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Description

The ICE Richards Bay Coal Single Expiry Options contract is an option on the underlying monthly expiry ICE Richard's Bay Coal futures contract. A calendar year single expiry option will expire equally into the twelve underlying months which make up that calendar year. For example, a 5 lot Cal-20 Richards Bay Coal single expiry option, if exercised, will result in 5 lots of each of the monthly Richards Bay Coal futures contracts for 2020.

Market Specifications

Trading Screen Product Name

Richards Bay Coal Futures

Trading Screen Hub Name

Richards Bay 1x Cal (Futures-style)

Contract Symbol

RBC

Hedge Instrument

Richards Bay Coal Futures

Unit of Trading

Any multiple of 1,000 metric tonnes

Minimum Block Order

5 lots = 5,000 metric tonnes

Currency

US Dollars and cents

Quotation

Dollars per tonne

Minimum Price Fluctuation

One cent ($0.01) per metric tonne

Last Trading Day

Trading will cease when the intraday reference price is set, 12:50 - 13:00 LLT , thirty calendar days before the start of the contract period. If that day is a non-business day, trading will cease on the preceding Business Day

Option Style

European style options, exercisable into AFR. If the option is not abandoned, automatic exercise would occur for options which are in the money. Options at-the-money and out-of-the-money will expire unless the holder has manually elected to exercise. Members will have up to one hour after cessation of trading on the option expiry day to manually abandon or exercise an option.

Option Premium

Futures Style

Strike Price Increments

A minimum of 5 strike prices in increments of $0.05 above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. IFEU may add one or more strike prices nearest to the last price listed as necessary

Contract Series

4 consecutive years

Business Days

UK Business days

Trading Hours

01:00-23:00 London time

MIC Code

IFEU

Clearing Venues

ICEU

Related Products

• API2 Rotterdam Coal Average Price Options (Futures Style Margin)
• API2 Rotterdam Coal Cal 1x Options (Futures Style Margin)
• API2 Rotterdam Coal Early (122 days) Single Expiry Options (Futures Style Margin)
• 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