ICE Middle East Sour Crude Oil Futures: Fact Sheet
ICE Middle East Sour Crude Oil Futures: Fact Sheet
ICE Middle East Sour Crude Oil Futures: Fact Sheet
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<strong>ICE</strong> <strong>Middle</strong> <strong>East</strong> <strong>Sour</strong> <strong>Crude</strong> <strong>Oil</strong> <strong>Futures</strong>: <strong>Fact</strong> <strong>Sheet</strong>IntroductionThe <strong>ICE</strong> <strong>Middle</strong> <strong>East</strong> <strong>Sour</strong> <strong>Crude</strong> <strong>Oil</strong> <strong>Futures</strong> Contract was introduced on May 21, 2007.<strong>ICE</strong> offers a fully-electronic platform and is the world’s leading electronic energy marketplace. The <strong>ICE</strong> <strong>Middle</strong> <strong>East</strong> <strong>Sour</strong> <strong>Crude</strong><strong>Oil</strong> <strong>Futures</strong> contract joins the global benchmarks <strong>ICE</strong> Brent <strong>Crude</strong> <strong>Futures</strong> and <strong>ICE</strong> WTI <strong>Crude</strong> <strong>Futures</strong> contracts to providetraders, hedgers and speculators with the world’s leading crude oil contracts on a single electronic platform.Contract SpecificationsTrading Hours (Sun 1 - Fri)OpenCloseDaily SettlementFinal ExpirySingapore*08:0006:00 (next day)02:3016:30London**01:0023:0019:3009:30*When the UK switches to GMT, a Circular will be issued in advance of the change** Standard Tokyo trading hours are +1 hour ahead of Singapore1 Exchange opens 23.00 local London Time on SundaysNew York20:0018:00 (next day)14:3004:30Unit of TradingQuotationOne or more contracts of 1,000 barrelsU.S. dollars and cents per barrelMinimum price fluctuation One U.S. cent ($0.01) per barrel, equivalent to a tick value of $10Maximum daily price fluctuationClearingContract ExpirationsPosition LimitsMarkersNoneCleared by LCH.Clearnet Ltd. Up-to-date margin rates may be found by clicking on“<strong>ICE</strong> <strong>Futures</strong> Margin Circular” at http://www.lchclearnet.com/risk_management/Thirty-seven consecutive monthsNoneA daily tradable 1-Minute Marker will be published at 16:30 Local Singapore time(08:30 GMT/09:30 BST).Fees Screen transactions: $0.73 per contract per side. EFP’s, EFS’s and Blocks: $1.23per contract per side. LCH.Clearnet fee is $0.09 per contract per side.Last Trading DaySettlementQuote Vendor CodesTrading shall cease at 16.30 Singapore Local Time (08:30 GMT/09:30 BST) on the closeof business on the last business day of the month, two months prior to the contractmonth (i.e. the July contract month will expire on the last business day of May).The contract is cash-settled against the midpoint of the Platts Dubai assessment aspublished in the Platts <strong>Crude</strong> <strong>Oil</strong> Marketwire on the day of expiry. It is priced inUSD ($) per barrel. (Please note that the midpoint will not be rounded andtherefore may be quoted to three decimal places).Quote vendor symbols are available on the <strong>ICE</strong> website. For more information, visit:http://www.theice.com/publicdocs/data/QV_System_Codes.pdfContact Tel: UK: +44 (0)20 7265 3796. Singapore: +65 6866 3669. US: +1 646 733 5000.<strong>ICE</strong> Help Desk: UK: + 44 (0)20 7488 5100. US: +1 770.738.2101E-mail: oilmarkets@theice.com<strong>ICE</strong> <strong>Futures</strong> | International House |1 St Katharine's Way | London E1W 1UY | UK | Tel: +44 (0)20 7481 0643 | Website: www.theice.comMESC FS - 0407
<strong>ICE</strong> <strong>Middle</strong> <strong>East</strong> <strong>Sour</strong> <strong>Crude</strong> <strong>Oil</strong> <strong>Futures</strong> Contract Expiry DatesThe <strong>ICE</strong> <strong>Middle</strong> <strong>East</strong> <strong>Sour</strong> <strong>Crude</strong> <strong>Oil</strong> <strong>Futures</strong> Contract ceases trading at 16:30 hours Singapore Local Time (08:30 hoursGMT/09:30 hours BST) on the last Trading Day of the two months prior to the contract month (i.e. the July contract month willexpire on the Last Trading Day of May). If that day is a public holiday in Singapore (or for any other reason determined by theExchange), trading shall cease on the preceding Trading Day, (or any other day determined by the Exchange at its solediscretion).Contract MonthJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember200729th June31st July31st August28th September31st October2008*30th November (2007)31st December (2007)31st January (2008)29th February31st March30th April30th May30th June31st July29th August30th September31st October2009*28th November (2008)31st December (2008)30th January (2009)27th February31st March30th April29th May30th June31st July31st August30th September30th October2010*30th November (2009)31st December (2009)29th January (2010)26th February31st March30th April31th May30th June30th July31st August30th September29th October*Please Note: Expiry dates from 2008 on are subject to change based on future announcements regarding the Singapore holiday schedule.TRS Contract Codes and Trade TypesPhysical ContractLogical CommodityGeneric ContractTRS Contract CodesMIDMIDFEFPEFSBlock TradeTRS Contract CodesESK<strong>ICE</strong> <strong>Futures</strong> Holiday Schedule2007December 25 2007 - Christmas Day2008January 1 2008 - New Years DayMarch 21 2008 - Good FridayDecember 25 2008 - Christmas Day<strong>ICE</strong> <strong>Futures</strong> | International House |1 St Katharine's Way | London E1W 1UY | UK | Tel: +44 (0) 20 7481 0643 | Website: www.theice.comMESC FS - 0507
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