ICE Medium Spanish Government Bond

Deliverable futures contract on Spanish Government Bonds with maturities of 4 years to 6 years.
== Contract Specs ==
Medium Spanish Government Bond Future	Medium Spanish Government Bond Future 	Medium Spanish Government Bond Future 	Medium Spanish Government Bond Future
Trading Screen Product Name 	Medium Spanish Bond Future 	Medium Spanish Bond Future 	Medium Spanish Bond Future
Trading Screen Hub Name 	ICEU 	ICEU 	ICEU
Contract Symbol 	S05 	S05 	S05
Unit of Trading 	€100,000 nominal value notional euro-denominated Spanish Government Bond with 6% coupon 	€100,000 nominal value notional euro-denominated Spanish Government Bond with 6% coupon 	€100,000 nominal value notional euro-denominated Spanish Government Bond with 6% coupon
Delivery Date 	10th calendar day of the respective quarterly month. If such day is not a business day, delivery shall occur on the next succeeding business day 	10th calendar day of the respective quarterly month. If such day is not a business day, delivery shall occur on the next succeeding business day 	10th calendar day of the respective quarterly month. If such day is not a business day, delivery shall occur on the next succeeding business day
Delivery Months 	March, June, September, December, such that the nearest two delivery months are available for trading 	March, June, September, December, such that the nearest two delivery months are available for trading 	March, June, September, December, such that the nearest two delivery months are available for trading
Quotation 	Per €100 nominal 	Per €100 nominal 	Per €100 nominal
Minimum Price Fluctuation 	0.01 (€10) 	0.01 (€10) 	0.01 (€10)
Last Trading Day 	Two business days prior to the Delivery Day of the relevant maturity month. On the Last Trading Day, trading in the front month will cease at 11:30 hours. 	Two business days prior to the Delivery Day of the relevant maturity month. On the Last Trading Day, trading in the front month will cease at 11:30 hours. 	Two business days prior to the Delivery Day of the relevant maturity month. On the Last Trading Day, trading in the front month will cease at 11:30 hours.
Exchange Delivery Settlement Price 	The London market price at 11:30 hours on the Last Trading Day. The invoicing amount in respect of each Deliverable Bond is to be calculated by the price factor system. 	The London market price at 11:30 hours on the Last Trading Day. The invoicing amount in respect of each Deliverable Bond is to be calculated by the price factor system. 	The London market price at 11:30 hours on the Last Trading Day. The invoicing amount in respect of each Deliverable Bond is to be calculated by the price factor system.
Algorithm 	Central order book applies a first in first out (FIFO) matching algorithm. 	Central order book applies a first in first out (FIFO) matching algorithm. 	Central order book applies a first in first out (FIFO) matching algorithm.
Off Exchange Trade Types 	Basis Trading, Block Trading. 	Basis Trading, Block Trading. 	Basis Trading, Block Trading.
Maturities 	4 years to 6 years 	4 years to 6 years 	4 years to 6 years
Contract Standard 	Delivery may be made of any bonds on the List of Deliverable Euro-denominated Spanish Government Bonds in respect of a delivery month of an Exchange Contract, as published by the Exchange. All bond issues included in the List will have the following characteristics: Having terms as to redemption that provide for redemption of the entire Euro-denominated Spanish Government Bond issue in a single installment such that the length of time to the maturity date from the Delivery Day of the relevant delivery month is within the maturity range for the relevant Exchange Contract specified by the Board in the Contract Details; Having no terms permitting or requiring early redemption; Bearing interest at a single fixed rate throughout the term of the issue payable in arrears annually (except in the case of the first interest payment period which may be more or less than a year); Being denominated and payable as to principal and interest only in Euro and Eurocents; Not being callable ; and Having an aggregate principal amount outstanding of not less than €5 billion which, by its terms and conditions, if issued in more than one tranche or tap or issue, is fungible.	Delivery may be made of any bonds on the List of Deliverable Euro-denominated Spanish Government Bonds in respect of a delivery month of an Exchange Contract, as published by the Exchange. All bond issues included in the List will have the following characteristics: Having terms as to redemption that provide for redemption of the entire Euro-denominated Spanish Government Bond issue in a single installment such that the length of time to the maturity date from the Delivery Day of the relevant delivery month is within the maturity range for the relevant Exchange Contract specified by the Board in the Contract Details; Having no terms permitting or requiring early redemption; Bearing interest at a single fixed rate throughout the term of the issue payable in arrears annually (except in the case of the first interest payment period which may be more or less than a year); Being denominated and payable as to principal and interest only in Euro and Eurocents; Not being callable ; and Having an aggregate principal amount outstanding of not less than €5 billion which, by its terms and conditions, if issued in more than one tranche or tap or issue, is fungible.	Delivery may be made of any bonds on the List of Deliverable Euro-denominated Spanish Government Bonds in respect of a delivery month of an Exchange Contract, as published by the Exchange. All bond issues included in the List will have the following characteristics: Having terms as to redemption that provide for redemption of the entire Euro-denominated Spanish Government Bond issue in a single installment such that the length of time to the maturity date from the Delivery Day of the relevant delivery month is within the maturity range for the relevant Exchange Contract specified by the Board in the Contract Details; Having no terms permitting or requiring early redemption; Bearing interest at a single fixed rate throughout the term of the issue payable in arrears annually (except in the case of the first interest payment period which may be more or less than a year); Being denominated and payable as to principal and interest only in Euro and Eurocents; Not being callable ; and Having an aggregate principal amount outstanding of not less than €5 billion which, by its terms and conditions, if issued in more than one tranche or tap or issue, is fungible.
Additional Information 	Potential users of the European Government Bond Futures Contracts should familiarize themselves with the relevant Contract Terms and Administrative Procedures. Potential users should consider the risks of holding a position until the Last Trading Day of a Contract wherein they shall be buyers or sellers in the delivery process. In particular, they should familiarize themselves with the use of Price Factors and the EDSP price formation process as these are both constituents of the formula for the calculation of the invoicing amount.
NOTE: All times are London, unless otherwise stated 	Potential users of the European Government Bond Futures Contracts should familiarize themselves with the relevant Contract Terms and Administrative Procedures. Potential users should consider the risks of holding a position until the Last Trading Day of a Contract wherein they shall be buyers or sellers in the delivery process. In particular, they should familiarize themselves with the use of Price Factors and the EDSP price formation process as these are both constituents of the formula for the calculation of the invoicing amount.
NOTE: All times are London, unless otherwise stated 	Potential users of the European Government Bond Futures Contracts should familiarize themselves with the relevant Contract Terms and Administrative Procedures. Potential users should consider the risks of holding a position until the Last Trading Day of a Contract wherein they shall be buyers or sellers in the delivery process. In particular, they should familiarize themselves with the use of Price Factors and the EDSP price formation process as these are both constituents of the formula for the calculation of the invoicing amount.
NOTE: All times are London, unless otherwise stated
MIC Code 	IFLL 	IFLL 	IFLL
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	8:00 PM - 11:35 AM
20:00 - 11:35 	7:45 PM
19:45
Trading Hours 	LONDON 	1:00 AM - 4:35 PM
01:00 - 16:35 	12:45 AM
00:45
Trading Hours 	SINGAPORE 	8:00 AM - 11:35 PM
08:00 - 23:35 	7:45 AM
07:45
Codes 	Clearing Admin Name 	ESP Bond Fut 	ESP Bond Fut
Codes 	Physical 	S05 	S05
Codes 	Logical 	S05 	S05
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