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Description

A cash settled future based on the difference between the Calendar Month Average (CMA) of the Midland WTI AGC and the prompt month Midland WTI AGC Future and the second and third month Midland WTI AGC Future

Market Specifications

Trading Screen Product Name

Crude Diff Futures

Trading Screen Hub Name

Midland WTI to CMA

Contract Symbol

CM1

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

Trading in the current delivery month shall cease at the end of the designated settlement period on the third Business Day prior to the twenty-fifth calendar day of the month preceding the delivery month. If the twenty-fifth calendar day of the month is a Non-Business Day, trading shall cease at the end of the designated settlement period on the third Business Day prior to the last Business Day preceding the twenty-fifth calendar day

Floating Price

In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products.

Final Settlement

The Final Settlement shall be the average of the Daily CMA Diff values for the nominal ICE Trade Month, where the Daily CMA Diff is defined as

Daily CMA Diff=((A*B)+(C*D))/E

Where: A = The difference between the daily settlement of the front month and second month of the Midland WTI American Gulf Coast Future
B = The number of business days in the nominal month from the first calendar day of the month to the expiration date of the front expiry of the Midland WTI American Gulf Coast Future
C = The difference between the daily settlement of the front month and the third month of the Midland WTI American Gulf Coast Future
D = The number of business days in the nominal month from the day following the expiration date of the front expiry of the Midland WTI American Gulf Coast Future
E = The total number of business days in the nominal month (i.e. the sum of B and D)

Contract Series

Up to 3 consecutive months, or as otherwise determined by the exchange

Final Payment Date

Two Clearing House Business Days following the Last Trading Day in the determination period.

Business Days

Publication days for ICE

MIC Code

IFED

Clearing Venues

ICEU

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Trading Hours

Codes