- Trading Screen Product Name
- Crude Diff Futures (Trade Month)
- Trading Screen Hub Name
- Argus WTI Houston/WTI Trade Month
- Contract Symbol
ACM
- Hedge Instrument
The delta hedge for the Argus WTI Houston vs WTI Trade Month
Average Price Option is the Argus WTI Houston vs WTI Trade Month
Future (ACM).)
- Contract Size
1,000 barrels
- Unit of Trading
Any multiple of 1,000 barrels
- Currency
US Dollars and cents
- Trading Price Quotation
One cent ($0.01) per barrel
- Settlement Price Quotation
One tenth of one cent ($0.001) per barrel
- Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
- Last Trading Day
Trading shall cease at the close of trading on the last business
day that falls on or before the 25th calendar day of the month
prior to the contract month. If the 25th calendar day is a weekend
or holiday, trading shall cease on the first business day prior to
the 25th calendar day.
- Option Style
Options are average priced and will be automatically exercised into
the Argus WTI Houston vs WTI Trade Month Future 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 than the Last Trading Day.
No manual exercise is permitted.
- Option Premium / Daily Margin
The Argus WTI Houston vs WTI Trade Month Average Price Option is a
premium-paid-upfront option. The traded premium will therefore be
debited by the Clearing House from the Buyer and credited to the
Seller on the morning of the Business Day following the day of
trade. Members who are long premium-paid-upfront options will
receive a Net Liquidating Value (NLV) credit to the value of the
premium which is then used to offset the initial margin requirement
flowing from both these options and positions in other energy
contracts. Members who are short premium-paid-upfront options will
receive an NLV debit in addition to their initial margin
requirement. NLV is calculated daily with reference to the
settlement price of the option.
- 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 barrel equal to the average of
the settlement prices of the Argus WTI Houston vs WTI Trade Month
Future for the contract month. When exercised against, the Clearing
House, at its discretion, selects sellers against which to exercise
on a pro rata basis.
- Strike Price
This contract will support Custom Option Strikes with strikes in
increments of $0.01 within a range of -$20 to $15. This range may
be revised from time to time according to future price movements.
The at-the-money strike price is the closest interval nearest to
the previous business day's settlement price of the underlying
contract.
- Contract Series
Up to 60 consecutive months
- Final Payment Date
Two Clearing House Business Days following the Last Trading Day
- Business Days
Publication days for Argus Crude
- MIC Code
- IFED
- Clearing Venues
- ICEU