Richards Bay Coal Qtr 1x Options4244510

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 Model
Continuous trading throughout trading hours.
Units of Trading
Any multiple of 1,000 tonnes of coal.
Quotation
Dollars per tonne.
Strike Price Increments
Multiples of 5 US cent per tonne in a range of $30 - $150/tonne
Minimum Price Flux
Screen: $0.01 per tonne.
EFP/EFS/Block: $0.01 per tonne
Maximum Price Flux
No limits.
Daily Margin
All open contracts are marked-to-market daily.
Option Premium / Daily Margin
Equity Style. Premiums are paid at the time of the transaction.
Trading Period
12 consecutive options
Position Limits
No limits to the size of position.
Cessation Of Trading
17:00 LLT thirty 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. For example, on 2 December 2011 both the Quarter 1, 2012 and the Calendar Year 2012 contracts will expire.
Minimum Block Order
5 lots = 5,000 metric tonnes

5 lots aggregated over the strip with a reporting time of 15 minutes (For example, 1 lot of the yearly strip is equal to 12 monthly lots and is eligible for blocking. Similarly, 1 quarterly strip equals 3 monthly lots and does not meet the block minimum).
Exercise and Automatic Exercise
Exercisable into ICE Richard’s Bay coal 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.
Underlying Contract
RICHARDS BAY COAL (SUPPORTING QTR 1X OPTIONS)
MIC Code
IFEU
Clearing Venue
ICEU

Trading Hours

CityTradingPre-Open
New York2:00 AM - 6:00 PM
02:00 - 18:00
1:45 AM
01:45
London7:00 AM - 11:00 PM
07:00 - 23:00
6:45 AM
06:45
Singapore2:00 PM - 6:00 AM*
14:00 - 06:00
1:45 PM
13:45

*Next Day

NOTE: DST in the US will be different than BST time. See Circular 15030 and the associated attachment for temporary trading hours changes.

Codes

Clearing Admin Name
ICE Coal Rbay
Physical
AFQ
Logical
AFR
GMI (FC)
IAFQ
R&N A.C.N.