- Trading Screen Product Name
- (RBOB) Gasoline/Brent Crack
- Trading Screen Hub Name
- NYH (RBOB)/North Sea
- Trading Hours
GMT* Open 01:00 (23.00 on Sundays) Close 23:00.
EST Hours Open 20:00 (18:00 on Sundays) Close: 18:00 the following day.
CST Hours Open 19:00 (17:00 on Sundays) Close: 17:00 the following day.
Singapore Hours Open 09:00 (07:00 on Monday mornings) close 07:00 the next day.
*An Exchange Circular will be issued in advance of the UK switch from GMT to BST and further US switch to and from DST to confirm the altered market opening anc closing times.
- Unit of Trading
1,000 barrels (42,000 US gallons)
- Quotation
The contract price is in US Dollars and cents per barrel
- Trading Price Quotation
One cent ($0.01) per barrel
- Minimum Price Fluctuation
One cent per barrel, equivalent to a tick value of $10
- Maximum Price Fluctuation
There are no limits
- Clearing
The Clearing House guarantees financial performance of all ICE Futures contracts registered with it by its clearing members. All ICE Futures Member companies are either members of the Clearing House or have a clearing agreement with a Member who is a member of the Clearing House.
- Contract Series
Up to 48 consecutive months
- Position Limit
The Exchange may impose position accountability levels or limits on
positions in this contract at its discretion as provided in Rules
P8 and P3 respectively.
Current position accountability levels: In any one month:
5,000 net futures, all months: 7,000 net futures.
Current position limits: 1000 lots during the last 3 trading
days of the expiring month.
Exemptions from position limits may be granted at Exchange
discretion for bona fide hedge positions.
- Last Trading Day
The last trading day for the RBOB Gasoline/Brent crack spread is
determined by when the expiry date is for Brent crude futures.
For Brent Crude Futures:
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
ICE RBOB Gasoline Futures expiry: Trading Shall cease at the
end of the designated settlement period on the penultimate US
business day of the month preceding the delivery month where US
business day is a day on which NYMEX is opened for business.
- Settlement
Trading the ICE RBOB Gasoline Crack Spread will result in two
separate positions in the underlying futures markets for Brent
Futures and ICE RBOB Gasoline. The settlement of each leg will be
the respective settlement prices for both the Brent Futures and ICE
RBOB Gasoline Futures contracts as made public by ICE Futures
Europe. Upon expiry of the Brent futures leg, holders of the ICE
RBOB Gasoline crack spread trade will then be left with a long or
short position in the ICE RBOB Gasoline Futures market which will
be settled on expiry of the relevant underlying RBOB Gasoline
contract
ICE RBOB Gasoline Futures settlement: The contract is cash
settled against the prevailing market price for RBOB Gasoline in
New York Harbour. The cash settlement price in US Dollars and cents
per US gallon is equal to the settlement price on the penultimate
day of trading of the NYMEX New York Harbour Gasoline Blendstock
(RBOB) Futures contract.
ICE RBOB Gasoline futures expiry: Trading shall cease at the
end of the designated settlement period on the penultimate US
business day of the month preceding the delivery month where US
business day is a day on which NYMEX is opened for business.
Brent Futures settlement time: The weighted average price of
trades during a two minute settlement period from 19:28:00, London
time.
Brent Crude Futures expiry:
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
- MIC Code
- IFEU
- Clearing Venues
- ICEU