- Trading Screen Product Name
- Brent Crude Futures
- Trading Screen Hub Name
- North Sea
- Contract Symbol
B
- Contract Size
1,000 barrels
- Unit of Trading
Any multiple of 1,000 barrels
- Currency
US Dollars and cents
- Trading Price
One cent ($0.01) per barrel
- Settlement Price
One cent ($0.01) per barrel
- Minimum Price Fluctuation
One cent ($0.01) per barrel
- Expiration Date
Trading shall cease at the end of the designated settlement period
on the last Business Day of the second month preceding the relevant
contract month (e.g. the March contract month will expire on the
last Business Day of January).
If the day on which trading is due to cease would be either: (i)
the Business Day preceding Christmas Day, or (ii) the Business Day
preceding New Year’s Day, then trading shall cease on the
next preceding Business Day
- Contract Security
ICE Clear Europe acts as the central counterparty for trades conducted on the London exchanges. This enables it to guarantee the financial performance of every contract registered with it by its members (the clearing members of the exchanges) up to and including delivery, exercise and/or settlement. ICE Clear Europe has no obligation or contractual relationship with its members' clients who are non-member users of the exchange markets, or non-clearing members of the exchanges.
- Daily Settlement
The weighted average price of trades during a two minute settlement
period from 19:28:00, London time.
- Daily Margin
All open contracts are marked-to-market daily.
- Position Limit
The Brent crude future is a cash-settled contract. The Exchange's
daily position management regime requires that all positions in any
contract month must be 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 any steps necessary to resolve such
situations including the ability to mandate members to limit the
size of such positions or to reduce positions where appropriate
- Expiry Limits
The Exchange may impose limits on positions in this contract at its
discretion in accordance with Exchange Rule P3.
Current expiry limit: 7,000 contracts in the last five business
days, up to and including the expiry day in the spot month,
inclusive of futures-equivalent position in Brent Options.
Exemptions from expiry limits may be granted at the
Exchange’s discretion to participants who provide and
document a commercial rationale for their requirement
- Contract Series
Up to 96 consecutive months
- Trading Methods
Electronic futures, Exchange of futures for physical (EFP), Exchange of futures for swap (EFS) and Block Trades are available for this contract.
- Delivery/Settlement Terms
The ICE Brent Crude futures contract is a deliverable contract
based on EFP delivery with an option to cash settle against the ICE
Brent Index price for the last trading day of the futures contract.
The Exchange shall publish a cash settlement price (the ICE Brent
Index price) on the next trading day following the last trading day
for the contract month.
- NCR, RL and IPL Levels
"NCR: 0.50;
RL: 0.75
IPL: 1.00, 3 second recalculation and 5 second hold periods.
To access NCR documentation click
here- Markers
TAS (Trade at Settlement)
MM (Minute Marker)
Sing MM (Singapore Minute Marker)
- Business Days
ICE Business Days
- MIC Code
- IFEU
- Clearing Venues
- ICEU