ICE OTC

Markit CDX® North American Investment Grade Index Option

Markit CDX® North American Investment Grade Index Option34933766

Description

One hundred twenty five (125) of the most liquid North American entities with investment grade credit ratings as published by Markit® from time to time

Market Specifications

Rule Number
1230
Commodity Code
CDX.NA.IG Option
Currency
USD
Min Notional
Order Book: 50,000,000
All other execution methods: As agreed by counterparties
Max Notional
Order Book: 750,000,000
All other execution methods: As agreed by counterparties
Min Notional Increment
Order Book: 50,000,000
All other execution methods: As agreed by counterparties
Contract Series
Any calendar month beginning with January through December, with up to 24 contracts listed at any given time.
Price Quotation
Cents (option premium)
Minimum Price Fluctuation
The price quotation convention shall be .25 cents; minimum price fluctuation may vary by trade type.
Listing Cycle
Tenors of 1 through 10 Years based on liquidity
Series
All Series, initiated with series 1 based on liquidity
Roll Date
September 20 (or the Business Day immediately thereafter) and March 20 (or the Business Day immediately thereafter) of each calendar year
First Trading Day
Date of contract listing
Last Trading Day
20th calendar day of the Contract Month, of first New York business day thereafter if the 20th Calendar day is not a business day
Position Limit
None
Daily Price Limit
None
Block Trades
No
NCR and RL
Variable by contract type and price. See Error Trade Policy for more details.
Option Style
European
Exercise Method
Manual
Exercise Procedure
Manual exercise or abandon
Exercise Day
Last Trade Date
Automatic Exercise Provisions
None
Strike Price Listing Provisions
A minimum of 1 Strike Price in increments of $0.01 above and below the at-the-money Strike Price. Price boundaries are adjusted according to the price of the underlying swap.
MIC Code
ICES
Clearing Venues
Bilateral

Trading Hours

CityTradingPre-Open
New York2:00 AM - 5:30 PM
02:00 - 17:30

London7:00 AM - 10:30 PM
07:00 - 22:30

Singapore2:00 PM - 5:30 AM
14:00 - 05:30

Codes

Clearing Admin Name
Physical
Logical
GMI(FC)
R&N A.C.N.