulated by the FSA. Where General Participant Members are incorporated overseas, they will be regulated by the relevant regulatory authority in that jurisdiction or benefit from relevant exemptions of that authority.
MIC Code
IFEU
Clearing Venue
ICEU