ICE Brent Crude Oil

Brent Crude is a hybrid of multiple crude varieties produced from the North Sea and represents a major benchmark for light, sweet crude oil. In 2016, 210.5 million contracts were traded. 
Brent Crude Oil Futures 	Brent Crude Oil Futures 	Brent Crude Oil Futures 	Brent Crude Oil Futures
Trading Screen Product Name	Brent Crude Futures 	Brent Crude Futures 	Brent Crude Futures
Trading Screen Hub Name 	North Sea 	North Sea 	North Sea
Contract Symbol 	B 	B 	B
Contract Size 	1,000 barrels 	1,000 barrels 	1,000 barrels
Unit of Trading 	Any multiple of 1,000 barrels 	Any multiple of 1,000 barrels 	Any multiple of 1,000 barrels
Currency 	US Dollars and cents 	US Dollars and cents 	US Dollars and cents
Trading Price Quotation 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel
Settlement Price Quotation 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel
Minimum Price Fluctuation 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel
Expiration Date 	Trading shall cease at the end of the designated settlement period on the last Business Day of the second month preceding the relevant contract month (e.g. the March contract month will expire on the last Business Day of January).
If the day on which trading is due to cease would be either: (i) the Business Day preceding Christmas Day, or (ii) the Business Day preceding New Year’s Day, then trading shall cease on the next preceding Business Day 	Trading shall cease at the end of the designated settlement period on the last Business Day of the second month preceding the relevant contract month (e.g. the March contract month will expire on the last Business Day of January).
If the day on which trading is due to cease would be either: (i) the Business Day preceding Christmas Day, or (ii) the Business Day preceding New Year’s Day, then trading shall cease on the next preceding Business Day 	Trading shall cease at the end of the designated settlement period on the last Business Day of the second month preceding the relevant contract month (e.g. the March contract month will expire on the last Business Day of January).
If the day on which trading is due to cease would be either: (i) the Business Day preceding Christmas Day, or (ii) the Business Day preceding New Year’s Day, then trading shall cease on the next preceding Business Day
Contract Security 	ICE Clear Europe acts as the central counterparty for trades conducted on the London exchanges. This enables it to guarantee the financial performance of every contract registered with it by its members (the clearing members of the exchanges) up to and including delivery, exercise and/or settlement. ICE Clear Europe has no obligation or contractual relationship with its members' clients who are non-member users of the exchange markets, or non-clearing members of the exchanges. 	ICE Clear Europe acts as the central counterparty for trades conducted on the London exchanges. This enables it to guarantee the financial performance of every contract registered with it by its members (the clearing members of the exchanges) up to and including delivery, exercise and/or settlement. ICE Clear Europe has no obligation or contractual relationship with its members' clients who are non-member users of the exchange markets, or non-clearing members of the exchanges. 	ICE Clear Europe acts as the central counterparty for trades conducted on the London exchanges. This enables it to guarantee the financial performance of every contract registered with it by its members (the clearing members of the exchanges) up to and including delivery, exercise and/or settlement. ICE Clear Europe has no obligation or contractual relationship with its members' clients who are non-member users of the exchange markets, or non-clearing members of the exchanges.
Daily Settlement 	The weighted average price of trades during a two minute settlement period from 19:28:00, London time. 	The weighted average price of trades during a two minute settlement period from 19:28:00, London time. 	The weighted average price of trades during a two minute settlement period from 19:28:00, London time.
Daily Margin 	All open contracts are marked-to-market daily. 	All open contracts are marked-to-market daily. 	All open contracts are marked-to-market daily.
Position Limit 	The Brent crude future is a cash-settled contract. The Exchange's daily position management regime requires that all positions in any contract month must be reported to the exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take any steps necessary to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate	The Brent crude future is a cash-settled contract. The Exchange's daily position management regime requires that all positions in any contract month must be reported to the exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take any steps necessary to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate	The Brent crude future is a cash-settled contract. The Exchange's daily position management regime requires that all positions in any contract month must be reported to the exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take any steps necessary to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate
Expiry Limits 	The Exchange may impose limits on positions in this contract at its discretion in accordance with Exchange Rule P3.
Current expiry limit: 6,000 contracts in the last five business days, up to and including the expiry day in the spot month, inclusive of futures-equivalent position in Brent Options.
Exemptions from expiry limits may be granted at the Exchange’s discretion to participants who provide and document a commercial rationale for their requirement 	The Exchange may impose limits on positions in this contract at its discretion in accordance with Exchange Rule P3.
Current expiry limit: 6,000 contracts in the last five business days, up to and including the expiry day in the spot month, inclusive of futures-equivalent position in Brent Options.
Exemptions from expiry limits may be granted at the Exchange’s discretion to participants who provide and document a commercial rationale for their requirement 	The Exchange may impose limits on positions in this contract at its discretion in accordance with Exchange Rule P3.
Current expiry limit: 6,000 contracts in the last five business days, up to and including the expiry day in the spot month, inclusive of futures-equivalent position in Brent Options.
Exemptions from expiry limits may be granted at the Exchange’s discretion to participants who provide and document a commercial rationale for their requirement
Contract Series 	Up to 96 consecutive months 	Up to 96 consecutive months 	Up to 96 consecutive months
Trading Methods 	Electronic futures, Exchange of futures for physical (EFP), Exchange of futures for swap (EFS) and Block Trades are available for this contract. 	Electronic futures, Exchange of futures for physical (EFP), Exchange of futures for swap (EFS) and Block Trades are available for this contract. 	Electronic futures, Exchange of futures for physical (EFP), Exchange of futures for swap (EFS) and Block Trades are available for this contract.
Delivery/Settlement Terms 	The ICE Brent Crude futures contract is a deliverable contract based on EFP delivery with an option to cash settle against the ICE Brent Index price for the last trading day of the futures contract. The Exchange shall publish a cash settlement price (the ICE Brent Index price) on the next trading day following the last trading day for the contract month. 	The ICE Brent Crude futures contract is a deliverable contract based on EFP delivery with an option to cash settle against the ICE Brent Index price for the last trading day of the futures contract. The Exchange shall publish a cash settlement price (the ICE Brent Index price) on the next trading day following the last trading day for the contract month. 	The ICE Brent Crude futures contract is a deliverable contract based on EFP delivery with an option to cash settle against the ICE Brent Index price for the last trading day of the futures contract. The Exchange shall publish a cash settlement price (the ICE Brent Index price) on the next trading day following the last trading day for the contract month.
NCR, RL and IPL Levels 	NCR: 0.50;
RL: 0.75;
IPL: 1.00, 3 second recalculation and 5 second hold periods.
To access NCR documentation click here. 	NCR: 0.50;
RL: 0.75;
IPL: 1.00, 3 second recalculation and 5 second hold periods.
To access NCR documentation click here. 	NCR: 0.50;
RL: 0.75;
IPL: 1.00, 3 second recalculation and 5 second hold periods.
To access NCR documentation click here.
Markers 	TAS (Trade at Settlement)MM (Minute Marker)
Sing MM (Singapore Minute Marker) 	TAS (Trade at Settlement)MM (Minute Marker)
Sing MM (Singapore Minute Marker) 	TAS (Trade at Settlement)MM (Minute Marker)
Sing MM (Singapore Minute Marker)
Business Days 	ICE Business Days 	ICE Business Days 	ICE Business Days
MIC Code 	IFEU 	IFEU 	IFEU
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	8:00 PM - 6:00 PM*
20:00 - 18:00 	7:45 PM
19:45
Trading Hours 	LONDON 	1:00 AM - 11:00 PM*
01:00 - 23:00 	12:45 AM
00:45
Trading Hours 	SINGAPORE 	9:00 AM - 7:00 AM*
09:00 - 07:00 	8:45 AM
08:45
Trading Hours 	*Next Day 	*Next Day 	*Next Day
Codes 	Clearing Admin Name 	IPE e-Brent 	IPE e-Brent
Codes 	Physical 	B 	B
Codes 	Logical 	BRN 	BRN
Codes 	GMI (FC) 	BC 	BC
Codes 	ION A.C.N. 	0952 	0952
Brent Crude American-style Options	Brent Crude American-style Options 	Brent Crude American-style Options 	Brent Crude American-style Options
Trading Screen Product Name 	Brent Crude Futures 	Brent Crude Futures 	Brent Crude Futures
Trading Screen Hub Name 	North Sea 	North Sea 	North Sea
Hedge Instrument 	The delta hedge for the American-Style Option is the Brent Crude Future (B) 	The delta hedge for the American-Style Option is the Brent Crude Future (B) 	The delta hedge for the American-Style Option is the Brent Crude Future (B)
Contract Symbol 	B 	B 	B
Contract Size 	1,000 barrels 	1,000 barrels 	1,000 barrels
Unit of Trading 	Any multiple of 1,000 barrels 	Any multiple of 1,000 barrels 	Any multiple of 1,000 barrels
Currency 	US Dollars and cents 	US Dollars and cents 	US Dollars and cents
Settlement Price Quotation 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel
Trading Price Quotation 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel
Minimum Price Fluctuation 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel
Last Trading Day 	Trading shall cease at the end of the designated settlement period of the ICE Brent Crude Futures Contract three Business Days before the scheduled cessation of trading for the relevant contract month of the ICE Brent Crude Futures Contract.
If the day on which trading in the relevant option is due to cease would be either: (i) the Business Day preceding Christmas Day, or (ii) the Business Day preceding New Year’s Day, then trading shall cease on the immediately preceding Business Day 	Trading shall cease at the end of the designated settlement period of the ICE Brent Crude Futures Contract three Business Days before the scheduled cessation of trading for the relevant contract month of the ICE Brent Crude Futures Contract.
If the day on which trading in the relevant option is due to cease would be either: (i) the Business Day preceding Christmas Day, or (ii) the Business Day preceding New Year’s Day, then trading shall cease on the immediately preceding Business Day 	Trading shall cease at the end of the designated settlement period of the ICE Brent Crude Futures Contract three Business Days before the scheduled cessation of trading for the relevant contract month of the ICE Brent Crude Futures Contract.
If the day on which trading in the relevant option is due to cease would be either: (i) the Business Day preceding Christmas Day, or (ii) the Business Day preceding New Year’s Day, then trading shall cease on the immediately preceding Business Day
Option Premium / Daily Margin 	The premium on the Brent Average Priced Option is paid/received on the business day following the day of trade. Net Liquidating Value (NLV) will be re calculated each business day based on the relevant daily settlement prices. For buyers of options the NLV credit will be used to off set their Original Margin (OM) requirement; for sellers of options, the NLV debit must be covered by cash or collateral in the same manner as OM requirement. OM for all options contracts is based on the option’s delta. 	The premium on the Brent Average Priced Option is paid/received on the business day following the day of trade. Net Liquidating Value (NLV) will be re calculated each business day based on the relevant daily settlement prices. For buyers of options the NLV credit will be used to off set their Original Margin (OM) requirement; for sellers of options, the NLV debit must be covered by cash or collateral in the same manner as OM requirement. OM for all options contracts is based on the option’s delta. 	The premium on the Brent Average Priced Option is paid/received on the business day following the day of trade. Net Liquidating Value (NLV) will be re calculated each business day based on the relevant daily settlement prices. For buyers of options the NLV credit will be used to off set their Original Margin (OM) requirement; for sellers of options, the NLV debit must be covered by cash or collateral in the same manner as OM requirement. OM for all options contracts is based on the option’s delta.
Exercise 	ICE Brent Options can be exercised into ICE Brent Futures contracts. ICE Futures Europe options contracts are of American-style exercise, allowing the buyer to exercise call and/or put options up to 17:00 (London time) hours on any Business Day (except on expiry day) during the life of the contracts, by giving an exercise notice to ICE Clear Europe in respect of such options.
On expiry day, the buyer has up to one hour after the end of the designated settlement period of the ICE Brent Futures contract 19:30 (London time) to exercise the option. At that time ICE Clear Europe will automatically exercise all options that are in-the-money on behalf of the Member unless instructed otherwise by the Member.	ICE Brent Options can be exercised into ICE Brent Futures contracts. ICE Futures Europe options contracts are of American-style exercise, allowing the buyer to exercise call and/or put options up to 17:00 (London time) hours on any Business Day (except on expiry day) during the life of the contracts, by giving an exercise notice to ICE Clear Europe in respect of such options.
On expiry day, the buyer has up to one hour after the end of the designated settlement period of the ICE Brent Futures contract 19:30 (London time) to exercise the option. At that time ICE Clear Europe will automatically exercise all options that are in-the-money on behalf of the Member unless instructed otherwise by the Member.	ICE Brent Options can be exercised into ICE Brent Futures contracts. ICE Futures Europe options contracts are of American-style exercise, allowing the buyer to exercise call and/or put options up to 17:00 (London time) hours on any Business Day (except on expiry day) during the life of the contracts, by giving an exercise notice to ICE Clear Europe in respect of such options.
On expiry day, the buyer has up to one hour after the end of the designated settlement period of the ICE Brent Futures contract 19:30 (London time) to exercise the option. At that time ICE Clear Europe will automatically exercise all options that are in-the-money on behalf of the Member unless instructed otherwise by the Member.
Strike Price Increments 	At launch multiples of $0.01 per barrel ranging from a strike of $1 to a strike of $240. Additional strike prices are added according to futures price movements.
The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. 	At launch multiples of $0.01 per barrel ranging from a strike of $1 to a strike of $240. Additional strike prices are added according to futures price movements.
The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. 	At launch multiples of $0.01 per barrel ranging from a strike of $1 to a strike of $240. Additional strike prices are added according to futures price movements.
The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract.
Position Reporting 	All positions are converted to futures equivalents by way of deltas and are aggregated with the futures position for daily position monitoring by the Exchange. The Exchange's daily position management regime requires that all positions in any contract month must be reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take any steps necessary to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate.	All positions are converted to futures equivalents by way of deltas and are aggregated with the futures position for daily position monitoring by the Exchange. The Exchange's daily position management regime requires that all positions in any contract month must be reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take any steps necessary to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate.	All positions are converted to futures equivalents by way of deltas and are aggregated with the futures position for daily position monitoring by the Exchange. The Exchange's daily position management regime requires that all positions in any contract month must be reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take any steps necessary to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate.
Expiry Limits 	The Exchange may impose limits on positions in this contract at its discretion in accordance with Exchange Rule P3.
Current expiry limit: 6,000 contracts in the last five business days, up to and including the expiry day in the spot month, inclusive of futures-equivalent position in Brent Options.
Exemptions from expiry limits may be granted at the Exchange’s discretion to participants who provide and document a commercial rationale for their requirement 	The Exchange may impose limits on positions in this contract at its discretion in accordance with Exchange Rule P3.
Current expiry limit: 6,000 contracts in the last five business days, up to and including the expiry day in the spot month, inclusive of futures-equivalent position in Brent Options.
Exemptions from expiry limits may be granted at the Exchange’s discretion to participants who provide and document a commercial rationale for their requirement 	The Exchange may impose limits on positions in this contract at its discretion in accordance with Exchange Rule P3.
Current expiry limit: 6,000 contracts in the last five business days, up to and including the expiry day in the spot month, inclusive of futures-equivalent position in Brent Options.
Exemptions from expiry limits may be granted at the Exchange’s discretion to participants who provide and document a commercial rationale for their requirement
Contract Security 	ICE Clear Europe acts as the central counterparty for trades conducted on ICE Futures Europe and ICE OTC. This enables it to guarantee the financial performance of every contract registered with it by its members (the clearing members of the Exchange) up to and including delivery, exercise and/or settlement. ICE Clear Europe is able to provide margin offsets between the options and the underlying futures contract as well against options positions executed in other option styles. 	ICE Clear Europe acts as the central counterparty for trades conducted on ICE Futures Europe and ICE OTC. This enables it to guarantee the financial performance of every contract registered with it by its members (the clearing members of the Exchange) up to and including delivery, exercise and/or settlement. ICE Clear Europe is able to provide margin offsets between the options and the underlying futures contract as well against options positions executed in other option styles. 	ICE Clear Europe acts as the central counterparty for trades conducted on ICE Futures Europe and ICE OTC. This enables it to guarantee the financial performance of every contract registered with it by its members (the clearing members of the Exchange) up to and including delivery, exercise and/or settlement. ICE Clear Europe is able to provide margin offsets between the options and the underlying futures contract as well against options positions executed in other option styles.
Contract Series 	Up to 96 consecutive months 	Up to 96 consecutive months 	Up to 96 consecutive months
Business Days 	ICE Business Days 	ICE Business Days 	ICE Business Days
MIC Code 	IFEU 	IFEU 	IFEU
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	8:00 PM - 6:00 PM*
20:00 - 18:00 	7:45 PM
19:45
Trading Hours 	LONDON 	1:00 AM - 11:00 PM*
01:00 - 23:00 	12:45 AM
00:45
Trading Hours 	SINGAPORE 	9:00 AM - 7:00 AM*
09:00 - 07:00 	8:45 AM
08:45
Trading Hours 	*Next Day 	*Next Day 	*Next Day
Codes 	Clearing Admin Name 	IPE e-Brent 	IPE e-Brent
Codes 	Physical 	B 	B
Codes 	Logical 	BRN 	BRN
Codes 	GMI (FC) 	BC 	BC
Codes 	ION A.C.N. 	0952 	0952
Crude Diff - Brent Physical 1- Month Calendar Spread Options	Crude Diff - Brent Physical 1- Month Calendar Spread Options 	Crude Diff - Brent Physical 1- Month Calendar Spread Options 	Crude Diff - Brent Physical 1- Month Calendar Spread Options
Trading Screen Product Name 	Crude Futures 	Crude Futures 	Crude Futures
Trading Screen Hub Name 	Brent CSO 1 Month (Physical) 	Brent CSO 1 Month (Physical) 	Brent CSO 1 Month (Physical)
Contract Symbol 	BS1 	BS1 	BS1
Hedge Instrument 	The delta hedge for the Brent Physical 1-Month Calendar Spread Option is the ICE Brent Crude Future (B). 	The delta hedge for the Brent Physical 1-Month Calendar Spread Option is the ICE Brent Crude Future (B). 	The delta hedge for the Brent Physical 1-Month Calendar Spread Option is the ICE Brent Crude Future (B).
Contract Size 	1,000 barrels 	1,000 barrels 	1,000 barrels
Unit of Trading 	Any multiple of 1,000 barrels 	Any multiple of 1,000 barrels 	Any multiple of 1,000 barrels
Currency 	US Dollars and cents 	US Dollars and cents 	US Dollars and cents
Trading Price Quotation 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel
Settlement Price Quotation 	One tenth of one cent ($0.001) per barrel 	One tenth of one cent ($0.001) per barrel 	One tenth of one cent ($0.001) per barrel
Minimum Price Fluctuation 	One tenth of one cent ($0.001) per barrel 	One tenth of one cent ($0.001) per barrel 	One tenth of one cent ($0.001) per barrel
Last Trading Day 	Trading shall end at the end of the designated settlement period one business day prior to the Expiration Date of the nearby month ICE Brent Crude Futures contract. 	Trading shall end at the end of the designated settlement period one business day prior to the Expiration Date of the nearby month ICE Brent Crude Futures contract. 	Trading shall end at the end of the designated settlement period one business day prior to the Expiration Date of the nearby month ICE Brent Crude Futures contract.
Option Style 	Options are European style and will be automatically exercised on the expiry day if “in the money” and will result in positions in the underlying futures. If an option is “out of the money” it will expire automatically. No manual exercise is permitted. 	Options are European style and will be automatically exercised on the expiry day if “in the money” and will result in positions in the underlying futures. If an option is “out of the money” it will expire automatically. No manual exercise is permitted. 	Options are European style and will be automatically exercised on the expiry day if “in the money” and will result in positions in the underlying futures. If an option is “out of the money” it will expire automatically. No manual exercise is permitted.
Call Option 	Buyer of a CSO Call Option has the right to establish a spread position of long the first month in the spread pair and short the second month in the pair, at a price difference equal to the Strike Price of the CSO contract. 	Buyer of a CSO Call Option has the right to establish a spread position of long the first month in the spread pair and short the second month in the pair, at a price difference equal to the Strike Price of the CSO contract. 	Buyer of a CSO Call Option has the right to establish a spread position of long the first month in the spread pair and short the second month in the pair, at a price difference equal to the Strike Price of the CSO contract.
Put Option 	Buyer of a CSO Put Option has the right to establish a spread position of short the first month in the spread pair and long the second month in the pair, at a price difference equal to the Strike Price of the CSO contract. 	Buyer of a CSO Put Option has the right to establish a spread position of short the first month in the spread pair and long the second month in the pair, at a price difference equal to the Strike Price of the CSO contract. 	Buyer of a CSO Put Option has the right to establish a spread position of short the first month in the spread pair and long the second month in the pair, at a price difference equal to the Strike Price of the CSO contract.
Option Premium / Daily Margin 	Calendar Spread Options are equity-style and there is no daily Variation Margin payment. The premium on the Calendar Spread Option is paid/received on the business day following the day of trade. Net Liquidating Value (NLV) will be recalculated each business day based on the relevant daily settlement prices. For buyers of options the NLV credit will be used to off-set their Original Margin (OM) requirement; for sellers of options, the NLV debit must be covered by cash or collateral in the same manner as OM requirement. OM for all options contracts is based on the ICE® Risk Model	Calendar Spread Options are equity-style and there is no daily Variation Margin payment. The premium on the Calendar Spread Option is paid/received on the business day following the day of trade. Net Liquidating Value (NLV) will be recalculated each business day based on the relevant daily settlement prices. For buyers of options the NLV credit will be used to off-set their Original Margin (OM) requirement; for sellers of options, the NLV debit must be covered by cash or collateral in the same manner as OM requirement. OM for all options contracts is based on the ICE® Risk Model	Calendar Spread Options are equity-style and there is no daily Variation Margin payment. The premium on the Calendar Spread Option is paid/received on the business day following the day of trade. Net Liquidating Value (NLV) will be recalculated each business day based on the relevant daily settlement prices. For buyers of options the NLV credit will be used to off-set their Original Margin (OM) requirement; for sellers of options, the NLV debit must be covered by cash or collateral in the same manner as OM requirement. OM for all options contracts is based on the ICE® Risk Model
Expiry 	19:30 London Time (14:30 EST).
The reference price will be a price in USD and cents per barrel equal to the difference between the settlement price of the first nearby ICE Brent Crude Futures contract and the settlement price of the next consecutive contract month of the ICE Brent Crude Futures contract series on the Last Trading Day. 	19:30 London Time (14:30 EST).
The reference price will be a price in USD and cents per barrel equal to the difference between the settlement price of the first nearby ICE Brent Crude Futures contract and the settlement price of the next consecutive contract month of the ICE Brent Crude Futures contract series on the Last Trading Day. 	19:30 London Time (14:30 EST).
The reference price will be a price in USD and cents per barrel equal to the difference between the settlement price of the first nearby ICE Brent Crude Futures contract and the settlement price of the next consecutive contract month of the ICE Brent Crude Futures contract series on the Last Trading Day.
Strike Price 	This contract will support Custom Option Strikes with strikes in increments of $0.05 within a range of -$5 to $5. This range may be revised from time to time according to future price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. 	This contract will support Custom Option Strikes with strikes in increments of $0.05 within a range of -$5 to $5. This range may be revised from time to time according to future price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. 	This contract will support Custom Option Strikes with strikes in increments of $0.05 within a range of -$5 to $5. This range may be revised from time to time according to future price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract.
Contract Series 	Up to 60 consecutive 1-month calendar spreads 	Up to 60 consecutive 1-month calendar spreads 	Up to 60 consecutive 1-month calendar spreads
Final Payment Date 	Two Clearing House Business Days following the Last Trading Day 	Two Clearing House Business Days following the Last Trading Day 	Two Clearing House Business Days following the Last Trading Day
Business Days 	Publication days for ICE 	Publication days for ICE 	Publication days for ICE
MIC Code 	IFEU 	IFEU 	IFEU
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	3:00 PM - 1:00 PM*
15:00 - 13:00 	2:45 PM
14:45
Trading Hours 	LONDON 	8:00 PM - 6:00 PM*
20:00 - 18:00 	7:45 PM
19:45
Trading Hours 	SINGAPORE 	4:00 AM - 2:00 AM*
04:00 - 02:00 	3:45 AM
03:45
Trading Hours 	*Next Day 	*Next Day 	*Next Day
Codes 	Clearing Admin Name 	IPE e-Brent 	IPE e-Brent
Codes 	Physical 	BS1 	BS1
Codes 	Logical 	BS1 	BS1
Codes 	GMI (FC) 	J= 	J=
Codes 	ION A.C.N. 	None 	None
Crude Diff - Daily Brent 1- Month Calendar Spread Options	Crude Diff - Daily Brent 1- Month Calendar Spread Options 	Crude Diff - Daily Brent 1- Month Calendar Spread Options 	Crude Diff - Daily Brent 1- Month Calendar Spread Options
Trading Screen Product Name 	Crude Futures 	Crude Futures 	Crude Futures
Trading Screen Hub Name 	Brent Daily CSO 1 Month 	Brent Daily CSO 1 Month 	Brent Daily CSO 1 Month
Contract Symbol 	DBO 	DBO 	DBO
Hedge Instrument 	The delta hedge for the Daily Brent 1-Month Calendar Spread Option is the ICE Brent Crude Future. 	The delta hedge for the Daily Brent 1-Month Calendar Spread Option is the ICE Brent Crude Future. 	The delta hedge for the Daily Brent 1-Month Calendar Spread Option is the ICE Brent Crude Future.
Contract Size 	1,000 barrels 	1,000 barrels 	1,000 barrels
Unit of Trading 	Any multiple of 1,000 barrels 	Any multiple of 1,000 barrels 	Any multiple of 1,000 barrels
Currency 	US Dollars and cents 	US Dollars and cents 	US Dollars and cents
Trading Price Quotation 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel
Settlement Price Quotation 	One tenth of one cent ($0.001) per barrel 	One tenth of one cent ($0.001) per barrel 	One tenth of one cent ($0.001) per barrel
Minimum Price Fluctuation 	One tenth of one cent ($0.001) per barrel 	One tenth of one cent ($0.001) per barrel 	One tenth of one cent ($0.001) per barrel
Last Trading Day 	The contract expires at 14:30 EST of the business day equal to the contract period. 	The contract expires at 14:30 EST of the business day equal to the contract period. 	The contract expires at 14:30 EST of the business day equal to the contract period.
Option Style 	Options are European style and will be automatically exercised on the expiry day if they are “in the money”. The future resulting from exercise immediately goes to cash settlement relieving market participants of the need to concern themselves with liquidation or exercise issues. If an option is “out of the money” it will expire automatically. It is not permitted to exercise the option on any other day or in any other circumstances. No manual exercise is permitted. 	Options are European style and will be automatically exercised on the expiry day if they are “in the money”. The future resulting from exercise immediately goes to cash settlement relieving market participants of the need to concern themselves with liquidation or exercise issues. If an option is “out of the money” it will expire automatically. It is not permitted to exercise the option on any other day or in any other circumstances. No manual exercise is permitted. 	Options are European style and will be automatically exercised on the expiry day if they are “in the money”. The future resulting from exercise immediately goes to cash settlement relieving market participants of the need to concern themselves with liquidation or exercise issues. If an option is “out of the money” it will expire automatically. It is not permitted to exercise the option on any other day or in any other circumstances. No manual exercise is permitted.
Expiry 	19:30 London Time (14:30 EST).
Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more ‘in the money’ with reference to the relevant reference price. Members cannot override automatic exercise settings or manually enter exercise instructions for this contract.
The reference price will be a price in USD and cents per barrel equal to the difference between the settlement price of the nearby ICE Brent Crude Futures contract and the settlement price of the next consecutive contract month of the ICE Brent Crude Futures contract series on the Last Trading Day. For these purposes “settlement price” means the official settlement value of the ICE Brent Crude Futures contract month for the active day of the option.
All “in the money” options will be exercised into an equivalent cash value of the underlying calendar spread.	19:30 London Time (14:30 EST).
Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more ‘in the money’ with reference to the relevant reference price. Members cannot override automatic exercise settings or manually enter exercise instructions for this contract.
The reference price will be a price in USD and cents per barrel equal to the difference between the settlement price of the nearby ICE Brent Crude Futures contract and the settlement price of the next consecutive contract month of the ICE Brent Crude Futures contract series on the Last Trading Day. For these purposes “settlement price” means the official settlement value of the ICE Brent Crude Futures contract month for the active day of the option.
All “in the money” options will be exercised into an equivalent cash value of the underlying calendar spread.	19:30 London Time (14:30 EST).
Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more ‘in the money’ with reference to the relevant reference price. Members cannot override automatic exercise settings or manually enter exercise instructions for this contract.
The reference price will be a price in USD and cents per barrel equal to the difference between the settlement price of the nearby ICE Brent Crude Futures contract and the settlement price of the next consecutive contract month of the ICE Brent Crude Futures contract series on the Last Trading Day. For these purposes “settlement price” means the official settlement value of the ICE Brent Crude Futures contract month for the active day of the option.
All “in the money” options will be exercised into an equivalent cash value of the underlying calendar spread.
Roll Adjust Provision 	In order to use the most liquid calendar spread, the underlying spread will be defined as the front month minus the second month in ICE Brent Futures, except for the expiration date of the ICE Brent Futures delivery month. On such a date, the underlying calendar spread will be rolled into the difference of the second and third months. In the event the listed option is set to expire on ICE Brent Futures expiration, the underlying spread will be referred to as the second month minus the third month, until the front month is fully expired	In order to use the most liquid calendar spread, the underlying spread will be defined as the front month minus the second month in ICE Brent Futures, except for the expiration date of the ICE Brent Futures delivery month. On such a date, the underlying calendar spread will be rolled into the difference of the second and third months. In the event the listed option is set to expire on ICE Brent Futures expiration, the underlying spread will be referred to as the second month minus the third month, until the front month is fully expired	In order to use the most liquid calendar spread, the underlying spread will be defined as the front month minus the second month in ICE Brent Futures, except for the expiration date of the ICE Brent Futures delivery month. On such a date, the underlying calendar spread will be rolled into the difference of the second and third months. In the event the listed option is set to expire on ICE Brent Futures expiration, the underlying spread will be referred to as the second month minus the third month, until the front month is fully expired
Strike Price Intervals 	This contract will support Custom Option Strikes with strikes in increments of $0.05 within a range of -$5 to $5. This range may be revised from time to time according to future price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. 	This contract will support Custom Option Strikes with strikes in increments of $0.05 within a range of -$5 to $5. This range may be revised from time to time according to future price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. 	This contract will support Custom Option Strikes with strikes in increments of $0.05 within a range of -$5 to $5. This range may be revised from time to time according to future price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract.
Contract Series 	Up to 6 consecutive business days 	Up to 6 consecutive business days 	Up to 6 consecutive business days
Final Payment Date 	Two Clearing House Business Days following the Last Trading Day 	Two Clearing House Business Days following the Last Trading Day 	Two Clearing House Business Days following the Last Trading Day
Business Days 	Publication days for ICE 	Publication days for ICE 	Publication days for ICE
MIC Code 	IFEU 	IFEU 	IFEU
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	7:50 PM - 6:00 PM
19:50 - 18:00 	7:40 PM
19:40
Trading Hours 	LONDON 	12:50 AM - 11:00 PM
00:50 - 23:00 	12:40 AM
00:40
Trading Hours 	SINGAPORE 	8:50 AM - 7:00 AM
08:50 - 07:00 	8:40 AM
08:40
Trading Hours 	*Next Day 	*Next Day 	*Next Day
Codes 	Clearing Admin Name 	Crude Diffs 	Crude Diffs
Codes 	Physical 	DBO 	DBO
Codes 	Logical 	DBO 	DBO
Codes 	GMI (FC) 	YB 	YB
Codes 	ION A.C.N. 	None 	None
Option on Brent Crude Futures Weekly	Option on Brent Crude Futures Weekly 	Option on Brent Crude Futures Weekly 	Option on Brent Crude Futures Weekly
Trading Screen Product Name 	Brent Crude Weekly 	Brent Crude Weekly 	Brent Crude Weekly
Trading Screen Hub Name 	North Sea 	North Sea 	North Sea
Contract Symbol 	WAB 	WAB 	WAB
Hedge Instrument 	The delta hedge for the Brent Crude Weekly American-style Option is the ICE Brent Crude Future (B). 	The delta hedge for the Brent Crude Weekly American-style Option is the ICE Brent Crude Future (B). 	The delta hedge for the Brent Crude Weekly American-style Option is the ICE Brent Crude Future (B).
Contract Size 	1,000 barrels 	1,000 barrels 	1,000 barrels
Unit of Trading 	Any multiple of 1,000 barrels 	Any multiple of 1,000 barrels 	Any multiple of 1,000 barrels
Currency 	US Dollars and cents 	US Dollars and cents 	US Dollars and cents
Trading Price Quotation 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel
Settlement Price Quotation 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel
Minimum Price Fluctuation 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel
Last Trading Day 	Trading shall cease at the end of the designated settlement period of the ICE Futures Brent Crude Futures Contract on Friday. If Friday is not a Business Day then trading shall cease on the first Business Day immediately preceding the Friday. However, if any weekly expiry coincides with the scheduled cessation of trading of the ICE Futures Brent Crude Oil Monthly American-style Option Contract then the Weekly Option will not be made available for trading.	Trading shall cease at the end of the designated settlement period of the ICE Futures Brent Crude Futures Contract on Friday. If Friday is not a Business Day then trading shall cease on the first Business Day immediately preceding the Friday. However, if any weekly expiry coincides with the scheduled cessation of trading of the ICE Futures Brent Crude Oil Monthly American-style Option Contract then the Weekly Option will not be made available for trading.	Trading shall cease at the end of the designated settlement period of the ICE Futures Brent Crude Futures Contract on Friday. If Friday is not a Business Day then trading shall cease on the first Business Day immediately preceding the Friday. However, if any weekly expiry coincides with the scheduled cessation of trading of the ICE Futures Brent Crude Oil Monthly American-style Option Contract then the Weekly Option will not be made available for trading.
Option Style 	The option is an American-style option which can be exercised on any business day prior to and until expiration day. 	The option is an American-style option which can be exercised on any business day prior to and until expiration day. 	The option is an American-style option which can be exercised on any business day prior to and until expiration day.
Expiry 	ICE Brent Crude Weekly American-style Options will be exercised into ICE Brent Crude Futures contracts. On expiry day, automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more in-the-money with reference to the corresponding daily settlement price at the designated settlement time as determined by the Exchange. 	ICE Brent Crude Weekly American-style Options will be exercised into ICE Brent Crude Futures contracts. On expiry day, automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more in-the-money with reference to the corresponding daily settlement price at the designated settlement time as determined by the Exchange. 	ICE Brent Crude Weekly American-style Options will be exercised into ICE Brent Crude Futures contracts. On expiry day, automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more in-the-money with reference to the corresponding daily settlement price at the designated settlement time as determined by the Exchange.
Strike Price Intervals 	At launch multiples of .01 per barrel ranging from a strike of $1 to a strike of $240. Additional strike prices are added according to futures price movements.
The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. 	At launch multiples of .01 per barrel ranging from a strike of $1 to a strike of $240. Additional strike prices are added according to futures price movements.
The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. 	At launch multiples of .01 per barrel ranging from a strike of $1 to a strike of $240. Additional strike prices are added according to futures price movements.
The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract.
Contract Series 	Four consecutive weeks
If the scheduled cessation of trading of the ICE Futures Brent Crude Oil Monthly American-style Options contract is on a Monday, Tuesday, Wednesday or Thursday, then the Weekly Option expiring that same week will be exercisable into the second month ICE Brent Crude Oil Futures contract.
If the scheduled cessation of trading of the ICE Futures Brent Crude Oil Monthly American-style Options contract is on a Friday, then the Weekly Option will not be made available for trading.
If Friday is not a Business Day then trading shall cease on the first business day immediately preceding the Friday. However, if the first business day immediately preceding the Friday coincides with the scheduled cessation of trading of the ICE Futures Brent Crude Oil Monthly American-style Option Contract then the Weekly Option will not be made available for trading.
If the day on which trading in the relevant option is due to cease would be either: (i) the Business Day preceding Christmas Day, or (ii) the Business Day preceding New Year’s Day, then the Weekly Option will not be made available for trading.	Four consecutive weeks
If the scheduled cessation of trading of the ICE Futures Brent Crude Oil Monthly American-style Options contract is on a Monday, Tuesday, Wednesday or Thursday, then the Weekly Option expiring that same week will be exercisable into the second month ICE Brent Crude Oil Futures contract.
If the scheduled cessation of trading of the ICE Futures Brent Crude Oil Monthly American-style Options contract is on a Friday, then the Weekly Option will not be made available for trading.
If Friday is not a Business Day then trading shall cease on the first business day immediately preceding the Friday. However, if the first business day immediately preceding the Friday coincides with the scheduled cessation of trading of the ICE Futures Brent Crude Oil Monthly American-style Option Contract then the Weekly Option will not be made available for trading.
If the day on which trading in the relevant option is due to cease would be either: (i) the Business Day preceding Christmas Day, or (ii) the Business Day preceding New Year’s Day, then the Weekly Option will not be made available for trading.	Four consecutive weeks
If the scheduled cessation of trading of the ICE Futures Brent Crude Oil Monthly American-style Options contract is on a Monday, Tuesday, Wednesday or Thursday, then the Weekly Option expiring that same week will be exercisable into the second month ICE Brent Crude Oil Futures contract.
If the scheduled cessation of trading of the ICE Futures Brent Crude Oil Monthly American-style Options contract is on a Friday, then the Weekly Option will not be made available for trading.
If Friday is not a Business Day then trading shall cease on the first business day immediately preceding the Friday. However, if the first business day immediately preceding the Friday coincides with the scheduled cessation of trading of the ICE Futures Brent Crude Oil Monthly American-style Option Contract then the Weekly Option will not be made available for trading.
If the day on which trading in the relevant option is due to cease would be either: (i) the Business Day preceding Christmas Day, or (ii) the Business Day preceding New Year’s Day, then the Weekly Option will not be made available for trading.
Final Payment Date 	Two Clearing House Business Days following the Last Trading Day 	Two Clearing House Business Days following the Last Trading Day 	Two Clearing House Business Days following the Last Trading Day
Business Days 	ICE Business Days 	ICE Business Days 	ICE Business Days
MIC Code 	IFEU 	IFEU 	IFEU
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	8:00 PM - 6:00 PM*
20:00 - 18:00 	7:45 PM
19:45
Trading Hours 	LONDON 	1:00 AM - 11:00 PM*
01:00 - 23:00 	12:45 AM
00:45
Trading Hours 	SINGAPORE 	9:00 AM - 7:00 AM*
09:00 - 07:00 	8:45 AM
08:45
Trading Hours 	*Next Day 	*Next Day 	*Next Day
Codes 	Clearing Admin Name 	IPE e-Brent 	IPE e-Brent
Codes 	Physical 	WAB 	WAB
Codes 	Logical 	BRN 	BRN
Codes 	GMI (FC) 	H< 	H<
Codes 	ION A.C.N. 	None 	None
== Contract Volume ==
In 2014, the volume of Brent crude futures traded ranked first among all energy futures and options contracts according to the FIA. 
Year	Total Annual Volume	Percent Change
2014	160,425,461 	0.8%
2013	159,102,103 	--
== Notes ==
The contract is a deliverable contract based on EFP delivery with an option to cash settle against the published settlement price.
== See Also ==
*Brent Crude Oil
== References ==
==Resources==
Brent Crude on www.theice.com
ICE Brent Crude Oil Product Spec
ICE Brent Crude Oil Options Product Spec
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