- Trading Screen Product Name
- WTI Crude Futures
- Trading Screen Hub Name
- WTI
- Contract Symbol
T
- Contract Size
1,000 barrels
- Unit of Trading
Any multiple of 1,000 barrels
- Currency
US Dollars and cents
- Trading Price
One cent ($0.01) per barrel
- Minimum Price Fluctuation
One cent ($0.01) per barrel
- Settlement Price
One cent ($0.01) per barrel
- Last Trading Day
Trading shall cease at the end of the designated settlement period for the underlying future on the second Trading Day prior to cessation of trading in the underlying ICE WTI Crude Futures contract.
- Hedge Instrument
The delta hedge for the American-style Options is the ICE WTI Crude Future (T).
- Option Premium / Daily Margin
Due to equity-style margining the premium on ICE WTI Options is
paid / received on the day following the day of trade. Equity-Style
Options have no daily Variation Margin payment. The premium on the
Equity-style Options 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.
- Exercise Procedure
ICE WTI Options can be exercised into ICE WTI Futures contracts.
ICE Futures Options contracts are of American-style exercise,
allowing the buyer to exercise call and/or put options up to 17:00
hours (London time) on any Trading Day (except on expiry day)
during the life of the contract, by giving an exercise notice to
ICE Clear Europe in respect of such options.
On expiry day, automatic exercise settings are pre-set to exercise
call and put option contracts that are one minimum price
fluctuation or more in-the-money and call option contracts which
are at-the-money with reference to the corresponding daily
settlement price at the designated settlement time as determined by
the Exchange. At-the-money put options will be abandoned.
- Contract Series
Up to 108 consecutive months
- Strike Price Increments
At launch multiples of .01 per barrel ranging from a strike of $1
to a strike of $240. Additional strike prices are added according
to futures 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.
- Position Reporting
- Contract Security
ICE Clear Europe acts as the central counterparty for trades conducted on ICE Futures Europe and ICE OTC. This enables it to guarantee the financial performance of every contract registered with it by its members (the clearing members of the Exchange) up to and including delivery, exercise and/or settlement. ICE Clear Europe is able to provide margin offsets between the options and the underlying futures contract as well against options positions executed in other option styles.
- Business Days
ICE Business Days
- Linked Future
Yes
- MIC Code
- IFEU
- Clearing Venues
- ICEU