Effective April 15, Dubai Crude 1st line (Platts) futures will transition to the ICE Futures Europe Commodities Market Data group. This change aims to provide broader market participation, greater transparency and price discovery for what has come to be regarded as the Asian crude benchmark.
Here are some of the frequently asked questions, to support the transition.
Will I notice anything different when I log into WebICE post transition?
As part of the Dubai move to the Brent trading engine, all GTC orders that are in the market prior to the move will be removed.
What do I do if my orders are not showing?
Login to WebICE on April 15 and re-enter any GTCs you wish to trade in the following: Dubai 1st Line Futures and Spreads and Crude Oil Futures Spread (B/DBI), (HOU/DBI ) and (WTI/DBI).
If I already have access to OIL and ICE Futures Europe Commodities will I have to pay an extra data fee?
No, the Dubai futures Contracts will be covered by the ICE Futures Europe access charge.
Does that mean that trades in the Dubai flat price and spreads will no longer count towards the minimum commission under OIL access?
Brent 1st line/Dubai 1st line, Dated Brent/Dubai 1st line and all other Dubai 1st line differential contracts are staying in the OIL market type, so trades in those contracts will still go towards offsetting the OIL market data minimum commission.
Are execution and clearing fees changing?
All fees in respect of block, screen and clearing will remain as is current practice.
Will the block size of 10 lots and time window of 15 minutes stay the same?
Yes, the block size and time window will remain unchanged.
I don’t have ICE Futures Europe access but would like to trade Dubai futures.
Please contact your internal ICE Administrator to submit a request to add access for Dubai Crude futures to your ID.
Post the transition, will I need to arrange for Dubai clearing limits before I can continue trading?
No, ICE will map over the limits in your existing clearing accounts. However, you will need to contact your clearing firm should you want to revise the limits or change clearing accounts.