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ICE Futures U.S.

Propane, OPIS Conway In-Well Average Price Options

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Description

A monthly Average Price Option on the corresponding Contract Period of the Propane, OPIS Conway In-Well, Fixed Price Future.

Market Specifications

Trading Screen Product Name
Propane OPIS Futures
Trading Screen Hub Name
Conway
Contract Symbol
PRC
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
At the end of the Trading Session on the last Business Day of the Contract Period
Option Style
Average Price
Exercise Procedure
Automatic Only

Manual exercise or abandon is not permitted

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.

Exercise Day is the Second Business Day following the Last Trading Day
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
Average
d) Ref Price A - Pricing calendar
OPIS
e) Ref Price A - Delivery Date
Contract Period
Strike Price Listing
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 $0.00001 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
PRC
Logical
PRC
GMI (FC)
ZH
ION A.C.N.
QM98
Symbol Code
PRC