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Description

The ICE gC Newcastle Coal Single Expiry Options contract is an option on the underlying monthly expiry ICE gC Newcastle Coal futures contract. A quarterly single expiry option will expire equally into the three underlying months which make up that quarter. For example, a 5 lot Q1 gC Newcastle Coal single expiry option, if exercised, will result in 5 lots of each of a Jan, Feb , and Mar Newcastle Coal futures contract.

Market Specifications

Trading Screen Product Name

Newcastle Coal Futures

Trading Screen Hub Name

Newcastle 1x Qtr (Futures-style)

Contract Symbol

NWD

Contract Series

12 consecutive quarters

Contract Size

1,000 metric tonnes per contract month.

Unit of Trading

Any multiple of 1,000 metric tonnes

Minimum Trading Size

Options: 1 lot = 1,000 metric tonnes
Block Order: 5 lots = 5,000 metric tonnes

Minimum Price Fluctuation

One cent ($0.01) per metric tonne

Tick Value

Contract Size x Minimum Trade Size x Minimum Price Fluctuation

Strike Price Increments

A minimum of 5 strike prices in increments of $0.05 above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. IFEU may add one or more strike prices nearest to the last price listed as necessary

Last Trading Day

Trading will cease when the intraday reference price is set 305 calendar days before the start of the contract period. If that day is a non-business day, trading will cease on the preceding Business Day.

Option Style

European Style

Option Premium

Futures Style

Exercise Procedure

Expires into the ICE gC Newcastle Coal Futures contract with European-style exercise. If the option is not abandoned, automatic exercise will occur for options which are one or more ticks in the money. At-The-Money and Out-of-The-Money options will expire worthless. Members will have up to one hour after cessation of trading on the option expiry day to manually abandon or exercise an option.

Exchange Rulebook

ICE Futures Europe Contract Rules & Procedures

MIC Code

IFEU

Clearing Venues

ICEU

Related Products

• API2 Rotterdam Coal Futures
• API4 Richards Bay Coal Futures

Trading Hours

Codes