London Cocoa Calendar Spread Options (CSOs)

London Cocoa Calendar Spread Options (CSOs)72486112

Description

Calendar Spread options on London Cocoa Futures contracts in 1-month and 2-month spread increments.

Market Specifications

Trading Screen Product Name
London Cocoa 1-Month CSO
Trading Screen Hub Name
ICEU
Commodity Code
C1 (one-month series)
C2 (two-month series)
Determining the two futures contracts in a CSO pair requires knowing both the underlying futures contract and the length of the spread. For London Cocoa CSOs, the contract code is C and the number character indicates the length of the spread.
For example, Contract Symbol “C1”, the “1” indicates that the second month in the spread pair is ONE contract delivery month forward from the front month of the pair. If the month symbol is Z19 (December 2019), the Contract Symbol “C1” implies that the second month in the pair is H20 (March 2020) – one contract delivery month forward from the Z19.
Likewise, Contract Symbol “C2”, would imply that the second month in the pair is K20 (May 2020) – two contract delivery months forward from the Z19.
Contract Size
A spread position between the two London Cocoa Futures contracts
Price Quotation
£ per tonne
Contract Series
March, May, July, September, December.
1-month series: Each of the first nine listed futures months paired with consecutive listed months.
2-month series: Each of the first eight listed futures months paired with the second month forward from that month.
Minimum Price Fluctuation
£1 per tonne (£10)
Daily Price Limit
None
Exercise Method
American Style
Strike Price Intervals
5-tick intervals (£5 per tonne)
Last Trading Day
Each CSO contract ceases trading at 12pm on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all CSO contracts for which the December 2019 future is the front month of the pair will expire on the last trading day of the December 2019 regular option.
Call Option
Buyer of a CSO Call Option has the right to establish a spread position of long the first month in the spread pair and short the second month in the pair, at a price difference equal to the Strike Price of the CSO contract.
Put Option
Buyer of a CSO Put Option has the right to establish a spread position of short the first month in the spread pair and long the second month in the pair, at a price difference equal to the Strike Price of the CSO contract.
Strike Price
The Strike Price of an CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).
MIC Code
IFLX
Clearing Venues
ICUS, ICEU

Trading Hours

CityTradingPre-Open
New York4:50 AM - 11:55 AM
04:50 - 11:55

London9:50 AM - 4:55 PM
09:50 - 16:55

Singapore5:50 PM - 12:55 AM
17:50 - 00:55

Codes

Clearing Admin Name
Cocoa UK
Physical
C1
Logical
C1
GMI(FC)
R&N A.C.N.