Dirty FFA - USGC to UK Continent (Platts) Average Price Option83049139
ICE Futures Europe
Dirty FFA - USGC to UK Continent (Platts) Average Price Option
Description
The USGC to UK Continent FFA Average Price Option is based on the underlying USGC to UK Continent FFA Future (WDF) and will automatically exercise into the settlement price of the Future on the day of expiry of the options contract.
Market Specifications
- Trading Screen Product Name
- Freight Futures (USD)
- Trading Screen Hub Name
- USGC-UK Continent (Dirty)
- Contract Symbol
- WDF
- Hedge Instrument
- The delta hedge for the USGC to UK Continent FFA Average Price Option is the USGC to UK Continent FFA Future (WDF)
- Contract Size
- 1,000 metric tonnes
- Unit of Trading
- Any multiple of 1,000 metric tonnes
- Currency
- US Dollars and cents
- Trading Price Quotation
- One hundredth of one cent ($0.0001) per metric tonne
- Settlement Price Quotation
- One hundredth of one cent ($0.0001) per metric tonne
- Minimum Price Fluctuation
- One hundredth of one cent ($0.0001) per metric tonne
- Last Trading Day
- Last Trading Day of the contract month
- Option Style
- Options are average priced and will be automatically exercised into the USGC to UK Continent FFA Future (WDF) 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 than the Last Trading Day. No manual exercise is permitted.
- Option Premium / Daily Margin
- The USGC to UK Continent FFA Average Price Options are premium-paid-upfront options. The traded premium will therefore be debited by the Clearing House from the Buyer and credited to the Seller on the morning of the Business Day following the day of trade. Members who are long premium-paid-upfront options will receive a Net Liquidating Value (NLV) credit to the value of the premium which is then used to offset the initial margin requirement flowing from both these options and positions in other energy contracts. Members who are short premium-paid-upfront options will receive an NLV debit in addition to their initial margin requirement. NLV is calculated daily with reference to the settlement price of the option.
- Expiry
- 19:30 London Time (14:30 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 final settlement price of the USGC to UK Continent FFA Future for the contract month. When exercised against, the Clearing House, at its discretion, selects sellers against which to exercise on a pro rata basis. - Strike Price Intervals
- A minimum of 10 Strike Prices in increments of $0.01 per metric tonne 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 $0.01 increments.
- Contract Series
- Up to 48 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 Dirty Tankerwire
- MIC Code
- IFEU
- Clearing Venues
- ICEU
Related Products
Trading Hours
| City | Trading | Pre-Open |
|---|---|---|
| NEW YORK | 7:50 PM - 6:00 PM* 19:50 - 18:00 | 7:40 PM 19:40 |
| LONDON | 12:50 AM - 11:00 PM 00:50 - 23:00 | 12:40 AM 00:40 |
| SINGAPORE | 8:50 AM - 7:00 AM* 08:50 - 07:00 | 8:40 AM 08:40 |
*Next Day
Sunday Pre-Open 5:40 PM ET; Closed on Saturday
Codes
- Clearing Admin Name
- O-Wet Freight
- Physical
- WDF
- Logical
- WDF
- GMI (FC)
- ION A.C.N.
- Symbol Code
- WDF