- 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
- Strike Price Increments
Strike range of $10-$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 Venues