- Trading Screen Product Name
- Crude Futures (balmo)
- Trading Screen Hub Name
- Brent 1st Line
- Contract Symbol
BSQ
- 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 tenth of one cent ($0.001) per barrel
- Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
- Last Trading Day
Last Trading Day of the contract month
- Option Style
Options are Asian-style and will be automatically exercised on the
expiry day if they are “in the money”. The swap 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 premium on the Brent Average Price Balmo Option is
paid/received on the business day following the day of trade. Net
Liquidating Value (NLV) will be re calculated each business day
based on the relevant daily settlement prices. For buyers of
options the NLV credit will be used to off set their Original
Margin (OM) requirement; for sellers of options, the NLV debit must
be covered by cash or collateral in the same manner as OM
requirement. OM for all options contracts is based on the
option’s delta.
- Expiry
19:30 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 settlement price as made public by ICE for the Brent
1st Line Balmo Future for the contract month. When exercised
against, the Clearing House, at its discretion, selects sellers
against which to exercise on a pro rata basis.
- Strike Price
A minimum of 10 Strike Prices in increments of $1.00 per bbl above
and below the at-the-money Strike Price. Strike Price boundaries
are adjusted according to futures price movements. User-defined
Strike Prices are allowed in $0.01 increments.
- Contract Series
Up to 2 consecutive months
- Final Payment Date
Two Clearing House Business Days following the Last Trading Day
- Business Days
Publication days for ICE
- MIC Code
- IFEU
- Clearing Venues
- ICEU