Average Price Option on Ethane, OPIS Mt. Belvieu Non-TET, Fixed Price Future6590322

Description

A monthly Average Price Option on the corresponding Contract Period of the Ethane, OPIS Mt. Belvieu Non-TET, Fixed Price Future.

Market Specifications

Trading Screen Product Name
Ethane OPIS Futures
Trading Screen Hub Name
MT.B-ENT
Commodity Code
ETE
Settlement Method
Exercise into Underlying Futures Contract
Contract Size
1,000 barrels
Currency
USD
Minimum Price Fluctuation
The price quotation convention shall be One thousandth of a cent ($0.00001) per gallon; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. The conversion factor for this contract is 42 gallons = 1 barrel.
Contract Series
Up to 72 consecutive monthly Contract Periods
Last Trading Day
Last Trading Day of the contract month
Option Style
Average Price
Exercise Method
Automatic Only
Exercise Procedure
Manual exercise or abandon is not permitted
Exercise Day
The Second Business Day following the Last Trading Day
Automatic Exercise Provisions
Options which are "in the money", with respect to the average of the Reference Price A prices, 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.
REFERENCE PRICE A
NGL-MONT BELVIEU PURITY ETHANE-OPIS
a) Ref Price A - Description
"NGL-MONT BELVIEU PURITY ETHANE-OPIS" means that the price for a Pricing Date will be that day's Specified Price per gallon of ethane for delivery on the Delivery Date, stated in U.S. cents, published under the heading "Mont Belvieu Spot Gas Liquids Prices: Purity Ethane: Any Current Month" in the issue of OPIS 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
d) Ref Price A - Pricing calendar
OPIS
e) Ref Price A - Delivery Date
Contract Period
Strike Price Listing Provisions
A minimum of a ten Strike Prices in increments of $0.10 per gallon 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 a $0.0001 increments.
MIC Code
IFEU
Clearing Venues
ICEU
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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

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

Codes

Clearing Admin Name
NGL Master
Physical
ETE
Logical
ETE
GMI(FC)
19-ET
R&N A.C.N.
QJ67