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Description

A monthly Average Price Option on the corresponding Contract Period of the Normal Butane, OPIS Mt. Belvieu Non-TET, Fixed Price Future.

Market Specifications

Trading Screen Product Name

Normal Butane OPIS Futures

Trading Screen Hub Name

MT.B-ENT

Contract Symbol

NBI

Settlement Method

Exercise into Underlying Futures Contract

Contract Size

1,000 barrels

Currency

USD

Minimum Price Fluctuation

The price quotation convention shall be One thousandth of a cent ($0.00001) per gallon; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. The conversion factor for this contract is 42 gallons = 1 barrel.

Contract Series

Up to 72 consecutive monthly Contract Periods

Last Trading Day

At the end of the Trading Session on the last Business Day of the Contract Period

Option Style

Average Price

Exercise Procedure

Automatic Only

Manual exercise or abandon is not permitted

Options which are "in the money", with respect to the average of the Reference Price A prices, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike Price. Options which are "out of the money" expire automatically.

Exercise Day is the Second Business Day following the Last Trading Day

REFERENCE PRICE A

NGL-MONT BELVIEU N. BUTANE (NON-TET)-OPIS

a) Ref Price A - Description

"NGL-MONT BELVIEU N. BUTANE (NON-TET)-OPIS" means that the price for a Pricing Date will be that day's Specified Price per gallon of normal butane for delivery on the Delivery Date, stated in U.S. cents, published under the heading "Mont Belvieu Spot Gas Liquids Prices: Non-TET N. Butane: Any Current Month" in the issue of OPIS that reports prices effective on that Pricing Date

b) Ref Price A - Pricing Date

Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price

Average

d) Ref Price A - Pricing calendar

OPIS

e) Ref Price A - Delivery Date

Contract Period

Strike Price Listing

A minimum of a ten Strike Prices in increments of $0.10 per gallon 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 a $0.00001 increments.

MIC Code

IFED

Clearing Venues

ICEU

Trading Hours

Codes