Gasoil Crack - Low Sulphur Gasoil 1st Line vs Brent 1st Line Average Price Option (in bbls)31687088

Description

The Low Sulphur Gasoil 1st Line vs Brent 1st Line Average Price Option (in bbls) is based on the underlying Low Sulphur Gasoil 1st Line vs Brent 1st Line Future (ULD) and will automatically exercise into the Low Sulphur Gasoil 1st Line vs Brent 1st Line Future (ULD) on the day of expiry of the options contract.

Market Specifications

Trading Screen Product Name
Gasoil Crack Futures (bbl)
Trading Screen Hub Name
LS GO 1st Line/Brent 1st Line
Commodity Code
ULD
Hedge Instrument
The delta hedge for the Low Sulphur Gasoil 1st Line vs Brent 1st Line Average Price Option is the Low Sulphur Gasoil 1st Line vs Brent 1st Line Future (ULD)
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 hundredth of one cent ($0.0001) per barrel
Minimum Price Fluctuation
One hundredth of one cent ($0.0001) per barrel
Last Trading Day
Last Trading Day of the contract month
Option Style
Options are average priced and will be automatically exercised into the Low Sulphur Gasoil 1st Line vs Brent 1st Line Future (in bbls) 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 than the Last Trading Day. No manual exercise is permitted.
Option Premium / Daily Margin
The Low Sulphur Gasoil 1st Line vs Brent 1st Line Average Price Option (in bbls) 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 (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 average of the settlement prices of the Low Sulphur Gasoil 1st Line vs Brent 1st Line Future (in bbls) for the contract month. When exercised against, the Clearing House, at its discretion, selects sellers against which to exercise on a pro rata basis.

conversion factor: 1 metric tonne = 7.45 barrels
Strike Price Intervals
This contract will support Custom Option Strikes with strikes in increments of $0.25 within a range of -$5 to $60. This range 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
Roll Adjust Provision
In order to use the correct Floating Price quotations, the nearby month quotation for ICE Brent Futures specified in the Floating Price terms above will be used except for the expiration date of the commodity's underlying delivery month's futures contract. On such date, the applicable pricing quotation will be rolled to the following month's futures contract.
Contract Series
Up to 72 consecutive months
Final Payment Date
Two Clearing House Business Days following the Last Trading Day
Business Days
ICE Business Days
MIC Code
IFEU
Clearing Venues
ICEU
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Trading Hours

CityTradingPre-Open
New York7:50 PM - 6:05 PM
19:50 - 18:05
7:40 PM
19:40
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
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Sunday Pre-Open 5:40 PM ET; Closed on Saturday

Codes

Clearing Admin Name
O-RefOutright (bbl)
Physical
ULD
Logical
ULD
GMI(FC)
R&N A.C.N.