- Trading Screen Product Name
- Propane OPIS Futures
- Trading Screen Hub Name
- Commodity Code
- Settlement Method
Exercise into Underlying Futures Contract
- Contract Size
- 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
At the end of the Trading Session on the last Business Day of the Contract Period
- Option Style
- Exercise Method
- 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-CONWAY PROPANE (IN-WELL)-OPIS
- a) Ref Price A - Description
"NGL-CONWAY PROPANE (IN-WELL)-OPIS" means that the price for a Pricing Date will be that day's Specified Price per gallon of propane for delivery on the Delivery Date, stated in U.S. cents, published under the heading "Conway In-Well Spot Gas Liquids Prices: Propane: 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
- d) Ref Price A - Pricing calendar
- e) Ref Price A - Delivery Date
- 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
- MIC Code
- Clearing Venues