ICE Dubai 1st Line

A monthly cash settled future based on the Platts daily assessment price for Dubai Crude
Dubai 1st Line Futures 	Dubai 1st Line Futures 	Dubai 1st Line Futures 	Dubai 1st Line Futures
Trading Screen Product Name	Crude Futures 	Crude Futures 	Crude Futures
Trading Screen Hub Name 	Dubai 1st Line 	Dubai 1st Line 	Dubai 1st Line
Contract Symbol 	DBI 	DBI 	DBI
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 ($0.001) per barrel
Last Trading Day 	Last Trading Day of the contract month 	Last Trading Day of the contract month 	Last Trading Day of the contract month
Floating Price 	In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. 	In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. 	In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products.
Final Settlement 	In respect of final settlement, the Floating Price will be a price in USD and cents per barrel based on the average of the mean of the high and low quotations appearing in "Platts Crude Oil Marketwire" under the heading "Key benchmarks ($/bbl)" for "Dubai" prompt month for each business day (as specified below) in the determination period.	In respect of final settlement, the Floating Price will be a price in USD and cents per barrel based on the average of the mean of the high and low quotations appearing in "Platts Crude Oil Marketwire" under the heading "Key benchmarks ($/bbl)" for "Dubai" prompt month for each business day (as specified below) in the determination period.	In respect of final settlement, the Floating Price will be a price in USD and cents per barrel based on the average of the mean of the high and low quotations appearing in "Platts Crude Oil Marketwire" under the heading "Key benchmarks ($/bbl)" for "Dubai" prompt month for each business day (as specified below) in the determination period.
Contract Series 	Up to 60 consecutive months 	Up to 60 consecutive months 	Up to 60 consecutive months
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 Platts Crude Oil Marketwire 	Publication days for Platts Crude Oil Marketwire 	Publication days for Platts Crude Oil Marketwire
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 	Dubai Crude 	Dubai Crude
Codes 	Physical 	DBI 	DBI
Codes 	Logical 	DBI 	DBI
Codes 	GMI (FC) 	DB 	DB
Codes 	ION A.C.N. 	OU44 	OU44
Crude Outright - Dubai 1st Line (Platts) Average Price Options	Crude Outright - Dubai 1st Line (Platts) Average Price Options 	Crude Outright - Dubai 1st Line (Platts) Average Price Options 	Crude Outright - Dubai 1st Line (Platts) Average Price Options
Trading Screen Product Name 	Crude Futures 	Crude Futures 	Crude Futures
Trading Screen Hub Name 	Dubai 1st Line 	Dubai 1st Line 	Dubai 1st Line
Contract Symbol 	DBI 	DBI 	DBI
Hedge Instrument 	The delta hedge for the Dubai 1st Line (Platts) Average Price Option is the Dubai 1st Line Future (DBI) 	The delta hedge for the Dubai 1st Line (Platts) Average Price Option is the Dubai 1st Line Future (DBI) 	The delta hedge for the Dubai 1st Line (Platts) Average Price Option is the Dubai 1st Line Future (DBI)
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 	Last Trading Day of the contract month 	Last Trading Day of the contract month 	Last Trading Day of the contract month
Option Style 	Options are average priced and will be automatically exercised into the Dubai 1st Line Future 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 than the Last Trading Day. No manual exercise is permitted. 	Options are average priced and will be automatically exercised into the Dubai 1st Line Future 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 than the Last Trading Day. No manual exercise is permitted. 	Options are average priced and will be automatically exercised into the Dubai 1st Line Future 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 than the Last Trading Day. No manual exercise is permitted.
Option Premium / Daily Margin 	The Dubai 1st Line (Platts) Average Price Option is a premium-paid-upfront option. The traded premium will therefore be debited by the Clearing House from the Buyer and credited to the Seller on the morning of the Business Day following the day of trade. Members who are long premium-paid-upfront options will receive a Net Liquidating Value (NLV) credit to the value of the premium which is then used to offset the initial margin requirement flowing from both these options and positions in other energy contracts. Members who are short premium-paid-upfront options will receive an NLV debit in addition to their initial margin requirement. NLV is calculated daily with reference to the settlement price of the option.	The Dubai 1st Line (Platts) Average Price Option is a premium-paid-upfront option. The traded premium will therefore be debited by the Clearing House from the Buyer and credited to the Seller on the morning of the Business Day following the day of trade. Members who are long premium-paid-upfront options will receive a Net Liquidating Value (NLV) credit to the value of the premium which is then used to offset the initial margin requirement flowing from both these options and positions in other energy contracts. Members who are short premium-paid-upfront options will receive an NLV debit in addition to their initial margin requirement. NLV is calculated daily with reference to the settlement price of the option.	The Dubai 1st Line (Platts) Average Price Option is a premium-paid-upfront option. The traded premium will therefore be debited by the Clearing House from the Buyer and credited to the Seller on the morning of the Business Day following the day of trade. Members who are long premium-paid-upfront options will receive a Net Liquidating Value (NLV) credit to the value of the premium which is then used to offset the initial margin requirement flowing from both these options and positions in other energy contracts. Members who are short premium-paid-upfront options will receive an NLV debit in addition to their initial margin requirement. NLV is calculated daily with reference to the settlement price of the option.
Expiry 	16:30 London Time.
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 arithmetic average of the settlement prices of the Dubai 1st Line Swap Future for the contract month. When exercised against, the Clearing House, at its discretion, selects sellers against which to exercise on a pro-rata basis. 	16:30 London Time.
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 arithmetic average of the settlement prices of the Dubai 1st Line Swap Future for the contract month. When exercised against, the Clearing House, at its discretion, selects sellers against which to exercise on a pro-rata basis. 	16:30 London Time.
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 arithmetic average of the settlement prices of the Dubai 1st Line Swap Future for the contract month. When exercised against, the Clearing House, at its discretion, selects sellers against which to exercise on a pro-rata basis.
Strike Price Intervals 	This contract will support Custom Option Strikes with strikes in increments of $0.01 within a range of $20 to $240. 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 $0.01 within a range of $20 to $240. 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 $0.01 within a range of $20 to $240. 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 months 	Up to 60 consecutive months 	Up to 60 consecutive months
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 Platts Crude Oil Marketwire 	Publication days for Platts Crude Oil Marketwire 	Publication days for Platts Crude Oil Marketwire
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 	7:55 PM
19:55
Trading Hours 	LONDON 	1:00 AM - 11:00 PM*
01:00 - 23:00 	12:55 AM
00:55
Trading Hours 	SINGAPORE 	9:00 AM - 7:00 AM*
09:00 - 07:00 	8:55 AM
08:55
Trading Hours 	*Next Day 	*Next Day 	*Next Day
Codes 	Clearing Admin Name 	Dubai Crude 	Dubai Crude
Codes 	Physical 	DBI 	DBI
Codes 	Logical 	DBI 	DBI
Codes 	GMI (FC) 	DB 	DB
Codes 	ION A.C.N. 	OU44 	OU44
== Notes ==
==References==
==Resources==
ICE Dubai 1st Line Product Spec
ICE Crude Outright - Dubai 1st Line (Platts) Average Price Options Product Specs
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