ICE Propane, Argus CIF ARA

A monthly cash settled Exchange Futures Contract based upon the average of the daily prices published by Argus International LPG for the location specified in Reference Price A.
Propane, Argus CIF ARA Future 	Propane, Argus CIF ARA Future 	Propane, Argus CIF ARA Future 	Propane, Argus CIF ARA Future
Trading Screen Product Name 	Propane Argus Futures 	Propane Argus Futures 	Propane Argus Futures
Trading Screen Hub Name 	CIF ARA 	CIF ARA 	CIF ARA
Contract Symbol 	APC 	APC 	APC
Settlement Method 	Cash settlement 	Cash settlement 	Cash settlement
Contract Size 	1,000 metric tonnes 	1,000 metric tonnes 	1,000 metric tonnes
Currency 	USD 	USD 	USD
Minimum Price Fluctuation 	The price quotation convention shall be One tenth of a cent ($0.001) per metric tonne; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. The conversion factor for this contract is 42 gallons = 1 barrel. 	The price quotation convention shall be One tenth of a cent ($0.001) per metric tonne; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. The conversion factor for this contract is 42 gallons = 1 barrel. 	The price quotation convention shall be One tenth of a cent ($0.001) per metric tonne; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. The conversion factor for this contract is 42 gallons = 1 barrel.
Listing Cycle 	Up to 72 consecutive monthly Contract Periods 	Up to 72 consecutive monthly Contract Periods 	Up to 72 consecutive monthly Contract Periods
Last Trading Day 	The last Business Day of the Contract Period 	The last Business Day of the Contract Period 	The last Business Day of the Contract Period
Final Settlement 	Average of Reference Price A prices 	Average of Reference Price A prices 	Average of Reference Price A prices
REFERENCE PRICE A 	NGL-PROPANE (EUROPE: CIF ARA LARGE CARGOES)-ARGUS INTERNATIONAL LPG 	NGL-PROPANE (EUROPE: CIF ARA LARGE CARGOES)-ARGUS INTERNATIONAL LPG 	NGL-PROPANE (EUROPE: CIF ARA LARGE CARGOES)-ARGUS INTERNATIONAL LPG
a) Ref Price A - Description 	"NGL-PROPANE (EUROPE: CIF ARA LARGE CARGOES)-ARGUS INTERNATIONAL LPG " means that the price for a Pricing Date will be that day's Specified Price per tonne of propane for delivery on the Delivery Date, stated in U.S. Dollars, published under the heading "Europe: cif ARA (large cargoes): Propane" in the issue of Argus International LPG that reports prices effective on that Pricing Date	"NGL-PROPANE (EUROPE: CIF ARA LARGE CARGOES)-ARGUS INTERNATIONAL LPG " means that the price for a Pricing Date will be that day's Specified Price per tonne of propane for delivery on the Delivery Date, stated in U.S. Dollars, published under the heading "Europe: cif ARA (large cargoes): Propane" in the issue of Argus International LPG that reports prices effective on that Pricing Date	"NGL-PROPANE (EUROPE: CIF ARA LARGE CARGOES)-ARGUS INTERNATIONAL LPG " means that the price for a Pricing Date will be that day's Specified Price per tonne of propane for delivery on the Delivery Date, stated in U.S. Dollars, published under the heading "Europe: cif ARA (large cargoes): Propane" in the issue of Argus International LPG that reports prices effective on that Pricing Date
b) Ref Price A - Pricing Date 	Each day that prices are reported for the Delivery Date 	Each day that prices are reported for the Delivery Date 	Each day that prices are reported for the Delivery Date
c) Ref Price A - Specified Price 	Price 	Price 	Price
d) Ref Price A - Pricing calendar	Argus International LPG 	Argus International LPG 	Argus International LPG
e) Ref Price A - Delivery Date 	Contract Period 	Contract Period 	Contract Period
Final Payment Date 	The second Clearing Organization business day following the Last Trading Day 	The second Clearing Organization business day following the Last Trading Day 	The second Clearing Organization business day following the Last Trading Day
MIC Code 	IFED 	IFED 	IFED
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
Sunday Pre-Open 5:40 PM ET; Closed on Saturday 	*Next Day
Sunday Pre-Open 5:40 PM ET; Closed on Saturday 	*Next Day
Sunday Pre-Open 5:40 PM ET; Closed on Saturday
Codes 	Clearing Admin Name 	NGL Master 	NGL Master
Codes 	Physical 	APC 	APC
Codes 	Logical 	APC 	APC
Codes 	GMI (FC) 	A6 	A6
Codes 	ION A.C.N. 	SN16 	SN16
Propane, Argus CIF ARA Average Price Options	Propane, Argus CIF ARA Average Price Options 	Propane, Argus CIF ARA Average Price Options 	Propane, Argus CIF ARA Average Price Options
Trading Screen Product Name 	Propane Argus Futures 	Propane Argus Futures 	Propane Argus Futures
Trading Screen Hub Name 	CIF ARA 	CIF ARA 	CIF ARA
Contract Symbol 	APC 	APC 	APC
Settlement Method 	Exercise into Underlying Futures Contract 	Exercise into Underlying Futures Contract 	Exercise into Underlying Futures Contract
Contract Size 	1,000 metric tonnes 	1,000 metric tonnes 	1,000 metric tonnes
Currency 	US Dollars and cents 	US Dollars and cents 	US Dollars and cents
Minimum Price Fluctuation 	One tenth of one cent ($0.001) per metric tonne 	One tenth of one cent ($0.001) per metric tonne 	One tenth of one cent ($0.001) per metric tonne
Contract Series 	Up to 72 consecutive monthly Contract Periods 	Up to 72 consecutive monthly Contract Periods 	Up to 72 consecutive monthly Contract Periods
Last Trading Day 	Last Trading Day of the contract month 	Last Trading Day of the contract month 	Last Trading Day of the contract month
Option Style 	Average Price 	Average Price 	Average Price
Exercise 	Automatic Only
Manual exercise or abandon is not permitted
Options which are "in the money", with respect to the average of the Reference Price A prices, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike Price. Options which are "out of the money" expire automatically.
Exercise Day is the Second Business Day following the Last Trading Day	Automatic Only
Manual exercise or abandon is not permitted
Options which are "in the money", with respect to the average of the Reference Price A prices, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike Price. Options which are "out of the money" expire automatically.
Exercise Day is the Second Business Day following the Last Trading Day	Automatic Only
Manual exercise or abandon is not permitted
Options which are "in the money", with respect to the average of the Reference Price A prices, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike Price. Options which are "out of the money" expire automatically.
Exercise Day is the Second Business Day following the Last Trading Day
REFERENCE PRICE A 	NGL-PROPANE (EUROPE: CIF ARA LARGE CARGOES)-ARGUS INTERNATIONAL LPG 	NGL-PROPANE (EUROPE: CIF ARA LARGE CARGOES)-ARGUS INTERNATIONAL LPG 	NGL-PROPANE (EUROPE: CIF ARA LARGE CARGOES)-ARGUS INTERNATIONAL LPG
a) Ref Price A - Description 	"NGL-PROPANE (EUROPE: CIF ARA LARGE CARGOES)-ARGUS INTERNATIONAL LPG" means that the price for a Pricing Date will be that day's Specified Price per tonne of propane for delivery on the Delivery Date, stated in US Dollars, published under the heading "Europe: cif ARA (large cargoes): Propane" in the issue of Argus International LPG that reports prices effective on that Pricing Date	"NGL-PROPANE (EUROPE: CIF ARA LARGE CARGOES)-ARGUS INTERNATIONAL LPG" means that the price for a Pricing Date will be that day's Specified Price per tonne of propane for delivery on the Delivery Date, stated in US Dollars, published under the heading "Europe: cif ARA (large cargoes): Propane" in the issue of Argus International LPG that reports prices effective on that Pricing Date	"NGL-PROPANE (EUROPE: CIF ARA LARGE CARGOES)-ARGUS INTERNATIONAL LPG" means that the price for a Pricing Date will be that day's Specified Price per tonne of propane for delivery on the Delivery Date, stated in US Dollars, published under the heading "Europe: cif ARA (large cargoes): Propane" in the issue of Argus International LPG that reports prices effective on that Pricing Date
b) Ref Price A - Pricing Date 	Each day that prices are reported for the Delivery Date 	Each day that prices are reported for the Delivery Date 	Each day that prices are reported for the Delivery Date
c) Ref Price A - Specified Price 	Average Price 	Average Price 	Average Price
d) Ref Price A - Pricing calendar 	Argus International LPG 	Argus International LPG 	Argus International LPG
e) Ref Price A - Delivery Date 	Contract month 	Contract month 	Contract month
Strike Price Listing Provisions 	A minimum of a ten Strike Prices in increments of $0.50 per metric tonne above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in $0.01 increments. 	A minimum of a ten Strike Prices in increments of $0.50 per metric tonne above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in $0.01 increments. 	A minimum of a ten Strike Prices in increments of $0.50 per metric tonne above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in $0.01 increments.
MIC Code 	IFED 	IFED 	IFED
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
Sunday Pre-Open 5:40 PM ET; Closed on Saturday 	*Next Day
Sunday Pre-Open 5:40 PM ET; Closed on Saturday 	*Next Day
Sunday Pre-Open 5:40 PM ET; Closed on Saturday
Codes 	Clearing Admin Name 	NGL Master 	NGL Master
Codes 	Physical 	APC 	APC
Codes 	Logical 	APC 	APC
Codes 	GMI (FC) 	A6 	A6
Codes 	ION A.C.N. 	SN16 	SN16
== Notes ==
==References==
==Resources==
ICE Propane, Argus CIF ARA Product Spec
ICE Propane, Argus CIF ARA Average Price Options Product Spec
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