ICE Cotton No. 2

__NOTOC__
The ICE U.S. Cotton No. 2 contract is the benchmark contract for the global cotton trading community. The contract prices physical delivery of US-grown, exchange-grade product with grading performed by the U.S. Department of Agriculture, in store in exchange licensed warehouses in any of five US locations. 
ICE Cotton No. 2 futures and options trade both by open outcry and by electronic trading on the ICE platform. 
 
== Uses ==
Uses for cotton include textiles, home furnishings, and other industrial uses such as medical supplies.
U.S. textile mills presently consume approximately 7.6 million bales of cotton a year. Eventually, about 57% of it is converted into apparel, more than a third into home furnishings and the remainder into industrial products. 
== Data Quotes ==
ICE offers data quotes on a subscription basis. 
== Contract Specifications ==
Cotton No. 2 Futures 	Cotton No. 2 Futures 	Cotton No. 2 Futures 	Cotton No. 2 Futures
Trading Screen Product Name	Cotton No. 2 Futures 	Cotton No. 2 Futures 	Cotton No. 2 Futures
Trading Screen Hub Name 	NYCC 	NYCC 	NYCC
Contract Symbol 	CT 	CT 	CT
Contract Size 	50,000 pounds net weight 	50,000 pounds net weight 	50,000 pounds net weight
Quotation 	Cents and hundredths of a cent per pound 	Cents and hundredths of a cent per pound 	Cents and hundredths of a cent per pound
Contract Series 	March, May, July, October, December 	March, May, July, October, December 	March, May, July, October, December
Minimum Price Fluctuation 	1/100 of a cent (one "point") per pound equivalent to $5.00 per contract. 	1/100 of a cent (one "point") per pound equivalent to $5.00 per contract. 	1/100 of a cent (one "point") per pound equivalent to $5.00 per contract.
Settlement 	Physical Delivery 	Physical Delivery 	Physical Delivery
Daily Price Limit 	Futures contracts are subject to a daily price limit that can range from 3 to 7 cents per pound. Please consult Rule 10.09 for details 	Futures contracts are subject to a daily price limit that can range from 3 to 7 cents per pound. Please consult Rule 10.09 for details 	Futures contracts are subject to a daily price limit that can range from 3 to 7 cents per pound. Please consult Rule 10.09 for details
Deliverable Origins 	Mexico, Salvador, Guatemala, Costa Rica, Nicaragua, Kenya, Papua New Guinea, Panama, Tanzania, Uganda, Honduras, and Peru all at par, Colombia at 400 point premium, Burundi, Rwanda, Venezuela and India at 100 point discount, Dominican Republic and Ecuador at 400 point discount, and Brazil at 600 point discount.	Mexico, Salvador, Guatemala, Costa Rica, Nicaragua, Kenya, Papua New Guinea, Panama, Tanzania, Uganda, Honduras, and Peru all at par, Colombia at 400 point premium, Burundi, Rwanda, Venezuela and India at 100 point discount, Dominican Republic and Ecuador at 400 point discount, and Brazil at 600 point discount.	Mexico, Salvador, Guatemala, Costa Rica, Nicaragua, Kenya, Papua New Guinea, Panama, Tanzania, Uganda, Honduras, and Peru all at par, Colombia at 400 point premium, Burundi, Rwanda, Venezuela and India at 100 point discount, Dominican Republic and Ecuador at 400 point discount, and Brazil at 600 point discount.
Delivery Locations 	Exchange licensed warehouse in the Ports of New York District, Virginia, New Orleans, Houston, Miami, Bremen/Hamburg, Antwerp and Barcelona.
The New York and Virginia delivery points are par; the New Orleans, Miami and Houston delivery points are at a discount of 0.50 cents per pound; and the Bremen/Hamburg, Antwerp and Barcelona delivery points are at a discount of 1.25 cents per pound.	Exchange licensed warehouse in the Ports of New York District, Virginia, New Orleans, Houston, Miami, Bremen/Hamburg, Antwerp and Barcelona.
The New York and Virginia delivery points are par; the New Orleans, Miami and Houston delivery points are at a discount of 0.50 cents per pound; and the Bremen/Hamburg, Antwerp and Barcelona delivery points are at a discount of 1.25 cents per pound.	Exchange licensed warehouse in the Ports of New York District, Virginia, New Orleans, Houston, Miami, Bremen/Hamburg, Antwerp and Barcelona.
The New York and Virginia delivery points are par; the New Orleans, Miami and Houston delivery points are at a discount of 0.50 cents per pound; and the Bremen/Hamburg, Antwerp and Barcelona delivery points are at a discount of 1.25 cents per pound.
Grade/Standards/Quality 	Quality : Strict Low Middling Staple Length: 1 2/32nd inc 	Quality : Strict Low Middling Staple Length: 1 2/32nd inc 	Quality : Strict Low Middling Staple Length: 1 2/32nd inc
First Notice Day 	Five business days before the first delivery day of the spot contract month, which is the first business day of that month. 	Five business days before the first delivery day of the spot contract month, which is the first business day of that month. 	Five business days before the first delivery day of the spot contract month, which is the first business day of that month.
Last Trading Day 	Seventeen business days from end of spot month. 	Seventeen business days from end of spot month. 	Seventeen business days from end of spot month.
Last Notice Day 	Twelve business days from end of spot month. 	Twelve business days from end of spot month. 	Twelve business days from end of spot month.
Position Limit 	Position Limit and Position Accountability information for all IFUS products can be found here. 	Position Limit and Position Accountability information for all IFUS products can be found here. 	Position Limit and Position Accountability information for all IFUS products can be found here.
Markers 	TAS (Trade at Settlement) 	TAS (Trade at Settlement) 	TAS (Trade at Settlement)
MIC Code 	IFUS 	IFUS 	IFUS
Clearing Venues 	ICUS 	ICUS 	ICUS
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	4:15 AM - 1:30 PM
04:15 - 13:30 	8:00 PM
20:00
Trading Hours 	LONDON 	9:15 AM - 6:30 PM
09:15 - 18:30 	1:00 AM
01:00
Trading Hours 	SINGAPORE 	5:15 PM - 2:30 AM
17:15 - 02:30 	9:00 AM
09:00
Trading Hours 	**In addition to the Pre-Open start time shown above, there will be a Post-Close Pre-Open order entry session from 2:00 pm to 6:00 pm NY time on the prior Exchange business day. 	**In addition to the Pre-Open start time shown above, there will be a Post-Close Pre-Open order entry session from 2:00 pm to 6:00 pm NY time on the prior Exchange business day. 	**In addition to the Pre-Open start time shown above, there will be a Post-Close Pre-Open order entry session from 2:00 pm to 6:00 pm NY time on the prior Exchange business day.
Codes 	Clearing Admin Name 	Coffee C 	Coffee C
Codes 	Physical 	KC 	KC
Codes 	Logical 	KC 	KC
Codes 	GMI (FC) 	43 	43
Codes 	ION A.C.N. 	2065 	2065
Cotton No. 2 Options 	Cotton No. 2 Options 	Cotton No. 2 Options 	Cotton No. 2 Options
Trading Screen Product Name	Cotton No. 2 Futures 	Cotton No. 2 Futures 	Cotton No. 2 Futures
Trading Screen Hub Name 	NYCC 	NYCC 	NYCC
Contract Symbol 	CT 	CT 	CT
Contract Size 	50,000 pounds net weight 	50,000 pounds net weight 	50,000 pounds net weight
Price Quotation 	Cents and hundredths of a cent per pound 	Cents and hundredths of a cent per pound 	Cents and hundredths of a cent per pound
Contract Series 	Regular Options: March, May, July, October and December; Serial Options: January, September and November. The underlying future for the September and November serial options is the December futures contract; the underlying future for the January serial option is the March futures contract	Regular Options: March, May, July, October and December; Serial Options: January, September and November. The underlying future for the September and November serial options is the December futures contract; the underlying future for the January serial option is the March futures contract	Regular Options: March, May, July, October and December; Serial Options: January, September and November. The underlying future for the September and November serial options is the December futures contract; the underlying future for the January serial option is the March futures contract
Minimum Price Fluctuation 	1/100 of a cent (one 'point') per pound 	1/100 of a cent (one 'point') per pound 	1/100 of a cent (one 'point') per pound
Daily Price Limit 	Cotton Options trading may be halted under certain market conditions. See Rule 10.53 for details. 	Cotton Options trading may be halted under certain market conditions. See Rule 10.53 for details. 	Cotton Options trading may be halted under certain market conditions. See Rule 10.53 for details.
Strike Price Intervals 	1-cent increments for all contract months. 	1-cent increments for all contract months. 	1-cent increments for all contract months.
First Trading Day 	Business day following the listing of the underlying future. 	Business day following the listing of the underlying future. 	Business day following the listing of the underlying future.
Last Trading Day 	For Regular Options: Last Friday preceding the first notice day for the underlying futures by at least 5 business days
For Serial Options: Third Friday of the month in which the option expires. 	For Regular Options: Last Friday preceding the first notice day for the underlying futures by at least 5 business days
For Serial Options: Third Friday of the month in which the option expires. 	For Regular Options: Last Friday preceding the first notice day for the underlying futures by at least 5 business days
For Serial Options: Third Friday of the month in which the option expires.
Position Limit 	Position Limit and Position Accountability information for all IFUS products can be found here. 	Position Limit and Position Accountability information for all IFUS products can be found here. 	Position Limit and Position Accountability information for all IFUS products can be found here.
MIC Code 	IFUS 	IFUS 	IFUS
Clearing Venues 	ICUS 	ICUS 	ICUS
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	9:00 PM - 2:20 PM*
21:00 - 14:20 	7:30 PM
19:30
Trading Hours 	LONDON 	2:00 AM - 7:20 PM*
02:00 - 19:20 	12:30 AM
00:30
Trading Hours 	SINGAPORE 	10:00 AM - 3:20 AM*
10:00 - 03:20 	8:30 AM
08:30
Trading Hours 	*Next Day 	*Next Day 	*Next Day
Codes 	Clearing Admin Name 	Cotton No 2 	Cotton No 2
Codes 	Physical 	CT 	CT
Codes 	Logical 	CT 	CT
Codes 	GMI (FC) 	28 	28
Codes 	ION A.C.N. 	2205 	2205
Weekly Cotton No. 2 Options	Weekly Cotton No. 2 Options 	Weekly Cotton No. 2 Options 	Weekly Cotton No. 2 Options
Trading Screen Product Name	Cotton No. 2 Weekly 	Cotton No. 2 Weekly 	Cotton No. 2 Weekly
Trading Screen Hub Name 	NYCC 	NYCC 	NYCC
Contract Size 	One Cotton No. 2 futures contract 	One Cotton No. 2 futures contract 	One Cotton No. 2 futures contract
Tick Size 	.01 cent per lb., equivalent to $5.00 per contract 	.01 cent per lb., equivalent to $5.00 per contract 	.01 cent per lb., equivalent to $5.00 per contract
Strike Price Intervals 	1-cent per lb./100 point increments 	1-cent per lb./100 point increments 	1-cent per lb./100 point increments
Exercise 	American style. Exercise of a Weekly Option will result in creation of a position in the underlying Cotton No. 2 future contract. 	American style. Exercise of a Weekly Option will result in creation of a position in the underlying Cotton No. 2 future contract. 	American style. Exercise of a Weekly Option will result in creation of a position in the underlying Cotton No. 2 future contract.
Trading Hours 	ETS: 9:00 pm to 2:30 pm NY time
Floor: 10:30 am to 2:15 pm NY time 	ETS: 9:00 pm to 2:30 pm NY time
Floor: 10:30 am to 2:15 pm NY time 	ETS: 9:00 pm to 2:30 pm NY time
Floor: 10:30 am to 2:15 pm NY time
Expiration Date 	Weekly Options expire on the Last Trading Day of the contract. 	Weekly Options expire on the Last Trading Day of the contract. 	Weekly Options expire on the Last Trading Day of the contract.
Last Trading Day 	A specified Friday that is not also the last trade date of a monthly option contract. If such a Friday is the last trade date of a monthly option, then the Weekly Option that would expire on that Friday will not be listed for trading. 	A specified Friday that is not also the last trade date of a monthly option contract. If such a Friday is the last trade date of a monthly option, then the Weekly Option that would expire on that Friday will not be listed for trading. 	A specified Friday that is not also the last trade date of a monthly option contract. If such a Friday is the last trade date of a monthly option, then the Weekly Option that would expire on that Friday will not be listed for trading.
First Trading Day 	Three Weekly Options will be listed at all times. A new Weekly Option will be listed on the business day following the last trade date of any Weekly Option. 	Three Weekly Options will be listed at all times. A new Weekly Option will be listed on the business day following the last trade date of any Weekly Option. 	Three Weekly Options will be listed at all times. A new Weekly Option will be listed on the business day following the last trade date of any Weekly Option.
Contract Symbol 	CTW
The Contract Symbol shown above will be used for weekly options listed on and after September 8, 2014. For information on the symbols used prior to that date please go to IFUS_Weekly_Options_FAQ. 	CTW
The Contract Symbol shown above will be used for weekly options listed on and after September 8, 2014. For information on the symbols used prior to that date please go to IFUS_Weekly_Options_FAQ. 	CTW
The Contract Symbol shown above will be used for weekly options listed on and after September 8, 2014. For information on the symbols used prior to that date please go to IFUS_Weekly_Options_FAQ.
Underlying Contract 	The first listed future contract for which the monthly option on the future contract has not yet expired, with the proviso that the October futures contract is not eligible to be the underlying future on a Weekly Cotton No. 2 Option contract.	The first listed future contract for which the monthly option on the future contract has not yet expired, with the proviso that the October futures contract is not eligible to be the underlying future on a Weekly Cotton No. 2 Option contract.	The first listed future contract for which the monthly option on the future contract has not yet expired, with the proviso that the October futures contract is not eligible to be the underlying future on a Weekly Cotton No. 2 Option contract.
MIC Code 	IFUS 	IFUS 	IFUS
Clearing Venues 	ICUS 	ICUS 	ICUS
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	9:00 PM - 2:20 PM*
21:00 - 14:20 	7:30 PM
19:30
Trading Hours 	LONDON 	2:00 AM - 7:20 PM*
02:00 - 19:20 	12:30 AM
00:30
Trading Hours 	SINGAPORE 	10:00 AM - 3:20 AM
10:00 - 03:20 	8:30 AM
08:30
Trading Hours 	*Next Day 	*Next Day 	*Next Day
Codes 	Clearing Admin Name 	O-Cotton No 2 	O-Cotton No 2
Codes 	Physical 	CTW 	CTW
Codes 	Logical 	CTW 	CTW
Codes 	GMI (FC) 	CW 	CW
Codes 	ION A.C.N. 	None 	None
Cotton No. 2 1-Month Calendar Spread Options	Cotton No. 2 1-Month Calendar Spread Options 	Cotton No. 2 1-Month Calendar Spread Options 	Cotton No. 2 1-Month Calendar Spread Options
Trading Screen Product Name 	Cotton No. 2 1-Month CSO 	Cotton No. 2 1-Month CSO 	Cotton No. 2 1-Month CSO
Trading Screen Hub Name 	NYCC 	NYCC 	NYCC
Contract Symbol 	CT1 (1 Month Series)
Determining the two futures months in an CSO pair requires knowing both the Contract Symbol and the Month Symbol. CSO contract symbols are three characters long, with the first two characters denoting the futures contract for the pair and the third digit signifying how to identify the second month in the pair, which must be implied using the Month Symbol for the CSO contract. For example, the Contract Symbol “CT1” indicates the underlying contract is Cotton No. 2, and that the second month in the spread pair is ONE month forward from the front month of the pair. If the Month Symbol for an CSO contract is K10 (or May 2010), the Contract Symbol “CT1” implies that the second month in the pair is N10 (or July 2010) – one contract month forward from the K10; the Contract Symbol “CT2” would imply that the second month in the pair is V10 (or Oct 2010) – two contract months forward from the K10.	CT1 (1 Month Series)
Determining the two futures months in an CSO pair requires knowing both the Contract Symbol and the Month Symbol. CSO contract symbols are three characters long, with the first two characters denoting the futures contract for the pair and the third digit signifying how to identify the second month in the pair, which must be implied using the Month Symbol for the CSO contract. For example, the Contract Symbol “CT1” indicates the underlying contract is Cotton No. 2, and that the second month in the spread pair is ONE month forward from the front month of the pair. If the Month Symbol for an CSO contract is K10 (or May 2010), the Contract Symbol “CT1” implies that the second month in the pair is N10 (or July 2010) – one contract month forward from the K10; the Contract Symbol “CT2” would imply that the second month in the pair is V10 (or Oct 2010) – two contract months forward from the K10.	CT1 (1 Month Series)
Determining the two futures months in an CSO pair requires knowing both the Contract Symbol and the Month Symbol. CSO contract symbols are three characters long, with the first two characters denoting the futures contract for the pair and the third digit signifying how to identify the second month in the pair, which must be implied using the Month Symbol for the CSO contract. For example, the Contract Symbol “CT1” indicates the underlying contract is Cotton No. 2, and that the second month in the spread pair is ONE month forward from the front month of the pair. If the Month Symbol for an CSO contract is K10 (or May 2010), the Contract Symbol “CT1” implies that the second month in the pair is N10 (or July 2010) – one contract month forward from the K10; the Contract Symbol “CT2” would imply that the second month in the pair is V10 (or Oct 2010) – two contract months forward from the K10.
Contract Size 	A spread position between the two futures contract months. 	A spread position between the two futures contract months. 	A spread position between the two futures contract months.
Price Quotation 	Cents and hundredths of a cent per pound 	Cents and hundredths of a cent per pound 	Cents and hundredths of a cent per pound
Contract Series 	March, May, July, October and December.
1 Month Series: each of the first four listed futures months paired with consecutive listed months 	March, May, July, October and December.
1 Month Series: each of the first four listed futures months paired with consecutive listed months 	March, May, July, October and December.
1 Month Series: each of the first four listed futures months paired with consecutive listed months
Minimum Price Fluctuation 	1/100 of a cent (one ‘point’) per pound 	1/100 of a cent (one ‘point’) per pound 	1/100 of a cent (one ‘point’) per pound
Daily Price Limit 	None 	None 	None
Strike Price Intervals 	25 point increments. 	25 point increments. 	25 point increments.
First Trading Day 	See Cotton Rule No. 10.71 for details. 	See Cotton Rule No. 10.71 for details. 	See Cotton Rule No. 10.71 for details.
Last Trading Day 	Each OFS contract expires on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all OFS contracts for which the March 2011 future is the front month of the pair will expire on the ltd of the March 2011 regular option. 	Each OFS contract expires on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all OFS contracts for which the March 2011 future is the front month of the pair will expire on the ltd of the March 2011 regular option. 	Each OFS contract expires on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all OFS contracts for which the March 2011 future is the front month of the pair will expire on the ltd of the March 2011 regular option.
Call Option 	Buyer of an 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 an 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 an 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 an 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 an 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 an 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.
Strike Price 	The Strike Price of an CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).	The Strike Price of an CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).	The Strike Price of an CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).
MIC Code 	IFUS 	IFUS 	IFUS
Clearing Venues 	ICUS 	ICUS 	ICUS
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	9:00 PM - 2:30 PM*
21:00 - 14:30 	8:00 PM
20:00
Trading Hours 	LONDON 	2:00 AM - 7:30 PM*
02:00 - 19:30 	1:00 AM
01:00
Trading Hours 	SINGAPORE 	10:00 AM - 3:30 AM*
10:00 - 03:30 	9:00 AM
09:00
Codes 	Clearing Admin Name 	O-Cotton No 2 	O-Cotton No 2
Codes 	Physical 	CT1 	CT1
Codes 	Logical 	CT1 	CT1
Codes 	GMI (FC) 	8A 	8A
Codes 	ION A.C.N. 	None 	None
Cotton No. 2 2-Month Calendar Spread Options	Cotton No. 2 2-Month Calendar Spread Options 	Cotton No. 2 2-Month Calendar Spread Options 	Cotton No. 2 2-Month Calendar Spread Options
Trading Screen Product Name 	Cotton No. 2 2-Month CSO 	Cotton No. 2 2-Month CSO 	Cotton No. 2 2-Month CSO
Trading Screen Hub Name 	NYCC 	NYCC 	NYCC
Contract Symbol 	CT2 (2 Month Series)
Determining the two futures months in an CSO pair requires knowing both the Contract Symbol and the Month Symbol. CSO contract symbols are three characters long, with the first two characters denoting the futures contract for the pair and the third digit signifying how to identify the second month in the pair, which must be implied using the Month Symbol for the CSO contract. For example, the Contract Symbol “CT1” indicates the underlying contract is Cotton No. 2, and that the second month in the spread pair is ONE month forward from the front month of the pair. If the Month Symbol for an CSO contract is K10 (or May 2010), the Contract Symbol “CT1” implies that the second month in the pair is N10 (or July 2010) – one contract month forward from the K10; the Contract Symbol “CT2” would imply that the second month in the pair is V10 (or Oct 2010) – two contract months forward from the K10.	CT2 (2 Month Series)
Determining the two futures months in an CSO pair requires knowing both the Contract Symbol and the Month Symbol. CSO contract symbols are three characters long, with the first two characters denoting the futures contract for the pair and the third digit signifying how to identify the second month in the pair, which must be implied using the Month Symbol for the CSO contract. For example, the Contract Symbol “CT1” indicates the underlying contract is Cotton No. 2, and that the second month in the spread pair is ONE month forward from the front month of the pair. If the Month Symbol for an CSO contract is K10 (or May 2010), the Contract Symbol “CT1” implies that the second month in the pair is N10 (or July 2010) – one contract month forward from the K10; the Contract Symbol “CT2” would imply that the second month in the pair is V10 (or Oct 2010) – two contract months forward from the K10.	CT2 (2 Month Series)
Determining the two futures months in an CSO pair requires knowing both the Contract Symbol and the Month Symbol. CSO contract symbols are three characters long, with the first two characters denoting the futures contract for the pair and the third digit signifying how to identify the second month in the pair, which must be implied using the Month Symbol for the CSO contract. For example, the Contract Symbol “CT1” indicates the underlying contract is Cotton No. 2, and that the second month in the spread pair is ONE month forward from the front month of the pair. If the Month Symbol for an CSO contract is K10 (or May 2010), the Contract Symbol “CT1” implies that the second month in the pair is N10 (or July 2010) – one contract month forward from the K10; the Contract Symbol “CT2” would imply that the second month in the pair is V10 (or Oct 2010) – two contract months forward from the K10.
Contract Size 	A spread position between the two futures contract months. 	A spread position between the two futures contract months. 	A spread position between the two futures contract months.
Price Quotation 	Cents and hundredths of a cent per pound 	Cents and hundredths of a cent per pound 	Cents and hundredths of a cent per pound
Contract Series 	March, May, July, October and December.
2 Month Series: each of the first three listed futures months paired with the 2nd listed month forward from that month. 	March, May, July, October and December.
2 Month Series: each of the first three listed futures months paired with the 2nd listed month forward from that month. 	March, May, July, October and December.
2 Month Series: each of the first three listed futures months paired with the 2nd listed month forward from that month.
Minimum Price Fluctuation 	1/100 of a cent (one ‘point’) per pound 	1/100 of a cent (one ‘point’) per pound 	1/100 of a cent (one ‘point’) per pound
Daily Price Limit 	None 	None 	None
Strike Price Intervals 	25 point increments. 	25 point increments. 	25 point increments.
First Trading Day 	See Cotton Rule No. 10.71 for details. 	See Cotton Rule No. 10.71 for details. 	See Cotton Rule No. 10.71 for details.
Last Trading Day 	Each OFS contract expires on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all OFS contracts for which the March 2011 future is the front month of the pair will expire on the ltd of the March 2011 regular option. 	Each OFS contract expires on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all OFS contracts for which the March 2011 future is the front month of the pair will expire on the ltd of the March 2011 regular option. 	Each OFS contract expires on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all OFS contracts for which the March 2011 future is the front month of the pair will expire on the ltd of the March 2011 regular option.
Call Option 	Buyer of an 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 an 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 an 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 an 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 an 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 an 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.
Strike Price 	The Strike Price of an CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).	The Strike Price of an CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).	The Strike Price of an CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).
MIC Code 	IFUS 	IFUS 	IFUS
Clearing Venues 	ICUS 	ICUS 	ICUS
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	9:00 PM - 2:30 PM*
21:00 - 14:30 	8:00 PM
20:00
Trading Hours 	LONDON 	2:00 AM - 7:30 PM*
02:00 - 19:30 	1:00 AM
01:00
Trading Hours 	SINGAPORE 	10:00 AM - 3:30 AM*
10:00 - 03:30 	9:00 AM
09:00
Trading Hours 	*Next Day 	*Next Day 	*Next Day
Codes 	Clearing Admin Name 	Cotton No 2 	Cotton No 2
Codes 	Physical 	CT2 	CT2
Codes 	Logical 	CT2 	CT2
Codes 	GMI (FC) 	8B 	8B
Codes 	ION A.C.N. 	None 	None
== References ==
==Resources==
ICE Cotton No. 2 Product Spec
ICE Weekly Cotton No. 2 Product Spec
ICE Cotton No. 2 1-Month Calendar Spread Product Spec
ICE Cotton No. 2 2-Month Calendar Spread Product Spec
Category:Cotton Futures Contracts
Category:Futures Contracts Traded on ICE
Category:Agricultural Futures Contracts
Category:Futures Data in Template