Diesel Diff - New York Harbour ULSD 1 Month Calendar Spread Option28659498

Description

The New York Harbor ULSD 1-Month Calendar Spread Option is based on the difference between two consecutive New York Harbor ULSD Futures months.

Market Specifications

Trading Screen Product Name
Diesel Diff Futures
Trading Screen Hub Name
NYH ULSD CSO 1 Month
Commodity Code
HOC
Contract Size
1,000 barrels
Unit of Trading
Any multiple of 1,000 barrels.
Currency
US Dollars and cents
Trading Price Quotation
One hundredth of one cent ($0.0001) per gallon
Settlement Price Quotation
One hundredth of one cent ($0.0001) per gallon
Minimum Price Fluctuation
One hundredth of one cent ($0.0001) per gallon
Last Trading Day
Trading shall end at the end of the designated settlement period on the Expiration Date of the nearby month ICE Heating Oil Futures contract.
Option Style
Options are European style and will be automatically exercised on the expiry day if they are “in the money”. The 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. No manual exercise is permitted.
Option Premium / Daily Margin
Calendar Spread Options are equity-style and there is no daily Variation Margin payment. The premium on the Calendar Spread Option is paid/received on the business day following the day of trade. Net Liquidating Value (NLV) will be re-calculated each business day based on the relevant daily settlement prices. For buyers of options the NLV credit will be used to off-set their Original Margin (OM) requirement; for sellers of options, the NLV debit must be covered by cash or collateral in the same manner as OM requirement.
Expiry
19:30 London Time (14:30 EST).

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 gallon equal to the difference between the settlement price of the nearby ICE Heating Oil Futures contract and the settlement price of the next consecutive contract month of the ICE Heating Oil Futures contract series on the Last Trading Day.
Strike Price Intervals
A minimum of 10 Strike Prices in increments of $0.01 per gal above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in $0.001 increments.
Contract Series
Up to 36 consecutive 1-month calendar spreads
Final Payment Date
Two Clearing House Business Days following the Last Trading Day
Business Days
Publication days for NYMEX
MIC Code
IFED
Clearing Venues
ICEU
Loading...

Trading Hours

CityTradingPre-Open
New York7:50 PM - 6:00 PM*
19:50 - 18:00
7:40 PM
19:40
London12:50 AM - 11:00 PM*
00:50 - 23:00
12:40 AM
00:40
Singapore7:50 AM - 6:00 AM*
07:50 - 06:00
7:40 AM
07:40

*Next Day

Sunday Pre-Open 5:40 PM ET; Closed on Saturday

Codes

Clearing Admin Name
Am Ref Diff gal
Physical
HOC
Logical
HOC
GMI(FC)
R&N A.C.N.