API4 Richards Bay Coal Early (214 days) Single Expiry Option

Description

The ICE Richard's Bay Coal Single Expiry Options contract is an option on an underlying monthly expiry ICE Richard's Bay Coal futures contract as appropriate. A quarterly single expiry option will expire equally into the three underlying months which make up that quarter. A calendar year single expiry option will expire equally into the twelve underlying months which make up that calendar year. For example, a 5 lot Q1 Richard's Bay Coal single expiry option, if exercised, will result in 5 lots of each of a Jan, Feb , and Mar Richard's Bay Coal futures contract. The quarterly single expiry option and the calendar year single expiry option both have separate but identical underlying futures contracts, which is identical to the ICE Rotterdam Coal Futures contract

Market Specifications

Trading Screen Product Name

Richards Bay Coal Futures

Trading Screen Hub Name

Richards Bay 1x Cal (214 days)

Commodity Code

AF2

Trading Hours

07:00 - 23:00, London time

Trading Model

Continuous trading throughout trading hours.

Unit of Trading

Any multiple of 1,000 tonnes of coal.

Quotation

US Dollars and cents per tonne

Strike Price Increments

Multiples of 5 US cent per tonne in a range of $10 - $150/tonne.

Minimum Price Fluctuation

Screen: $0.01 per tonne.

EFP/EFS/Block: $0.01 per tonne

Maximum Price Fluctuation

No limits.

Daily Margin

All open contracts are marked-to-market daily.

Option Premium

Equity Style. Premiums are paid at the time of the transaction.

Trading Period

Calendar Year options: 2 consecutive years.

Last Trading Day

17:00 LLT 122/214/305 calendar days before the start of the contract period. If that day is a non-business day, expiry will be on the preceding business day.

Exercise and Automatic Exercise

Exercisable into ICE Rotterdam/Richards Bay/gC Newcastle Coal supporting futures, as appropriate. If the option is not abandoned, automatic exercise would occur for options which are in the money. Options at-the-money and out-of-the-money will expire unless the holder has manually elected to exercise. Manual exercise/abandonment must be for the entire calendar year contract as appropriate.

Underlying Contract

ICE FUTURES RICHARDS BAY COAL EARLY (214 DAYS) SINGLE EXPIRY FUTURE

MIC Code

IFEU

Clearing Venues

ICEU