Brent Crude Futures219


The ICE Brent Crude futures contract is a deliverable contract based on EFP delivery with an option to cash settle.

Market Specifications

Contract Symbol
Contract Size
1,000 barrels
Units of Trading
Any multiple of 1,000 barrels
US Dollars and cents
Trading Price
One cent ($0.01) per barrel
Settlement Price
One cent ($0.01) per barrel
Minimum Price Flux
One cent ($0.01) per barrel
Expiration Date
Contract Months up to and including February 2016:

Trading shall cease at the end of the designated settlement period on the Business Day (a trading day which is not a public holiday in England and Wales) immediately preceding either:

(i) the 15th calendar day before the first calendar day of the contract month, if such 15th calendar day is a Business Day; or,

(ii) if such 15th calendar day is not a Business Day the next preceding Business Day.

Contract Months from March 2016:

Trading shall cease at the end of the designated settlement period on the last Business Day of the second month preceding the relevant contract month (e.g. the March contract month will expire on the last Business Day of January).

If the day on which trading is due to cease would be either: (i) the Business Day preceding Christmas Day, or (ii) the Business Day preceding New Year’s Day, then trading shall cease on the next preceding Business Day
Contract Security
ICE Clear Europe acts as the central counterparty for trades conducted on the London exchanges. This enables it to guarantee the financial performance of every contract registered with it by its members (the clearing members of the exchanges) up to and including delivery, exercise and/or settlement. ICE Clear Europe has no obligation or contractual relationship with its members' clients who are non-member users of the exchange markets, or non-clearing members of the exchanges.
Daily Settlement
The weighted average price of trades during a two minute settlement period from 19:28:00, London time.
Daily Margin
All open contracts are marked-to-market daily.
Position Limits
The Brent crude 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
Expiry Limits
The Exchange may impose limits on positions in this contract at its discretion in accordance with Exchange Rule P3.

Current expiry limit: 6,000 contracts in the last five business days, up to and including the expiry day in the spot month, inclusive of futures-equivalent position in Brent Options.

Exemptions from expiry limits may be granted at the Exchange’s discretion to participants who provide and document a commercial rationale for their requirement
Contract Series
Consecutive months up to and including December 2022
Trading Methods
Electronic futures, Exchange of futures for physical (EFP), Exchange of futures for swap (EFS) and Block Trades are available for this contract.
Delivery/Settlement Basis
The ICE Brent Crude futures contract is a deliverable contract based on EFP delivery with an option to cash settle against the ICE Brent Index price for the last trading day of the futures contract. The Exchange shall publish a cash settlement price (the ICE Brent Index price) on the next trading day following the last trading day for the contract month.
Business Days
ICE Business Days
MIC Code
Clearing Venue

Trading Hours

New York8:00 PM - 6:00 PM*
20:00 - 18:00
7:55 PM
London1:00 AM - 11:00 PM
01:00 - 23:00
12:55 AM
Singapore8:00 AM - 6:00 AM*
08:00 - 06:00
7:55 AM

*Next Day

NOTE: DST in the US will be different than BST time. See Circular 15030 and the associated attachment for temporary trading hours changes.

London: Sunday Pre-Open 10:55 PM; Sunday Open 11:00 PM


Clearing Admin Name
IPE e-Brent
R&N A.C.N.