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ICE Futures Europe

Argus Eurobob Oxy FOB Rotterdam Barges Average Price Options

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Description

The Argus Eurobob Oxy FOB Rotterdam Barges Average Price Option is based on the underlying Argus Eurobob Oxy FOB Rotterdam Barges Swap Future (AEO) and will automatically exercise into the Argus Eurobob Oxy FOB Rotterdam Barges Swap Future (AEO) on the day of expiry of the options contract.

Market Specifications

Trading Screen Product Name
Gasoline Futures
Trading Screen Hub Name
Argus Eurobob Oxy FOB Rdam Bg
Contract Symbol
AEO
Hedge Instrument
The delta hedge for the Argus Eurobob Oxy FOB Rotterdam Barges Average Price Option is the Argus Eurobob Oxy FOB Rotterdam Barges Mini Future (AOM).
Contract Size
1,000 metric tonnes
Unit of Trading
Any multiple of 1,000 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 average priced 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.
Option Premium / Daily Margin
The Argus Eurobob Oxy FOB Rotterdam Barges Average Price Option is a premium-paid-upfront option. The traded premium will therefore be debited by the Clearing House from the Buyer and credited to the Seller on the morning of the Business Day following the day of trade. Members who are long premium-paid-upfront options will receive a Net Liquidating Value (NLV) credit to the value of the premium which is then used to offset the initial margin requirement flowing from both these options and positions in other energy contracts. Members who are short premium-paid-upfront options will receive an NLV debit in addition to their initial margin requirement. NLV is calculated daily with reference to the settlement price of the option.
Expiry
16:30 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 equal to the final settlement price of the Argus Eurobob Oxy FOB Rotterdam Barges 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.
Strike Price Intervals
A minimum of 10 strikes above and below at the money in $1.00 increments will be listed at launch. This contract will support Custom Option Strikes with strikes in increments of $0.25 within a range of $500 to $1,400. These ranges may be revised from time to time according to future price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract.
Contract Series
Up to 48 consecutive months
Final Payment Date
Two Clearing House Business Days following the Last Trading Day
Business Days
Publication days for Argus European Products
MIC Code
IFEU
Clearing Venues
ICEU

Trading Hours

CityTradingPre-Open
New York8:50 PM - 7:05 PM
20:50 - 19:05
8:40 PM
20:40
London12:50 AM - 11:05 PM
00:50 - 23:05
12:40 AM
00:40
Singapore8:50 AM - 7:05 AM
08:50 - 07:05
8:40 AM
08:40

Sunday Pre-Open 5:10 PM ET; Closed on Saturday

Codes

Clearing Admin Name
O-Ref Outright mt
Physical
AEO
Logical
AEO
GMI (FC)
2Y
ION A.C.N.
T035
Symbol Code
AEO