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Description

A financially settled futures contract based upon the average of the daily settlement prices as published by the Exchange for ICE UK Natural Gas Futures contract (M) during the period that the expiring month is the front month, converted to USD using the WM/Refinitiv Closing GBPUSD Spot Rates as published by Refinitiv at 4 pm UK time.

Market Specifications

Trading Screen Product Name

UK NBP Natural Gas 1st Line Financial Futures (USD/MMBtu)

Trading Screen Hub Name

NBP

Contract Symbol

UKD

Trading Period

Up to 156 consecutive monthly Contract Periods, or as otherwise determined by the Exchange. Quarterly, seasonal, calendar, and any period of consecutive monthly contracts can be registered as a strip

Expiration Date

Trading will cease at the end of the designated settlement period two Business Days prior to the first calendar day of the delivery month, quarter, season, or calendar.

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

Any multiple of 10,000 MMBTUs

Contract Size

10,000 MMBtu

Minimum Trading Size

1 lot = 10,000 MMBTU

Minimum Block Order

5 lots = 50,000 MMBTU

Currency

United States dollars (USD)

Quotation

The contract price is in United States dollar and cent per MMBTU

Minimum Price Fluctuation

One tenth of one cent ($0.001) per MMBtu

Maximum Price Fluctuation

There are no limits

Tick Size

10 United States dollar

Settlement Method

Cash settlement

Settlement 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 cash settlement price for a UK NBP Gas 1st Line Financial Futures (USD/MMBTU) contract is calculated as the arithmetic mean of the settlement prices as published by the exchange for ICE UK Natural Gas Futures on each Trading Day during the period that the expiring month is the front month. Every settlement price is converted from Pound Sterling (GBP) to United State dollar (USD) using the WM/Refinitiv Closing GBPUSD Spot Rates as published by Refinitiv at 4 pm UK time on the day the settlement price was published by the Exchange. When there is no WM/Refinitiv Closing GBPUSD Spot Rate published, the next previous WM/Refinitiv Closing GBPUSD Spot Rate as published by Refinitiv will be used for settlement purposes.

Final Payment Date

Two Clearing House Business Days following the Last Trading Day

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, as defined in the ICE Clear Europe Clearing Rules, 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, as defined in the ICE Clear Europe Clearing Rules, being called for as appropriate.

Disclaimer

The WM/Refinitiv Closing Spot Rate is used under license from Refinitiv. The use of the WM/Refinitiv Closing Spot Rate does not imply or express any approval or endorsement by Refinitiv of the products listed on the Exchange. The WM/Refinitiv Closing Spot Rate is proprietary to Refinitiv.

MIC Code

IFEU

Clearing Venues

ICEU

Related Products

• UK NBP Natural Gas Futures
• UK NBP Natural Gas Daily Future

Trading Hours

Codes