ICE Brent 1st Line

A monthly cash settled future based on the ICE daily settlement price for Brent Futures.
Brent 1st Line Futures 	Brent 1st Line Futures 	Brent 1st Line Futures 	Brent 1st Line Futures
Trading Screen Product Name	Crude Futures 	Crude Futures 	Crude Futures
Trading Screen Hub Name 	Brent 1st Line 	Brent 1st Line 	Brent 1st Line
Contract Symbol 	I 	I 	I
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 settlement prices as made public by ICE for the front month ICE Brent Futures contract for the month of production. 	In respect of final settlement, the Floating Price will be a price in USD and cents per barrel based on the average of the settlement prices as made public by ICE for the front month ICE Brent Futures contract for the month of production. 	In respect of final settlement, the Floating Price will be a price in USD and cents per barrel based on the average of the settlement prices as made public by ICE for the front month ICE Brent Futures contract for the month of production.
Roll Adjust Provision 	In order to use the correct Floating Price quotations, the nearby month quotation for ICE Brent Futures specified in the Floating Price terms above will be used except for the expiration date of the commodity's underlying delivery month's futures contract. On such date, the applicable pricing quotation will be rolled to the following month's futures contract.	In order to use the correct Floating Price quotations, the nearby month quotation for ICE Brent Futures specified in the Floating Price terms above will be used except for the expiration date of the commodity's underlying delivery month's futures contract. On such date, the applicable pricing quotation will be rolled to the following month's futures contract.	In order to use the correct Floating Price quotations, the nearby month quotation for ICE Brent Futures specified in the Floating Price terms above will be used except for the expiration date of the commodity's underlying delivery month's futures contract. On such date, the applicable pricing quotation will be rolled to the following month's futures contract.
Contract Series 	Up to 96 consecutive months. 	Up to 96 consecutive months. 	Up to 96 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 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 Outrights 	Crude Outrights
Codes 	Physical 	I 	I
Codes 	Logical 	BRN 	BRN
Codes 	GMI (FC) 	BS 	BS
Codes 	ION A.C.N. 	P997 	P997
Brent Average Price Options 	Brent Average Price Options 	Brent Average Price Options 	Brent Average Price Options
Trading Screen Product Name 	Crude Futures 	Crude Futures 	Crude Futures
Trading Screen Hub Name 	Brent 1st Line 	Brent 1st Line 	Brent 1st Line
Contract Symbol 	I 	I 	I
Hedge Instrument 	The delta hedge for the Brent Average Price Option is the ICE Brent 1st Line Swap Future (I) 	The delta hedge for the Brent Average Price Option is the ICE Brent 1st Line Swap Future (I) 	The delta hedge for the Brent Average Price Option is the ICE Brent 1st Line Swap Future (I)
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 Asian-style and will be automatically exercised on the expiry day if they are “in the money”. The swap 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 Asian-style and will be automatically exercised on the expiry day if they are “in the money”. The swap 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 Asian-style and will be automatically exercised on the expiry day if they are “in the money”. The swap 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.
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 average of the settlement prices as made public by ICE for the Brent 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.	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 average of the settlement prices as made public by ICE for the Brent 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.	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 average of the settlement prices as made public by ICE for the Brent 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.
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.
Strike Price Increments 	Minimum $0.50 increment strike prices. $1.00 Strikes from $20 to $240. $0.50 strikes 20 strikes above and below ATM. The “at the money” strike price is the closes interval nearest to the previous business day’s settlement price of the underlying contract. 	Minimum $0.50 increment strike prices. $1.00 Strikes from $20 to $240. $0.50 strikes 20 strikes above and below ATM. The “at the money” strike price is the closes interval nearest to the previous business day’s settlement price of the underlying contract. 	Minimum $0.50 increment strike prices. $1.00 Strikes from $20 to $240. $0.50 strikes 20 strikes above and below ATM. The “at the money” strike price is the closes interval nearest to the previous business day’s settlement price of the underlying contract.
Contract Series 	Up to 72 consecutive months 	Up to 72 consecutive months 	Up to 72 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 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 Outrights 	Crude Outrights
Codes 	Physical 	I 	I
Codes 	Logical 	BRN 	BRN
Codes 	GMI (FC) 	BS 	BS
Codes 	ION A.C.N. 	P997 	P997
== Notes ==
==References==
==Resources==
ICE Brent 1st Line Product Spec
ICE Brent Average Price Options Product Spec
Category:Sponsored Pages
Category:Sponsored Pages - ICE
Category:Reserved Pages
Category:Reserved Pages - ICE
Category:Crude Oil Futures Contracts
Category:Futures Contracts Traded on ICE
Category:Energy Futures Contracts
Category:Futures Data in Template