- Trading Screen Product Name
- Crude Diff Futures
- Trading Screen Hub Name
- Midland WTI to CMA
- Contract Symbol
CM1
- 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 in the current delivery month shall cease at the end of the
designated settlement period on the third Business Day prior to the
twenty-fifth calendar day of the month preceding the delivery
month. If the twenty-fifth calendar day of the month is a
Non-Business Day, trading shall cease at the end of the designated
settlement period on the third Business Day prior to the last
Business Day preceding the twenty-fifth calendar day
- Floating Price
In respect of daily settlement, the Floating Price will be
determined by ICE using price data from a number of sources
including spot, forward and derivative markets for both physical
and financial products.
- Final Settlement
The Final Settlement shall be the average of the Daily CMA Diff
values for the nominal ICE Trade Month, where the Daily CMA Diff is
defined as
Daily CMA Diff=((A*B)+(C*D))/E
Where: A = The difference between the daily settlement of the front
month and second month of the Midland WTI American Gulf Coast
Future
B = The number of business days in the nominal month from the first
calendar day of the month to the expiration date of the front
expiry of the Midland WTI American Gulf Coast Future
C = The difference between the daily settlement of the front month
and the third month of the Midland WTI American Gulf Coast
Future
D = The number of business days in the nominal month from the day
following the expiration date of the front expiry of the Midland
WTI American Gulf Coast Future
E = The total number of business days in the nominal month (i.e.
the sum of B and D)
- Contract Series
Up to 3 consecutive months, or as otherwise determined by the
exchange
- Final Payment Date
Two Clearing House Business Days following the Last Trading Day in
the determination period.
- Business Days
Publication days for ICE
- MIC Code
- IFED
- Clearing Venues
- ICEU