ICE Medium Gilt

Deliverable futures contract on UK Gilts with maturities 4 years to 6 years and 3 months
== Contract Specs ==
Medium Gilt Future 	Medium Gilt Future 	Medium Gilt Future 	Medium Gilt Future
Trading Screen Product Name 	Medium Gilt Future 	Medium Gilt Future 	Medium Gilt Future
Trading Screen Hub Name 	ICEU 	ICEU 	ICEU
Contract Symbol 	H 	H 	H
Unit of Trading 	£100,000 nominal value notional Gilt with 4% coupon (December 2011 delivery month onwards) 	£100,000 nominal value notional Gilt with 4% coupon (December 2011 delivery month onwards) 	£100,000 nominal value notional Gilt with 4% coupon (December 2011 delivery month onwards)
Delivery Date 	Any business day in delivery month (at seller’s choice) 	Any business day in delivery month (at seller’s choice) 	Any business day in delivery month (at seller’s choice)
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 last business day in the delivery month. On the Last Trading Day, trading in the front delivery month will cease at 11:00 	Two business days prior to the last business day in the delivery month. On the Last Trading Day, trading in the front delivery month will cease at 11:00 	Two business days prior to the last business day in the delivery month. On the Last Trading Day, trading in the front delivery month will cease at 11:00
Exchange Delivery Settlement Price	The London market price at 11:00 on the second business day prior to Settlement Day. The invoicing amount in respect of each Deliverable Gilt is to be calculated by the price factor system. Adjustment will be made for full coupon interest accruing as at Settlement Day. 	The London market price at 11:00 on the second business day prior to Settlement Day. The invoicing amount in respect of each Deliverable Gilt is to be calculated by the price factor system. Adjustment will be made for full coupon interest accruing as at Settlement Day. 	The London market price at 11:00 on the second business day prior to Settlement Day. The invoicing amount in respect of each Deliverable Gilt is to be calculated by the price factor system. Adjustment will be made for full coupon interest accruing as at Settlement Day.
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 (September 2011 delivery month). 4 years to 6 years and 3 months (December 2011 delivery month onwards) 	4 years to 6 years (September 2011 delivery month). 4 years to 6 years and 3 months (December 2011 delivery month onwards) 	4 years to 6 years (September 2011 delivery month). 4 years to 6 years and 3 months (December 2011 delivery month onwards)
Contract Standard 	Delivery may be made of any gilts on the List of Deliverable Gilts in respect of a delivery month of an Exchange Contract, as published by the Exchange on or before the tenth business day prior to the First Notice Day of such delivery month. Holders of long positions on any day within the Notice Period may be delivered against during the delivery month. All gilt issues included in the List will have the following characteristics: having terms as to redemption such as provide for redemption of the entire gilt issue in a single instalment such that the length of time to the maturity date from, and excluding, the first date 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 semi-annually (except in the case of the first interest payment period which may be more or less than six months); being denominated and payable as to the principal and interest only in Pounds and pence; being fully paid or, in the event that the gilt issue is in its first period and is partly paid, being anticipated by the Board to be fully paid on or before the Last Notice Day of the relevant delivery month; not being convertible; not being in bearer form; having been admitted to the Official List of the UK Listing Authority; and being anticipated by the Board to have on one or more days in the delivery month an aggregate principal amount outstanding of not less than £1.5 billion which, by its terms and conditions, if issued in more than one tranche or tap or issue, is fungible. Note for December 2011 Delivery Month onwards: The notional coupon of the Medium Gilt futures contract will be revised from 6% to 4%. UK Government bonds eligible for the list of deliverable Gilts in the Medium Gilt futures contract must have a coupon within a ≤ 7% coupon range inclusive. In addition, the maturity range of the Medium Gilt futures contract is being amended from 4 to 6 years, to 4 to 6 years and 3 months. All these changes are effective for the December 2011 delivery month.	Delivery may be made of any gilts on the List of Deliverable Gilts in respect of a delivery month of an Exchange Contract, as published by the Exchange on or before the tenth business day prior to the First Notice Day of such delivery month. Holders of long positions on any day within the Notice Period may be delivered against during the delivery month. All gilt issues included in the List will have the following characteristics: having terms as to redemption such as provide for redemption of the entire gilt issue in a single instalment such that the length of time to the maturity date from, and excluding, the first date 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 semi-annually (except in the case of the first interest payment period which may be more or less than six months); being denominated and payable as to the principal and interest only in Pounds and pence; being fully paid or, in the event that the gilt issue is in its first period and is partly paid, being anticipated by the Board to be fully paid on or before the Last Notice Day of the relevant delivery month; not being convertible; not being in bearer form; having been admitted to the Official List of the UK Listing Authority; and being anticipated by the Board to have on one or more days in the delivery month an aggregate principal amount outstanding of not less than £1.5 billion which, by its terms and conditions, if issued in more than one tranche or tap or issue, is fungible. Note for December 2011 Delivery Month onwards: The notional coupon of the Medium Gilt futures contract will be revised from 6% to 4%. UK Government bonds eligible for the list of deliverable Gilts in the Medium Gilt futures contract must have a coupon within a ≤ 7% coupon range inclusive. In addition, the maturity range of the Medium Gilt futures contract is being amended from 4 to 6 years, to 4 to 6 years and 3 months. All these changes are effective for the December 2011 delivery month.	Delivery may be made of any gilts on the List of Deliverable Gilts in respect of a delivery month of an Exchange Contract, as published by the Exchange on or before the tenth business day prior to the First Notice Day of such delivery month. Holders of long positions on any day within the Notice Period may be delivered against during the delivery month. All gilt issues included in the List will have the following characteristics: having terms as to redemption such as provide for redemption of the entire gilt issue in a single instalment such that the length of time to the maturity date from, and excluding, the first date 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 semi-annually (except in the case of the first interest payment period which may be more or less than six months); being denominated and payable as to the principal and interest only in Pounds and pence; being fully paid or, in the event that the gilt issue is in its first period and is partly paid, being anticipated by the Board to be fully paid on or before the Last Notice Day of the relevant delivery month; not being convertible; not being in bearer form; having been admitted to the Official List of the UK Listing Authority; and being anticipated by the Board to have on one or more days in the delivery month an aggregate principal amount outstanding of not less than £1.5 billion which, by its terms and conditions, if issued in more than one tranche or tap or issue, is fungible. Note for December 2011 Delivery Month onwards: The notional coupon of the Medium Gilt futures contract will be revised from 6% to 4%. UK Government bonds eligible for the list of deliverable Gilts in the Medium Gilt futures contract must have a coupon within a ≤ 7% coupon range inclusive. In addition, the maturity range of the Medium Gilt futures contract is being amended from 4 to 6 years, to 4 to 6 years and 3 months. All these changes are effective for the December 2011 delivery month.
First Notice Day 	Two business days prior to the first day of the delivery month 	Two business days prior to the first day of the delivery month 	Two business days prior to the first day of the delivery month
Last Notice Day 	First business day after the Last Trading 	First business day after the Last Trading 	First business day after the Last Trading
Markers 	TAS (Trade at Settlement) 	TAS (Trade at Settlement) 	TAS (Trade at Settlement)
Additional Information 	Potential users of the Medium Gilt Futures Contract should familiarize themselves with the relevant Contract Terms and Administrative Procedures. Potential users should consider the risks of holding a position into the Notice Period of a Gilt Contract wherein they are potential 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 Medium Gilt Futures Contract should familiarize themselves with the relevant Contract Terms and Administrative Procedures. Potential users should consider the risks of holding a position into the Notice Period of a Gilt Contract wherein they are potential 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 Medium Gilt Futures Contract should familiarize themselves with the relevant Contract Terms and Administrative Procedures. Potential users should consider the risks of holding a position into the Notice Period of a Gilt Contract wherein they are potential 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 	3:00 AM - 1:00 PM
03:00 - 13:00 	1:03 AM
01:03
Trading Hours 	LONDON 	8:00 AM - 6:00 PM
08:00 - 18:00 	6:03 AM
06:03
Trading Hours 	SINGAPORE 	3:00 PM - 1:00 AM
15:00 - 01:00 	1:03 PM
13:03
Codes 	Clearing Admin Name 	Gilt Bond Fut 	Gilt Bond Fut
Codes 	Physical 	H 	H
Codes 	Logical 	H 	H
Codes 	GMI (FC) 	None 	None
Codes 	ION A.C.N. 	None 	None
== Notes ==
== References ==
== Resources ==
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