- Trading Screen Product Name
- Crude Futures (balmo)
- Trading Screen Hub Name
- WTI 1st Line
- Contract Symbol
WBT
- 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
Last Trading Day of the contract month
- Option Style
Options are Asian-style and will be automatically exercised on the
expiry day if they are in-the-money. The swap future resulting from
exercise immediately goes to cash settlement relieving market
participants of the need to concern themselves with liquidation or
exercise issues. If an option is out-of-the-money it will expire
automatically. It is not permitted to exercise the option on any
other day or in any other circumstances than the Last Trading Day.
No manual exercise is permitted.
- Option Premium / Daily Margin
The premium on the WTI Average Price Balmo Option is paid/received
on the business day following the day of trade. Net Liquidating
Value (NLV) will be re calculated each business day based on the
relevant daily settlement prices. For buyers of options the NLV
credit will be used to off set their Original Margin (OM)
requirement; for sellers of options, the NLV debit must be covered
by cash or collateral in the same manner as OM requirement. OM for
all options contracts is based on the option’s delta.
- Expiry
19:30 London Time (14:30 EST).
Automatic exercise settings are pre-set to exercise contracts which
are one minimum price fluctuation or more 'in the money' with
reference to the relevant reference price. Members cannot override
automatic exercise settings or manually enter exercise instructions
for this contract.
The reference price will be a price in USD and cents per barrel
equal to the average of the settlement prices as made public by ICE
for the WTI 1st Line Future for the contract month. When exercised
against, the Clearing House, at its discretion, selects sellers
against which to exercise on a pro rata basis.
- Strike Price
A minimum of 20 Strike Prices in increments of $0.50 per bbl above
and below the at-the-money Strike Price. Strike Price boundaries
are adjusted according to futures price movements. User-defined
Strike Prices are allowed in $0.50 increments.
- Contract Series
Up to 2 consecutive months
- Final Payment Date
Two Clearing House Business Days following the Last Trading Day
- Business Days
Publication days for ICE
- MIC Code
- IFED
- Clearing Venues
- ICEU