- Trading Screen Product Name
- Gasoil Futures
- Trading Screen Hub Name
- LS GO CSO 12 Month
- Contract Symbol
UUZ
- Hedge Instrument
The delta hedge for the Low Sulphur Gasoil 12-Month CSO is the ICE
Low Sulphur Gasoil Future.
- Contract Size
100 metric tonnes
- Unit of Trading
Any multiple of 100 metric tonnes
- Currency
US Dollars and cents
- Trading Price Quotation
One cent ($0.01) per metric tonne
- Settlement Price Quotation
One tenth of one cent ($0.001) per metric tonne
- Minimum Price Fluctuation
One tenth of one cent ($0.001) per metric tonne
- Last Trading Day
Trading shall end at the end of the designated settlement period
one business day prior to the Expiration Date of the nearby month
ICE Low Sulphur Gasoil Futures contract.
- Option Style
Options are European style and will be automatically exercised on
the expiry day if they are "in the money". The 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. No manual exercise is
permitted.
- Option Premium / Daily Margin
Calendar Spread Options are equity-style and there is no daily
Variation Margin payment. The premium on the Calendar Spread 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 ICE Risk
Model
- Expiry
16:30 London Time (11:30 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 metric
tonne equal to the difference between the settlement price of the
nearby ICE Low Sulphur Gasoil Futures contract and the settlement
price of the contract month expiring 12 calendar months later in
the ICE Low Sulphur Gasoil Futures contract series on the Last
Trading Day.
- Strike Price
This contract will support Custom Option Strikes with strikes in
increments of $0.25 within a range of -$10 to $10. This range may
be revised from time to time according to future price movements.
The at-the-money strike price is the closest interval nearest to
the previous business day's settlement price of the underlying
contract.
- Contract Series
Up to 60 months
- Final Payment Date
Two Clearing House Business Days following the Last Trading Day
- Business Days
Publication days for ICE
- MIC Code
- IFEU
- Clearing Venues
- ICEU