Illinois Basin Coal Futures56017370

Description

Financially settled contract based on the price of coal delivered on the Ohio River. The contract is cash settled against the monthly average for the corresponding month of the “Platts ILB 11,800 Btu OTC” assessment, as published in Platts Coal Trader.

Market Specifications

Trading Screen Product Name
Illinois Basin Coal Futures
Trading Screen Hub Name
Illinois Basin
Contract Symbol
ILB
Trading Period/Strip
The Exchange may list up:
Up to 60 consecutive months.
12-15 consecutive quarters.
Quarters are strips of three individual and consecutive contract months. Quarters always comprise a strip of Jan-Mar, Apr-Jun, Jul- Sep or Oct-Dec.
9-11 half-years. Half-years are strips of six individual and consecutive contract months. Half-years always comprise a strip of Jan-Jun or Jul-Dec. 5-6 consecutive years.
Years are strips of twelve individual and consecutive contract months comprising Jan - Dec.
Months, quarters, half-years, and calendars are listed in parallel. Upon expiry of a December monthly contract an additional 12 months, four quarters, two half-years , and one calendar year are added
Expiration Date
Trading will cease at the close of business on the 25th day of the month prior to the contract month. If the 25th day is a Non-Business Day, the contract shall expire on the business day prior to the 25th.
Contract Security
ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement.
Trading Hours
Monday
London - 23:00 Sunday - 23:00 Monday
New York - 18:00 Sunday - 18:00 Monday
Chicago - 17:00 Sunday - 17:00 Monday

Tuesday-Friday
London - 01:00 - 23:00
New York - 20:00 - 18:00
Chicago - 19:00 - 17:00
Trading Model
Continuous trading throughout trading hours
Trading Methods
Electronic futures. Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract
Unit of Trading
Short tons of thermal coal
Contract Size
1,000 short tons per contract month
Minimum Trading Size
1 lot = 1,000 short tons
Minimum Block Order
5 lots = 5,000 short tons
Quotation
The contract price is in USD and in US Dollar Cents per ton
Minimum Price Fluctuation
1Dollar Cent per ton
Tick Value
Contract Size x Minimum Trade Size x Minimum Price Flux
Maximum Price Fluctuation
There are no limits
Settlement Price
The weighted average price of trades during a fifteen minute settlement window from 2:15:00 to 2:30:00, New York Local Time.. If there is low liquidity during the settlement window, Quoted Settlement Prices (QSPs) will be used to establish the settlement price.
Position Limits
Positions are reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take steps to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate.
Initial Margin
Calculated on all open contracts, initial margin is a deposit held by ICE clear Europe in order to cover the costs that may be incurred in closing out a position in default. It is returned upon the closing of the position, or at expiry, with interest.
Daily Margin
All open contracts are ‘marked to market’ daily, with variation margin being call for as appropriate
Delivery/Settlement Basis
The settlement price for each contract month will be equal to the final monthly average of the corresponding month of the Platts Daily 11,800 Illinois Basin Assessments, which is published in Platts Coal Trader in the table titled "Platts Daily OTC Assessments Final Monthly Average (month)" in the first regular issue following the last day of trading for the contract month.
MIC Code
IFEU
Clearing Venues
ICEU
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Trading Hours

CityTradingPre-Open
New York8:00 PM - 6:00 PM
20:00 - 18:00
7:55 PM
19:55
London1:00 AM - 11:00 PM
01:00 - 23:00
12:55 AM
00:55
Singapore8:00 AM - 6:00 AM
08:00 - 06:00
7:55 AM
07:55
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Codes

Clearing Admin Name
Illinois B Coal
Physical
ILB
Logical
ILB
GMI(FC)
R&N A.C.N.