ICE Three Month Sterling (Short Sterling)

Cash settled future based on ICE Benchmark Administration Limited London Interbank Offered Rate (ICE LIBOR) rate for three month deposits
== Contract Specs ==
Three Month Sterling (Short Sterling) Future	Three Month Sterling (Short Sterling) Future 	Three Month Sterling (Short Sterling) Future 	Three Month Sterling (Short Sterling) Future
Trading Screen Product Name 	Three Month Sterling Future 	Three Month Sterling Future 	Three Month Sterling Future
Trading Screen Hub Name 	ICEU 	ICEU 	ICEU
Contract Symbol 	L 	L 	L
Unit of Trading 	£1250 * Rate Index 	£1250 * Rate Index 	£1250 * Rate Index
Delivery Date 	First business day after the Last Trading Day 	First business day after the Last Trading Day 	First business day after the Last Trading Day
Delivery Months 	March, June, September, December, and two serial months, such that 26 delivery months are available for trading, with the nearest three delivery months being consecutive calendar months 	March, June, September, December, and two serial months, such that 26 delivery months are available for trading, with the nearest three delivery months being consecutive calendar months 	March, June, September, December, and two serial months, such that 26 delivery months are available for trading, with the nearest three delivery months being consecutive calendar months
Quotation 	100.000 minus the numerical value of the rate of interest 	100.000 minus the numerical value of the rate of interest 	100.000 minus the numerical value of the rate of interest
Minimum Price Fluctuation 	0.005 (£6.25) 	0.005 (£6.25) 	0.005 (£6.25)
Last Trading Day 	11:00 - on the third Wednesday of the delivery month 	11:00 - on the third Wednesday of the delivery month 	11:00 - on the third Wednesday of the delivery month
Exchange Delivery Settlement Price 	Based on the ICE Benchmark Administration Limited London Interbank Offered Rate (ICE LIBOR) for three month sterling deposits at 11:00 on the Last Trading Day. The EDSP will be 100.00 minus the EDSP Rate (i.e. the ICE LIBOR) rounded to three decimal places. Where the EDSP Rate is not an exact multiple of 0.001, it will be rounded to the nearest 0.001 or, where the EDSP Rate is an exact uneven multiple of 0.0005, to the nearest lower 0.001 (e.g. a ICE LIBOR of 5.43750 becomes 5.437)	Based on the ICE Benchmark Administration Limited London Interbank Offered Rate (ICE LIBOR) for three month sterling deposits at 11:00 on the Last Trading Day. The EDSP will be 100.00 minus the EDSP Rate (i.e. the ICE LIBOR) rounded to three decimal places. Where the EDSP Rate is not an exact multiple of 0.001, it will be rounded to the nearest 0.001 or, where the EDSP Rate is an exact uneven multiple of 0.0005, to the nearest lower 0.001 (e.g. a ICE LIBOR of 5.43750 becomes 5.437)	Based on the ICE Benchmark Administration Limited London Interbank Offered Rate (ICE LIBOR) for three month sterling deposits at 11:00 on the Last Trading Day. The EDSP will be 100.00 minus the EDSP Rate (i.e. the ICE LIBOR) rounded to three decimal places. Where the EDSP Rate is not an exact multiple of 0.001, it will be rounded to the nearest 0.001 or, where the EDSP Rate is an exact uneven multiple of 0.0005, to the nearest lower 0.001 (e.g. a ICE LIBOR of 5.43750 becomes 5.437)
Algorithm 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap).
NCR, RL and IPL Levels 	NCR: 0.10;
RL: 0.10;
IPL: 0.20, 1 second recalculation and 3 second hold periods.
To access NCR documentation click here 	NCR: 0.10;
RL: 0.10;
IPL: 0.20, 1 second recalculation and 3 second hold periods.
To access NCR documentation click here 	NCR: 0.10;
RL: 0.10;
IPL: 0.20, 1 second recalculation and 3 second hold periods.
To access NCR documentation click here
Off Exchange Trade Types 	Block Trading, Basis Trading 	Block Trading, Basis Trading 	Block Trading, Basis Trading
Contract Standard 	Cash settlement based on the Exchange Delivery Settlement Price. 	Cash settlement based on the Exchange Delivery Settlement Price. 	Cash settlement based on the Exchange Delivery Settlement Price.
Markers 	TAS (Trade at Settlement) 	TAS (Trade at Settlement) 	TAS (Trade at Settlement)
MIC Code 	IFLL 	IFLL 	IFLL
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	2:30 AM - 1:00 PM
02:30 - 13:00 	1:03 AM
01:03
Trading Hours 	LONDON 	7:30 AM - 6:00 PM
07:30 - 18:00 	6:03 AM
06:03
Trading Hours 	SINGAPORE 	2:30 PM - 1:00 AM
14:30 - 01:00 	1:03 PM
13:03
Codes 	Clearing Admin Name 	STIR Sterling 	STIR Sterling
Codes 	Physical 	L 	L
Codes 	Logical 	L 	L
Codes 	GMI (FC) 	None 	None
Codes 	ION A.C.N. 	None 	None
Three Month Short Sterling Options	Three Month Short Sterling Options 	Three Month Short Sterling Options 	Three Month Short Sterling Options
Trading Screen Product Name 	Three Month Sterling Future 	Three Month Sterling Future 	Three Month Sterling Future
Trading Screen Hub Name 	ICEU 	ICEU 	ICEU
Contract Symbol 	L 	L 	L
Unit of Trading 	One Three Month Sterling Futures Contract 	One Three Month Sterling Futures Contract 	One Three Month Sterling Futures Contract
Contract Series 	March, June, September, December, and four serial months, such that twelve expiry months are available for trading, with the nearest six expiry months being consecutive calendar months. 	March, June, September, December, and four serial months, such that twelve expiry months are available for trading, with the nearest six expiry months being consecutive calendar months. 	March, June, September, December, and four serial months, such that twelve expiry months are available for trading, with the nearest six expiry months being consecutive calendar months.
Contract Standard 	Assignment of one Three Month Sterling futures contract for the delivery month at the exercise price. The futures delivery month associated with each expiry month shall be:
March in respect of January, February and March expiry months;
June in respect of April, May and June expiry months;
September in respect of July, August and September expiry months;
December in respect of October, November and December expiry months. 	Assignment of one Three Month Sterling futures contract for the delivery month at the exercise price. The futures delivery month associated with each expiry month shall be:
March in respect of January, February and March expiry months;
June in respect of April, May and June expiry months;
September in respect of July, August and September expiry months;
December in respect of October, November and December expiry months. 	Assignment of one Three Month Sterling futures contract for the delivery month at the exercise price. The futures delivery month associated with each expiry month shall be:
March in respect of January, February and March expiry months;
June in respect of April, May and June expiry months;
September in respect of July, August and September expiry months;
December in respect of October, November and December expiry months.
Last Trading Day 	For quarterlies, third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 11:00.
For serials, Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15. 	For quarterlies, third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 11:00.
For serials, Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15. 	For quarterlies, third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 11:00.
For serials, Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15.
Exercise 	For quarterlies, exercise by 17:00 on any business day including the expiry day. For serials, exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.	For quarterlies, exercise by 17:00 on any business day including the expiry day. For serials, exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.	For quarterlies, exercise by 17:00 on any business day including the expiry day. For serials, exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.
Delivery Date 	Delivery on the first business day after the exercise day 	Delivery on the first business day after the exercise day 	Delivery on the first business day after the exercise day
Minimum Price Fluctuation 	0.0025 (£3.125) 	0.0025 (£3.125) 	0.0025 (£3.125)
Algorithm 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap).
Off Exchange Trade Types 	Block Trading 	Block Trading 	Block Trading
Option Premium 	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH.	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH.	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH.
Additional Information 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract. 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract. 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract.
MIC Code 	IFLL 	IFLL 	IFLL
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	2:30 AM - 1:00 PM
02:30 - 13:00 	None
Trading Hours 	LONDON 	7:30 AM - 6:00 PM
07:30 - 18:00 	None
Trading Hours 	SINGAPORE 	2:30 PM - 1:00 AM
14:30 - 01:00 	None
Codes 	Clearing Admin Name 	STIR Sterling 	STIR Sterling
Codes 	Physical 	L 	L
Codes 	Logical 	L 	L
Codes 	GMI (FC) 	None 	None
Codes 	ION A.C.N. 	None 	None
One Year Mid-Curve Options On Short Sterling	One Year Mid-Curve Options On Short Sterling 	One Year Mid-Curve Options On Short Sterling 	One Year Mid-Curve Options On Short Sterling
Trading Screen Product Name 	Three Month Sterling 1yr Mid-Curve 	Three Month Sterling 1yr Mid-Curve 	Three Month Sterling 1yr Mid-Curve
Trading Screen Hub Name 	ICEU 	ICEU 	ICEU
Contract Symbol 	M 	M 	M
Unit of Trading 	One Three Month Sterling Interest Rate Futures Contract 	One Three Month Sterling Interest Rate Futures Contract 	One Three Month Sterling Interest Rate Futures Contract
Contract Series 	March, June, September, December, and four serial months, such that eight expiry months are available for trading, with the nearest six expiry months being consecutive calendar months 	March, June, September, December, and four serial months, such that eight expiry months are available for trading, with the nearest six expiry months being consecutive calendar months 	March, June, September, December, and four serial months, such that eight expiry months are available for trading, with the nearest six expiry months being consecutive calendar months
Contract Standard 	Assignment of one three month Sterling interest rate futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March the following year in respect of January, February and March expiry months; June the following year in respect of April, May and June expiry months; September the following year in respect of July, August and September expiry months; and December the following year in respect of October, November and December expiry months 	Assignment of one three month Sterling interest rate futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March the following year in respect of January, February and March expiry months; June the following year in respect of April, May and June expiry months; September the following year in respect of July, August and September expiry months; and December the following year in respect of October, November and December expiry months 	Assignment of one three month Sterling interest rate futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March the following year in respect of January, February and March expiry months; June the following year in respect of April, May and June expiry months; September the following year in respect of July, August and September expiry months; and December the following year in respect of October, November and December expiry months
Last Trading Day 	Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15. 	Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15. 	Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15.
Exercise 	Exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.	Exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.	Exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.
Delivery Date 	Delivery on the first business day after the exercise day 	Delivery on the first business day after the exercise day 	Delivery on the first business day after the exercise day
Minimum Price Fluctuation 	0.0025 (£3.125) 	0.0025 (£3.125) 	0.0025 (£3.125)
Algorithm 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap).
Off Exchange Trade Types 	Block Trading 	Block Trading 	Block Trading
Option Premium 	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH.	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH.	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH.
Additional Information 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract. 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract. 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract.
MIC Code 	IFLL 	IFLL 	IFLL
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	2:30 AM - 1:00 PM
02:30 - 13:00 	None
Trading Hours 	LONDON 	7:30 AM - 6:00 PM
07:30 - 18:00 	None
Trading Hours 	SINGAPORE 	2:30 PM - 1:00 AM
14:30 - 01:00 	None
Codes 	Clearing Admin Name 	STIR Sterling 	STIR Sterling
Codes 	Physical 	M 	M
Codes 	Logical 	M 	M
Codes 	GMI (FC) 	None 	None
Codes 	ION A.C.N. 	None 	None
Two Year Mid-Curve Options On Short Sterling	Two Year Mid-Curve Options On Short Sterling 	Two Year Mid-Curve Options On Short Sterling 	Two Year Mid-Curve Options On Short Sterling
Trading Screen Product Name 	Three Month Sterling 2yr Mid-Curve 	Three Month Sterling 2yr Mid-Curve 	Three Month Sterling 2yr Mid-Curve
Trading Screen Hub Name 	ICEU 	ICEU 	ICEU
Contract Symbol 	M2 	M2 	M2
Unit of Trading 	One Three Month Sterling (Short Sterling) Interest Rate Futures Contract 	One Three Month Sterling (Short Sterling) Interest Rate Futures Contract 	One Three Month Sterling (Short Sterling) Interest Rate Futures Contract
Contract Series 	March, June, September, December, and four serial months, such that eight expiry months are available for trading, with the nearest six expiry months being consecutive calendar months 	March, June, September, December, and four serial months, such that eight expiry months are available for trading, with the nearest six expiry months being consecutive calendar months 	March, June, September, December, and four serial months, such that eight expiry months are available for trading, with the nearest six expiry months being consecutive calendar months
Contract Standard 	Assignment of one three month Sterling futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March, the following two years, in respect of January, February and March expiry months; June, the following two years, in respect of April, May and June expiry months; September, the following two years, in respect of July, August and September expiry months; and December, the following two years, in respect of October, November and December expiry months. 	Assignment of one three month Sterling futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March, the following two years, in respect of January, February and March expiry months; June, the following two years, in respect of April, May and June expiry months; September, the following two years, in respect of July, August and September expiry months; and December, the following two years, in respect of October, November and December expiry months. 	Assignment of one three month Sterling futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March, the following two years, in respect of January, February and March expiry months; June, the following two years, in respect of April, May and June expiry months; September, the following two years, in respect of July, August and September expiry months; and December, the following two years, in respect of October, November and December expiry months.
Last Trading Day 	Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15. 	Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15. 	Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15.
Exercise 	Exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.	Exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.	Exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.
Delivery Date 	Delivery on the first business day after the exercise day 	Delivery on the first business day after the exercise day 	Delivery on the first business day after the exercise day
Minimum Price Fluctuation 	0.0025 (£3.125) 	0.0025 (£3.125) 	0.0025 (£3.125)
Algorithm 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap).
Off Exchange Trade Types 	Block Trading 	Block Trading 	Block Trading
Option Premium 	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH.	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH.	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH.
Additional Information 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract. 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract. 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract.
MIC Code 	IFLL 	IFLL 	IFLL
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	2:30 AM - 1:00 PM
02:30 - 13:00 	None
Trading Hours 	LONDON 	7:30 AM - 6:00 PM
07:30 - 18:00 	None
Trading Hours 	SINGAPORE 	2:30 PM - 1:00 AM
14:30 - 01:00 	None
Codes 	Clearing Admin Name 	STIR Sterling 	STIR Sterling
Codes 	Physical 	M2 	M2
Codes 	Logical 	M2 	M2
Codes 	GMI (FC) 	None 	None
Codes 	ION A.C.N. 	None 	None
Three Year Mid-Curve Options On Short Sterling	Three Year Mid-Curve Options On Short Sterling 	Three Year Mid-Curve Options On Short Sterling 	Three Year Mid-Curve Options On Short Sterling
Trading Screen Product Name 	Three Month Sterling 3yr Mid-Curve 	Three Month Sterling 3yr Mid-Curve 	Three Month Sterling 3yr Mid-Curve
Trading Screen Hub Name 	ICEU 	ICEU 	ICEU
Contract Symbol 	M3 	M3 	M3
Unit of Trading 	One Three Month Sterling Interest Rate Futures Contract 	One Three Month Sterling Interest Rate Futures Contract 	One Three Month Sterling Interest Rate Futures Contract
Contract Series 	March, June, September, December, and four serial months, such that eight expiry months are available for trading, with the nearest six expiry months being consecutive calendar months 	March, June, September, December, and four serial months, such that eight expiry months are available for trading, with the nearest six expiry months being consecutive calendar months 	March, June, September, December, and four serial months, such that eight expiry months are available for trading, with the nearest six expiry months being consecutive calendar months
Contract Standard 	Assignment of one three month Sterling interest rate futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March, the following three years, in respect of January, February and March expiry months; June, the following three years, in respect of April, May and June expiry months; September, the following three years, in respect of July, August and September expiry months; and December, the following three years, in respect of October, November and December expiry months.	Assignment of one three month Sterling interest rate futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March, the following three years, in respect of January, February and March expiry months; June, the following three years, in respect of April, May and June expiry months; September, the following three years, in respect of July, August and September expiry months; and December, the following three years, in respect of October, November and December expiry months.	Assignment of one three month Sterling interest rate futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March, the following three years, in respect of January, February and March expiry months; June, the following three years, in respect of April, May and June expiry months; September, the following three years, in respect of July, August and September expiry months; and December, the following three years, in respect of October, November and December expiry months.
Last Trading Day 	Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15. 	Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15. 	Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15.
Exercise 	Exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.	Exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.	Exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.
Delivery Date 	Delivery on the first business day after the exercise day 	Delivery on the first business day after the exercise day 	Delivery on the first business day after the exercise day
Minimum Price Fluctuation 	0.0025 (£3.125) 	0.0025 (£3.125) 	0.0025 (£3.125)
Algorithm 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap).
Off Exchange Trade Types 	Block Trading 	Block Trading 	Block Trading
Option Premium 	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH. 	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH. 	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH.
Additional Information 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract. 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract. 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract.
MIC Code 	IFLL 	IFLL 	IFLL
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	2:30 AM - 1:00 PM
02:30 - 13:00 	None
Trading Hours 	LONDON 	7:30 AM - 6:00 PM
07:30 - 18:00 	None
Trading Hours 	SINGAPORE 	2:30 PM - 1:00 AM
14:30 - 01:00 	None
Codes 	Clearing Admin Name 	STIR Sterling 	STIR Sterling
Codes 	Physical 	M3 	M3
Codes 	Logical 	M3 	M3
Codes 	GMI (FC) 	None 	None
Codes 	ION A.C.N. 	None 	None
Four Year Mid-Curve Options On Short Sterling	Four Year Mid-Curve Options On Short Sterling 	Four Year Mid-Curve Options On Short Sterling 	Four Year Mid-Curve Options On Short Sterling
Trading Screen Product Name 	Three Month Sterling 4yr Mid-Curve 	Three Month Sterling 4yr Mid-Curve 	Three Month Sterling 4yr Mid-Curve
Trading Screen Hub Name 	ICEU 	ICEU 	ICEU
Contract Symbol 	M4 	M4 	M4
Unit of Trading 	One Three Month Sterling Interest Rate Futures Contract 	One Three Month Sterling Interest Rate Futures Contract 	One Three Month Sterling Interest Rate Futures Contract
Contract Series 	March, June, September, December, and four serial months, such that eight expiry months are available for trading, with the nearest six expiry months being consecutive calendar months 	March, June, September, December, and four serial months, such that eight expiry months are available for trading, with the nearest six expiry months being consecutive calendar months 	March, June, September, December, and four serial months, such that eight expiry months are available for trading, with the nearest six expiry months being consecutive calendar months
Contract Standard 	Assignment of one three month Sterling interest rate futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March, the following four years, in respect of January, February and March expiry months; June, the following four years, in respect of April, May and June expiry months; September, the following four years, in respect of July, August and September expiry months; and December, the following four years, in respect of October, November and December expiry months.	Assignment of one three month Sterling interest rate futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March, the following four years, in respect of January, February and March expiry months; June, the following four years, in respect of April, May and June expiry months; September, the following four years, in respect of July, August and September expiry months; and December, the following four years, in respect of October, November and December expiry months.	Assignment of one three month Sterling interest rate futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March, the following four years, in respect of January, February and March expiry months; June, the following four years, in respect of April, May and June expiry months; September, the following four years, in respect of July, August and September expiry months; and December, the following four years, in respect of October, November and December expiry months.
Last Trading Day 	Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15. 	Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15. 	Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15.
Exercise 	Exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months.
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.	Exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months.
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.	Exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months.
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.
Delivery Date 	Delivery on the first business day after the exercise day 	Delivery on the first business day after the exercise day 	Delivery on the first business day after the exercise day
Minimum Price Fluctuation 	0.0025 (£3.125) 	0.0025 (£3.125) 	0.0025 (£3.125)
Algorithm 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap).
Off Exchange Trade Types 	Block Trading 	Block Trading 	Block Trading
Option Premium 	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH. 	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH. 	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH.
Additional Information 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract. 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract. 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract.
MIC Code 	IFLL 	IFLL 	IFLL
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	2:30 AM - 1:00 PM
02:30 - 13:00 	None
Trading Hours 	LONDON 	7:30 AM - 6:00 PM
07:30 - 18:00 	None
Trading Hours 	SINGAPORE 	2:30 PM - 1:00 AM
14:30 - 01:00 	None
Codes 	Clearing Admin Name 	STIR Sterling 	STIR Sterling
Codes 	Physical 	M4 	M4
Codes 	Logical 	M4 	M4
Codes 	GMI (FC) 	None 	None
Codes 	ION A.C.N. 	None 	None
Five Year Mid-Curve Options On Short Sterling	Five Year Mid-Curve Options On Short Sterling 	Five Year Mid-Curve Options On Short Sterling 	Five Year Mid-Curve Options On Short Sterling
Trading Screen Product Name 	Three Month Sterling 5yr Mid-Curve 	Three Month Sterling 5yr Mid-Curve 	Three Month Sterling 5yr Mid-Curve
Trading Screen Hub Name 	ICEU 	ICEU 	ICEU
Contract Symbol 	M5 	M5 	M5
Unit of Trading 	One Three Month Short Sterling Futures Contract 	One Three Month Short Sterling Futures Contract 	One Three Month Short Sterling Futures Contract
Contract Series 	March, June, September, December, and four serial months, such that eight expiry months are available for trading, with the nearest six expiry months being consecutive calendar months. 	March, June, September, December, and four serial months, such that eight expiry months are available for trading, with the nearest six expiry months being consecutive calendar months. 	March, June, September, December, and four serial months, such that eight expiry months are available for trading, with the nearest six expiry months being consecutive calendar months.
Contract Standard 	Assignment of one three month Short Sterling futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March, the following five years, in respect of January, February and March expiry months; June, the following five years, in respect of April, May and June expiry months; September, the following five years, in respect of July, August and September expiry months; and December, the following five years, in respect of October, November and December expiry months.	Assignment of one three month Short Sterling futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March, the following five years, in respect of January, February and March expiry months; June, the following five years, in respect of April, May and June expiry months; September, the following five years, in respect of July, August and September expiry months; and December, the following five years, in respect of October, November and December expiry months.	Assignment of one three month Short Sterling futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March, the following five years, in respect of January, February and March expiry months; June, the following five years, in respect of April, May and June expiry months; September, the following five years, in respect of July, August and September expiry months; and December, the following five years, in respect of October, November and December expiry months.
Last Trading Day 	Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15. 	Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15. 	Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15.
Exercise 	Exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals: 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months.
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.	Exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals: 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months.
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.	Exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals: 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months.
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.
Delivery Date 	Delivery on the first business day after the exercise day 	Delivery on the first business day after the exercise day 	Delivery on the first business day after the exercise day
Minimum Price Fluctuation 	0.0025 (£3.125) 	0.0025 (£3.125) 	0.0025 (£3.125)
Algorithm 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap).
Off Exchange Trade Types 	Block Trading, Guaranteed Cross 	Block Trading, Guaranteed Cross 	Block Trading, Guaranteed Cross
Option Premium 	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH. 	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH. 	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH.
Additional Information 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract. 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract. 	Potential users of the Options on Sterling Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract.
MIC Code 	IFLL 	IFLL 	IFLL
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	2:30 AM - 1:00 PM
02:30 - 13:00 	None
Trading Hours 	LONDON 	7:30 AM - 6:00 PM
07:30 - 18:00 	None
Trading Hours 	SINGAPORE 	2:30 PM - 1:00 AM
14:30 - 01:00 	None
Codes 	Clearing Admin Name 	STIR Sterling 	STIR Sterling
Codes 	Physical 	M5 	M5
Codes 	Logical 	M5 	M5
Codes 	GMI (FC) 	None 	None
Codes 	ION A.C.N. 	None 	None
== Notes ==
== References ==
== Resources ==
Category:Sponsored Pages
Category:Sponsored Pages - ICE
Category:Reserved Pages
Category:Reserved Pages - ICE
Category:Futures Contracts Traded on ICE
Category:Futures Data in Template
Category:Interest Rates