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ICE Futures U.S.

Propane, Argus Far East Index (AFEI) Average Price Options

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Description

A monthly cash settled Exchange Futures Contract based upon the average of the daily prices published by Argus International LPG for the location specified in Reference Price A.

Market Specifications

Trading Screen Product Name
Propane Argus Futures
Trading Screen Hub Name
Far East
Contract Symbol
AFE
Settlement Method
Exercise into Underlying Futures Contract
Contract Size
1,000 metric tonnes
Currency
US Dollars and cents
Minimum Price Fluctuation
One tenth of one cent ($0.001) per metric tonne
Contract Series
Up to 72 consecutive monthly Contract Periods
Last Trading Day
Last Trading Day of the contract month
Option Style
Average Price
Exercise Procedure
Automatic Only

Manual exercise or abandon is not permitted

Options which are "in the money", with respect to Reference Price A minus Reference Price B, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike Price. Options which are "out of the money" expire automatically.

Exercise Day is the Second Business Day following the Last Trading Day
REFERENCE PRICE A
NGL-PROPANE (FAR EAST INDEX)-ARGUS INTERNATIONAL LPG
a) Ref Price A - Description
"NGL-PROPANE (FAR EAST INDEX)-ARGUS INTERNATIONAL LPG" means that the price for a Pricing Date will be that day's Specified Price per tonne of propane for delivery on the Delivery Date, stated in US Dollars, published under the heading "Asia-Pacific: Argus Far East Index (AFEI): Propane" in the issue of Argus International LPG that reports prices effective on that Pricing Date
b) Ref Price A - Pricing Date
Each day that prices are reported for the Delivery Date
c) Ref Price A - Specified Price
Average Price
d) Ref Price A - Pricing calendar
Argus International LPG
e) Ref Price A - Delivery Date
Contract month
Strike Price Listing
A minimum of a ten Strike Prices in increments of $0.50 per metric tonne 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.
MIC Code
IFED
Clearing Venues
ICEU

Trading Hours

CityTradingPre-Open
New York7:50 PM - 6:00 PM*
19:50 - 18:00
7:40 PM
19:40
London11:50 PM - 10:00 PM*
23:50 - 22:00
11:40 PM
23:40
Singapore7:50 AM - 6:00 AM*
07:50 - 06:00
7:40 AM
07:40

*Next Day

Sunday Pre-Open 5:40 PM ET; Closed on Saturday

Codes

Clearing Admin Name
O-NGL Master
Physical
AFE
Logical
AFE
GMI (FC)
QS
ION A.C.N.
Symbol Code
AFE