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Description

Contracts are financially settled based upon the price of coal loaded at the Richards Bay Coal Terminal in South Africa. The contract is cash settled against the API 4 Index published in the Argus/McCloskey Coal Price Index Report.

Market Specifications

Trading Screen Product Name

Richards Bay Coal Futures

Trading Screen Hub Name

Richards Bay

Trading Period

Up to 84 consecutive month contracts.

25-28 consecutive quarters.
Quarters are strips of three individual and consecutive contract months. Quarters always comprise a strip of Jan-Mar, Apr-Jun, Jul- Sep or Oct-Dec.

6 consecutive seasons.
Seasons are strips of six individual and consecutive contract months. Seasons always comprise a strip of Apr-Sep or Oct-Mar.

6 consecutive years.
Years are strips of twelve individual and consecutive contract months comprising Jan - Dec.

Months, quarters, seasons, and calendars are listed in parallel. Upon expiry of a December monthly contract an additional 12 months, four quarters, and one calendar year are added.

Expiration Date

Trading will cease at 17:00 on the day of expiry of the delivery month, quarter, season, or calendar as applicable.

Contract Security

ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement.

Trading Model

Continuous trading throughout trading hours

Trading Methods

Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract.

Unit of Trading

1,000 metric tonnes of thermal coal

Contract Size

1,000 metric tonnes per contract month

Minimum Trading Size

1 lot = 1,000 metric tonnes

Minimum Block Order

5 lots = 5,000 metric tonnes

Quotation

The contract price is in US Dollars and in US Dollar Cents per tonne

Minimum Price Fluctuation

5 Dollar Cents per tonne

Tick Value

Contract Size x Minimum Trade Size x Minimum Price Flux

Maximum Price Fluctuation

There are no limits.

Settlement Price

The weighted average price of trades during a ten-minute settlement period from 16:05 to 16:15, London Local Time. If there is low liquidity during this time, Quoted Settlement Prices (QSPs) will be used to establish the settlement price.

Position Limit

Positions are reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take steps to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate.

Initial Margin

Calculated on all open contracts, initial margin is a deposit held by ICE Clear Europe in order to cover the costs that may be incurred in closing out a position in default. It is returned upon the closing of the position, or at expiry, with interest.

Daily Margin

All open contracts are 'marked-to-market' daily, with variation margin being called for as appropriate.

Delivery/Settlement Terms

The ICE Richards Bay Coal Futures Contract is cash-settled at an amount equal to the monthly average API 4 Index as published in Argus/McCloskey's Coal Price Index Report.

MIC Code

IFEU

Clearing Venues

ICEU

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• API2 Rotterdam Coal Early (214 days) Single Expiry Options (Futures Style Margin)
• API2 Rotterdam Coal Early (305 days) Single Expiry Options (Futures Style Margin)

Trading Hours

Codes