- Trading Screen Product Name
- Midland WTI Futures
- Trading Screen Hub Name
- Midland WTI
- Hedge Instrument
The delta hedge for the American-style Option is the Midland WTI
American Gulf Coast Future (HOU).
- Contract Symbol
HOU
- 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 end of the designated settlement period
for the underlying future on the third Trading Day prior to
cessation of trading in the underlying Midland WTI American Gulf
Coast futures contract. In the event that the official Exchange
holiday schedule changes subsequent to the listing of a Crude Oil
futures, the originally listed expiration date shall remain in
effect. In the event that the originally listed expiration day is
declared a holiday, expiration will move to the business day
immediately prior.
- Option Premium / Daily Margin
Due to equity-style margining the premium on Midland WTI American
Gulf Coast Options is paid / received on the day following the day
of trade. Equity-Style Options have no daily Variation Margin
payment. The premium on the Equity-style Options is paid/received
on the business day following the day of trade. Net Liquidating
Value (NLV) will be re-calculated 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.
- Exercise Procedure
Midland WTI American Gulf Coast Options can be exercised into
Midland WTI American Gulf Coast Futures contracts. Options
contracts are of American-style exercise, allowing the buyer to
exercise call and/or put options up to 17:00 hours (London time) on
any Trading Day (except on expiry day) during the life of the
contract, by giving an exercise notice to ICE Clear Europe in
respect of such options. On expiry day, automatic exercise settings
are pre-set to exercise call and put option contracts that are one
minimum price fluctuation or more in-the-money and call option
contracts which are at-the-money with reference to the
corresponding daily settlement price at the designated settlement
time as determined by the Exchange. At-the-money put options will
be abandoned and call options will be exercised.
- Strike Price Increments
This contract will support Custom Option Strikes of $0.01/bbl above
and below the at-the-money Strike Price. Strike price boundaries
are adjusted according to futures 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 108 consecutive months
- Business Days
US business days.
- MIC Code
- IFEU
- Clearing Venues
- ICEU