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Description

A monthly cash settled future based on the difference between Platts daily assessment price for Liza Crude Oil and the Platts daily assessment price for Dated Brent (Latin American Strip).

Market Specifications

Trading Screen Product Name

Crude Diff Futures

Trading Screen Hub Name

Liza (Platts)/Dated Brent (Platts)

Contract Symbol

LZO

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

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

In respect to final settlement, the floating price will be a price in USD and cents per barrel based on the difference between the average of the “Mid” quotations appearing in the “Platts Crude Oil Marketwire” under the heading “Latin American assessments” ($/barrel) subheading “Liza” and the average of the “Mid” quotations appearing in the “Platts Crude Oil Marketwire” under the heading “Latin American assessments” subheading “Latin America Dated Brent strip” for each business day (as specified below) in the determination period.

Contract Series

Up to 60 consecutive months, or as otherwise determined by the Exchange

Final Payment Date

Two Clearing House Business Days following the Last Trading Day

Business Days

Publication days for Platts Crude Oil Marketwire

MIC Code

IFED

Clearing Venues

ICEU

Trading Hours

Codes