Richards Bay Coal Options897790


The ICE Richard's Bay Coal Options contract is an option on the ICE Richard's Bay Coal Futures contract. At expiry, one lot of Richard's Bay Coal Options will exercise into one lot of Richard's Bay Coal Futures. Richard's Bay Coal Options are European-style, such that In-The-Money options, unless abandoned, are automatically exercised at expiry. At-The-Money and Out-of-The-Money options will expire un-exercised unless the Member has elected to exercise them.

Market Specifications

Trading Screen Product Name
Richards Bay Coal Futures
Trading Screen Hub Name
Richards Bay
Hedge Instrument
ICE Richard's Bay Coal Futures contract.
Trading Period
Up to 60 consecutive months

Quarterly, seasonal, calendar, and any period of consecutive monthly contracts can be registered as a strip. For example, a Q1 option is an option on Jan, an option on Feb, and an option on Mar, with each option expiring thirty calendar days before the start of the relevant contract month.
Expiration Date
Trading will cease at the end of the designated Settlement Period, 16:50 - 17:00 LLT, thirty calendar days before the start of the contract period. If that day is a non-business day, expiry will be on the preceding business day. For example, on 30 November 2012 both the January 2013, Quarter 1 2013, and Calendar Year 2013 contracts will expire.
Contract Security
ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement.
Trading Model
Continuous trading throughout trading hours
Trading Methods
Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract.
Units of Trading
1,000 metric tonnes of thermal coal
Minimum Trading Size
1 lot = 1,000 metric tonnes
Minimum Block Order
5 lots = 5,000 metric tonnes
The contract price is in US Dollars and in US Dollar Cents per tonne
Strike Price Increments
Strike range of $30-$150 per tonne.
Multiples of $.05 per tonne.
Minimum Price Flux
1 dollar cent per tonne
Minimum Tick
$0.01 per tonne.
Maximum Price Flux
There are no limits.
Position Limits
Positions are reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take steps to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate.
Option Premium
Equity Style such that premiums are paid at the time the transaction is executed.
Exercise and Automatic Exercise
Expires into the ICE Richard's Bay Coal Futures contract with European-style exercise. If the option is not abandoned, automatic exercise will occur for options which are one or more ticks in the money. At-The-Money and Out-of-The-Money options will expire worthless. Members will have up to two and a quarter hours after the designated Settlement Period on the option expiry day to manually abandon or exercise an option.
MIC Code
Clearing Venue

Trading Hours

New York2:00 AM - 6:00 PM
02:00 - 18:00
1:45 AM
London7:00 AM - 11:00 PM
07:00 - 23:00
6:45 AM
Singapore3:00 PM - 7:00 AM*
15:00 - 07:00
2:45 PM

NOTE: DST in the US will be different than BST time. See Circular 15213 and the associated attachment for temporary trading hours changes.


Clearing Admin Name
ICE Coal Rbay
R&N A.C.N.