ICE Futures U.S.

Gasoline Diff - RBOB Gasoline 1-Month Calendar Spread Option

Gasoline Diff - RBOB Gasoline 1-Month Calendar Spread Option62666474

Description

The RBOB Gasoline 1-Month Calendar Spread Option is based on the difference between two consecutive RBOB Gasoline Futures months.

Market Specifications

Trading Screen Product Name
Gasoline Diff Futures
Trading Screen Hub Name
RBOB CSO 1 Month
Commodity Code
RCM
Contract Size
1,000 barrels (42,000 gallons)
Unit of Trading
Any multiple of 1,000 barrels (42,000 gallons).
Currency
US Dollars and cents
Trading Price Quotation
One hundredth of one cent ($0.0001) per gallon
Settlement Price Quotation
One hundredth of one cent ($0.0001) per gallon
Minimum Price Fluctuation
One hundredth of one cent ($0.0001) per gallon
Last Trading Day
Trading shall end at the end of the designated settlement period on the Expiration Date of the nearby month ICE RBOB Gasoline Futures contract.
Option Style
Options are European style and will be automatically exercised on the expiry day if they are “in the money”. The 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. No manual exercise is permitted.
Option Premium / Daily Margin
Calendar Spread Options are equity-style and there is no daily Variation Margin payment. The premium on the Calendar Spread Option is paid/received on the business day following the day of trade. Net Liquidating Value (NLV) will be recalculated 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 ICE® Risk Model
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 gallon equal to the difference of the nearby ICE RBOB Gasoline Futures contract and the next consecutive contract month of the ICE RBOB Gasoline Futures contract series. For these purposes “settlement price” means the last day of the ICE RBOB Gasoline Futures contract month. When exercised against, the Clearing House, at its discretion, selects sellers against which to exercise on a pro-rata basis.
Strike Price Intervals
A minimum of 10 Strike Prices in increments of $0.01 per gal 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 $0.001 increments.
Contract Series
Up to 48 consecutive 1-month calendar spreads
Final Payment Date
Two Clearing House Business Days following the Last Trading Day
Business Days
Publication days for ICE
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
London12:50 AM - 11:00 PM*
00:50 - 23:00
12:40 AM
00:40
Singapore8:50 AM - 7:00 AM*
08:50 - 07:00
8:40 AM
08:40

*Next Day

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

Codes

Clearing Admin Name
Am Ref Diff bbl
Physical
RCM
Logical
RCM
GMI(FC)
R&N A.C.N.