ICE Futures Europe Apr 26, 2012

ICE Gasoil Futures

Contract Specifications

Description

The ICE Gasoil Futures Contract is designed to provide users with an effective hedging instrument and trading opportunities. Its underlying physical market is heating oil barges delivered in ARA (Antwerp, Rotterdam, Amsterdam). It is used as the pricing reference for all distillate trading in Europe and beyond. Open time on Monday morning/Sunday is 23:00 London (local time), 18:00 New York, 06:00 Singapore. One or more lots of 100 metric tonnes of gasoil, with delivery by volume namely 118.35 cubic metres per lot being the equivalent of 100 tonnes of gasoil at a density of 0.845 kg/litre in vacuum at 15C The contract price is in US dollars and cents per tonne (on an EU import duty paid basis). 25 cents per tonne, equivalent to a tick value of $25. There are no limits. The Clearing House guarantees financial performance of all ICE Futures contracts registered with it by its clearing members. All ICE Futures Member companies are either members of the Clearing House or have a clearing agreement with a Member who is a member of the Clearing House. Contracts are listed on a monthly basis up to and including January 2015.

Trading Hours

Units of Trading

Quotation

Minimum Price Flux Maximum Price Flux

Clearing

Contract Listings

ICE Help Desk: Atlanta + 1 770 738 2101, London + 44 (0)20 7488 5100 or ICEHelpdesk@theice.com

Contract Specifications

Position Limits

Gasoil is a physically-delivered contract and constraints exist on the delivery capacity of installations in the ARA region. Any position greater than 100 lots in any contract month must be reported to the exchange on a daily basis. During the final month of trading in a contract, the Exchange contacts holders of significant Gasoil positions to confirm their intent and capability of making or taking delivery and may require that positions be reduced to limit position concentration, ensure price convergence with the physical market, and maintain market integrity. Trading shall cease at 12:00 hours, 2 business days prior to the 14th calendar day of the delivery month. Physical delivery within the ARA area between 16th and last calendar day of the delivery month. Contracts are for the future delivery of gasoil from the seller to the buyer into barge (or coaster up to 10,000 dwt) or by in-tank or inter-tank transfer from an Exchange Recognised Customs and Excise bonded storage installation or refinery in the Amsterdam, Rotterdam, Antwerp (ARA) area (including Vlissingen and Ghent)nominated by the seller and on a day nominated by the buyer within a mutually agreed 5 day delivery range between the 16th and the last calendar day of the delivery month. Quantity and quality is verified by one Exchange approved inspector selected from two nominated by the buyer. Buyers and sellers adhere to strict deadlines set out in the Exchange Contract Rules and Procedures IFEU ICEU

Last Trading Day

Settlement

Other Information

MIC Code Clearing Venue

ICE Help Desk: Atlanta + 1 770 738 2101, London + 44 (0)20 7488 5100 or ICEHelpdesk@theice.com