Ultra Long Gilt Future

Ultra Long Gilt Future37650337

Description

Deliverable futures contract on UK Gilts with maturities 28 years to 37 years

Market Specifications

Trading Screen Product Name
Ultra Long Gilt Future
Trading Screen Hub Name
ICEU
Symbol
U
Unit of Trading
£100,000 nominal value notional Gilt with 4% coupon
Delivery Date
Any business day in delivery month (at sellerÕs choice)
Delivery Months
March, June, September, December, such that the nearest three delivery months are available for trading
Quotation
Per £100 nominal
Minimum Price Movement
0.02 (£20)
Last Trading Day
Two business days prior to the last business day in the delivery month. On the Last Trading Day, trading in the front delivery month will cease at 11:00
Exchange Delivery Settlement Price
The London market price at 11:00 on the second business day prior to Settlement Day. The invoicing amount in respect of each Deliverable Gilt is to be calculated by the price factor system. Adjustment will be made for full coupon interest accruing as at Settlement Day.
Algorithm
Central order book applies a first in first out (FIFO) matching algorithm.
Block Trades
Basis Trading, Block Trading.
Maturities
28 years to 37 years
Contract Standard
Delivery may be made of any gilts on the List of Deliverable Gilts in respect of a delivery month of an Exchange Contract, as published by the Exchange on or before the tenth business day prior to the First Notice Day of such delivery month. Holders of long positions on any day within the Notice Period may be delivered against during the delivery month. All gilt issues included in the List will have the following characteristics: having been issued and settled; having been admitted to the Official List of the UK Listing Authority; having terms as to redemption such as provide for redemption of the entire gilt issue in a single instalment such that the length of time to the maturity date from, and excluding, the first date of the relevant delivery month is within the maturity range for the relevant Exchange Contract specified by the Board in the Contract Details; having no terms permitting or requiring early redemption; bearing interest at a single fixed rate throughout the term of the issue, within the coupon range specified by the Board in the Contract Details for the relevant Exchange Contract, and payable in arrears semi-annually (except in the case of the first interest payment period which may be more or less than six months); being denominated and payable as to principal and interest only in Pounds and pence; being fully paid or, in the event that the gilt issue is in its first interest period and is partly paid, being anticipated by the Board to be fully paid on or before the Last Notice Day of the relevant delivery month; not being convertible; not being in bearer form; and being anticipated by the Board to have on one or more days during the relevant delivery month an aggregate principal amount outstanding of not less than £1.5 billion which, by its terms and conditions, if issued in more than one tranche or tap or issue, is fungible.
First Notice Day
Two business days prior to the first day of the delivery month
Last Notice Day
First business day after the Last Trading
Other Information
Potential users of the Ultra Long Gilt Futures Contract should familiarise themselves with the relevant Contract Terms and Administrative Procedures.ÊPotential users should consider the risks of holding a position into the Notice Period of a Gilt Contract wherein they are potential buyers or sellers in the delivery process. In particular, they should familiarise themselves with the use of Price Factors and the EDSP price formation process as these are both constituents of the formula for the calculation of the invoicing amount.
MIC Code
IFLL
Clearing Venues
ICEU
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Trading Hours

CityTradingPre-Open
New York3:00 AM - 1:00 PM
03:00 - 13:00
1:03 AM
01:03
London8:00 AM - 6:00 PM
08:00 - 18:00
6:03 AM
06:03
Singapore4:00 PM - 2:00 AM
16:00 - 02:00
2:03 PM
14:03
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Codes

Clearing Admin Name
Gilt Bond Fut
Physical
U
Logical
U
GMI(FC)
R&N A.C.N.