- Trading Screen Product Name
- Richards Bay Coal Futures
- Trading Screen Hub Name
- Richards Bay
- Trading Period/Strip
Up to 84 consecutive month contracts.
25-28 consecutive quarters.
Quarters are strips of three individual and consecutive contract
months. Quarters always comprise a strip of Jan-Mar, Apr-Jun, Jul-
Sep or Oct-Dec.
6 consecutive seasons.
Seasons are strips of six individual and consecutive contract
months. Seasons always comprise a strip of Apr-Sep or Oct-Mar.
6 consecutive years.
Years are strips of twelve individual and consecutive contract
months comprising Jan - Dec.
Months, quarters, seasons, and calendars are listed in parallel.
Upon expiry of a December monthly contract an additional 12 months,
four quarters, and one calendar year are added.
- Expiration Date
Trading will cease at 17:00 on the day of expiry of the delivery
month, quarter, season, or calendar as applicable.
- Contract Security
ICE Clear Europe acts as central counterparty to all trades thereby
guaranteeing the financial performance of ICE Futures Europe
contracts registered in the name of its Members up to and including
delivery, exercise and/or settlement.
- Trading Model
Continuous trading throughout trading hours
- Trading Methods
Electronic futures, Exchange for Physical (EFP), Exchange for Swap
(EFS) and Block Trades are available for this contract.
- Units of Trading
1,000 metric tonnes of thermal coal
- Contract Size
1,000 metric tonnes per contract month
- Minimum Trading Size
1 lot = 1,000 metric tonnes
- Minimum Block Order
5 lots = 5,000 metric tonnes
The contract price is in US Dollars and in US Dollar Cents per
- Minimum Price Flux
5 Dollar Cents per tonne
- Tick Value
Contract Size x Minimum Trade Size x Minimum Price Flux
- Maximum Price Flux
There are no limits.
- Settlement Price
The weighted average price of trades during a ten-minute settlement
period from 16:50:00 to 17:00:00, London Local Time. If there is
low liquidity during this time, Quoted Settlement Prices (QSPs)
will be used to establish the settlement price.
- Position Limits
Positions are 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 steps 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 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.
- Delivery/Settlement Basis
The ICE Richards Bay Coal Futures Contract is cash-settled at an
amount equal to the monthly average API 4 Index as published in
Argus/McCloskey's Coal Price Index Report.
- MIC Code
- Clearing Venue