- Trading Screen Product Name
- Crude Futures
- Trading Screen Hub Name
- WTI Daily CSO 1 Month
- Contract Symbol
DWO
- Contract Size
1,000 barrels
- Unit of Trading
Any multiple of 1,000 barrels.
- Currency
US Dollars and cents
- Trading Price Quotation
One cent ($0.01) per barrel
- Settlement Price Quotation
One tenth of one cent ($0.001) per barrel
- Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
- Last Trading Day
The contract expires at 14:30 EST of the business day equal to the
contract period.
- 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
- 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 barrel
equal to the difference between the settlement price of the nearby
ICE WTI Crude Futures contract and the settlement price of the next
consecutive contract month of the ICE WTI Crude Futures contract
series on the Last Trading Day. For these purposes
“settlement price” means the official settlement value
of the ICE WTI Crude Futures contract month for the active day of
the option. ICE WTI Crude Futures are penultimate dated to the
corresponding NYMEX Light Sweet Crude Contract.
All “in the money” options will be exercised into an
equivalent cash value of the underlying calendar spread.
- Strike Price Intervals
A minimum of 10 Strike Prices in increments of $0.05 per bbl 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 $0.01 increments.
- Contract Series
Up to 6 consecutive business days
- 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