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Description

A European style option which at expiration references the globalCOAL Newcastle Index for the relevant month and is exercised into gC Newcastle Coal Futures

Market Specifications

Trading Screen Product Name

Newcastle Coal Futures

Trading Screen Hub Name

Newcastle APO (Futures-style)

Contract Symbol

GNA

Hedge Instrument

gC Newcastle Coal Futures

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 cent ($0.01) per metric tonne

Settlement Price Quotation

One cent ($0.01) per metric tonne

Minimum Price Fluctuation

One cent ($0.01) per metric tonne

Last Trading Day

Trading shall cease at 17:00 LLT on the last Friday of the delivery month. In the event of a public holiday on such Friday, trading shall cease at the close of business on the preceding Business Day.

Option Style

Options are European style and will be automatically exercised on the expiry day if they are ‘in the money’. 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 circumstance. No manual exercise is permitted.

Option Premium / Daily Margin

Futures Style

Expiry

The last Friday of the delivery month. In the event of a public holiday on such Friday, the expiry will be on the preceding Business Day. The reference price will be a price in USD and cents per metric tonne, equal to the globalCoal Newcastle Index for the relevant contract month.

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

Up to 48 consecutive months, 12 quarters and 4 calendar years

Final Payment Date

One Clearing House Business Days following the Last Trading Day

Business Days

UK Business days

MIC Code

IFEU

Clearing Venues

ICEU

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Trading Hours

Codes