ICE Three Month Euribor ® Futures

Cash settled future based on EMMI EURIBOR rate for three month deposits.
== Contract Specs ==
Three Month Euribor ® Futures 	Three Month Euribor ® Futures 	Three Month Euribor ® Futures 	Three Month Euribor ® Futures
Trading Screen Product Name 	Three Month Euro (Euribor) Future 	Three Month Euro (Euribor) Future 	Three Month Euro (Euribor) Future
Trading Screen Hub Name 	ICEU 	ICEU 	ICEU
Contract Symbol 	I 	I 	I
Unit of Trading 	€2,500 * Rate Index 	€2,500 * Rate Index 	€2,500 * Rate Index
Delivery Date 	First business day after the Last Trading Day 	First business day after the Last Trading Day 	First business day after the Last Trading Day
Delivery Months 	March, June, September, December, and four serial months, such that 28 delivery months are available for trading, with the nearest six delivery months being consecutive calendar months 	March, June, September, December, and four serial months, such that 28 delivery months are available for trading, with the nearest six delivery months being consecutive calendar months 	March, June, September, December, and four serial months, such that 28 delivery months are available for trading, with the nearest six delivery months being consecutive calendar months
Quotation 	100.00 minus the numerical value of the rate of interest 	100.00 minus the numerical value of the rate of interest 	100.00 minus the numerical value of the rate of interest
Minimum Price Fluctuation 	0.005 (€12.50) 	0.005 (€12.50) 	0.005 (€12.50)
Last Trading Day 	10.00 - Two business days prior to the third Wednesday of the delivery month 	10.00 - Two business days prior to the third Wednesday of the delivery month 	10.00 - Two business days prior to the third Wednesday of the delivery month
Exchange Delivery Settlement Price	Based on the European Money Markets Institute Euribor Rate (EMMI Euribor) for three month Euro deposits at 11.00 Brussels time (10:00 London time) on the Last Trading Day. The settlement price will be 100.00 minus the EMMI Euribor Rate rounded to three decimal places. Where the EDSP Rate is not an exact multiple of 0.001, it will be rounded to the nearest 0.001 or, where the EDSP Rate is an exact uneven multiple of 0.0005, to the nearest lower 0.001 (e.g. a EMMI Euribor Rate of 4.5225 becomes 4.522). 	Based on the European Money Markets Institute Euribor Rate (EMMI Euribor) for three month Euro deposits at 11.00 Brussels time (10:00 London time) on the Last Trading Day. The settlement price will be 100.00 minus the EMMI Euribor Rate rounded to three decimal places. Where the EDSP Rate is not an exact multiple of 0.001, it will be rounded to the nearest 0.001 or, where the EDSP Rate is an exact uneven multiple of 0.0005, to the nearest lower 0.001 (e.g. a EMMI Euribor Rate of 4.5225 becomes 4.522). 	Based on the European Money Markets Institute Euribor Rate (EMMI Euribor) for three month Euro deposits at 11.00 Brussels time (10:00 London time) on the Last Trading Day. The settlement price will be 100.00 minus the EMMI Euribor Rate rounded to three decimal places. Where the EDSP Rate is not an exact multiple of 0.001, it will be rounded to the nearest 0.001 or, where the EDSP Rate is an exact uneven multiple of 0.0005, to the nearest lower 0.001 (e.g. a EMMI Euribor Rate of 4.5225 becomes 4.522).
Algorithm 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap).
Off Exchange Trade Types 	Basis Trading, Block Trading. 	Basis Trading, Block Trading. 	Basis Trading, Block Trading.
Contract Standard 	Cash settlement based on the Exchange Delivery Settlement Price. 	Cash settlement based on the Exchange Delivery Settlement Price. 	Cash settlement based on the Exchange Delivery Settlement Price.
NCR, RL and IPL Levels 	NCR: 0.10;
RL: 0.10
IPL: 0.20, 1 second recalculation and 3 second hold periods.
To access NCR documentation click here. 	NCR: 0.10;
RL: 0.10
IPL: 0.20, 1 second recalculation and 3 second hold periods.
To access NCR documentation click here. 	NCR: 0.10;
RL: 0.10
IPL: 0.20, 1 second recalculation and 3 second hold periods.
To access NCR documentation click here.
Markers 	TAS (Trade at Settlement) 	TAS (Trade at Settlement) 	TAS (Trade at Settlement)
Disclaimer 	EURIBOR-EMMI makes no warranty, express or implied, either as to the results to be obtained from the use of EURIBOR and / or the figure at which EURIBOR stands at any particular time on any particular day or otherwise. EURIBOR - EMMI makes no express or implied warranties of merchantability or fitness for a particular purpose for use with respect to the product and excludes all liability for any loss of business or profits or for any direct, indirect or consequential loss or damage arising from use of the EURIBOR.	EURIBOR-EMMI makes no warranty, express or implied, either as to the results to be obtained from the use of EURIBOR and / or the figure at which EURIBOR stands at any particular time on any particular day or otherwise. EURIBOR - EMMI makes no express or implied warranties of merchantability or fitness for a particular purpose for use with respect to the product and excludes all liability for any loss of business or profits or for any direct, indirect or consequential loss or damage arising from use of the EURIBOR.	EURIBOR-EMMI makes no warranty, express or implied, either as to the results to be obtained from the use of EURIBOR and / or the figure at which EURIBOR stands at any particular time on any particular day or otherwise. EURIBOR - EMMI makes no express or implied warranties of merchantability or fitness for a particular purpose for use with respect to the product and excludes all liability for any loss of business or profits or for any direct, indirect or consequential loss or damage arising from use of the EURIBOR.
MIC Code 	IFLL 	IFLL 	IFLL
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	8:00 PM - 4:00 PM
20:00 - 16:00 	7:45 PM
19:45
Trading Hours 	LONDON 	1:00 AM - 9:00 PM
01:00 - 21:00 	12:45 AM
00:45
Trading Hours 	SINGAPORE 	8:00 AM - 4:00 AM
08:00 - 04:00 	7:45 AM
07:45
Codes 	Clearing Admin Name 	STIR Euribor 	STIR Euribor
Codes 	Physical 	I 	I
Codes 	Logical 	I 	I
Codes 	GMI (FC) 	None 	None
Codes 	ION A.C.N. 	None 	None
Options on Three Month Euribor ® Futures	Options on Three Month Euribor ® Futures 	Options on Three Month Euribor ® Futures 	Options on Three Month Euribor ® Futures
Trading Screen Product Name 	Three Month Euro (Euribor) Future 	Three Month Euro (Euribor) Future 	Three Month Euro (Euribor) Future
Trading Screen Hub Name 	ICEU 	ICEU 	ICEU
Contract Symbol 	I 	I 	I
Unit of Trading 	One Three Month Euribor Futures Contract 	One Three Month Euribor Futures Contract 	One Three Month Euribor Futures Contract
Contract Series 	March, June, September, December, and four serial months, such that twelve expiry months are available for trading, with the nearest six expiry months being consecutive calendar months 	March, June, September, December, and four serial months, such that twelve expiry months are available for trading, with the nearest six expiry months being consecutive calendar months 	March, June, September, December, and four serial months, such that twelve expiry months are available for trading, with the nearest six expiry months being consecutive calendar months
Contract Standard 	Assignment of one three month Euribor futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March the same year in respect of January, February and March expiry months; June the same year in respect of April, May and June expiry months; September the same year in respect of July, August and September expiry months; and December the same year in respect of October, November and December expiry months 	Assignment of one three month Euribor futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March the same year in respect of January, February and March expiry months; June the same year in respect of April, May and June expiry months; September the same year in respect of July, August and September expiry months; and December the same year in respect of October, November and December expiry months 	Assignment of one three month Euribor futures contract at the exercise price. The futures delivery month associated with each option expiry month shall be: March the same year in respect of January, February and March expiry months; June the same year in respect of April, May and June expiry months; September the same year in respect of July, August and September expiry months; and December the same year in respect of October, November and December expiry months
Last Trading Day 	For quarterlies, two business days prior to the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 10:00.
For serials, Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15. 	For quarterlies, two business days prior to the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 10:00.
For serials, Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15. 	For quarterlies, two business days prior to the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 10:00.
For serials, Friday before the third Wednesday of the expiry month. On the Last Trading Day, trading in the expiring month will cease at 15:15.
Exercise 	For quarterlies, exercise by 17:00 on any business day including the expiry day. For serials, exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months.
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.	For quarterlies, exercise by 17:00 on any business day including the expiry day. For serials, exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months.
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.	For quarterlies, exercise by 17:00 on any business day including the expiry day. For serials, exercise by 17:00 on any business day, brought forward to 16:00 on the Last Trading Day.
Exercise Price Intervals 0.125, (i.e. 0.125%) e.g. 94.00, 94.125, 94.25 etc for all expiry months.
For all contract months:
A minimum of 13 Strike Prices in increments of 0.125 above and below the at-the-money Strike Price. The “at-the-money” strike price is the closest interval nearest to the previous business day’s settlement price of the corresponding underlying future. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in 0.125 increments.
Delivery Date 	Delivery on the first business day after the exercise day. 	Delivery on the first business day after the exercise day. 	Delivery on the first business day after the exercise day.
Minimum Price Fluctuation 	0.0025 (€6.25) 	0.0025 (€6.25) 	0.0025 (€6.25)
Algorithm 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap). 	Central order book applies a gradual time based pro-rata (GTBPR) matching algorithm with a time-weighting of 1 (ie the algorithm is effectively a priority pro-rata matching algorithm) with priority given to the first order at the best price subject to a minimum order size (collar) and limited to a maximum order size (cap).
Off Exchange Trade Types 	Basis Trading, Block Trading. 	Basis Trading, Block Trading. 	Basis Trading, Block Trading.
Additional Information 	Potential users of the Options on Euribor Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract. 	Potential users of the Options on Euribor Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract. 	Potential users of the Options on Euribor Futures Contracts should familiarize themselves with the terms of these contracts and with the terms of the Underlying Futures Contract.
Option Premium 	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH. 	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH. 	The contract price is not paid at the time of purchase. Option positions, as with futures position, are settled-to-market daily giving rise to positive or negative variation margin flows. When the Buyer exercises/abandons an option, the Buyer is required to pay the original contract price to the Exchange's Clearing Houser (CH) and the CH will pay the original option price to the Seller on the following business day. Such payments will be netted against the variation margin balances of Buyer and Seller by the CH.
Disclaimer 	EURIBOR-EMMI makes no warranty, express or implied, either as to the results to be obtained from the use of EURIBOR and / or the figure at which EURIBOR stands at any particular time on any particular day or otherwise. EURIBOR - EMMI makes no express or implied warranties of merchantability or fitness for a particular purpose for use with respect to the product and excludes all liability for any loss of business or profits or for any direct, indirect or consequential loss or damage arising from use of the EURIBOR.	EURIBOR-EMMI makes no warranty, express or implied, either as to the results to be obtained from the use of EURIBOR and / or the figure at which EURIBOR stands at any particular time on any particular day or otherwise. EURIBOR - EMMI makes no express or implied warranties of merchantability or fitness for a particular purpose for use with respect to the product and excludes all liability for any loss of business or profits or for any direct, indirect or consequential loss or damage arising from use of the EURIBOR.	EURIBOR-EMMI makes no warranty, express or implied, either as to the results to be obtained from the use of EURIBOR and / or the figure at which EURIBOR stands at any particular time on any particular day or otherwise. EURIBOR - EMMI makes no express or implied warranties of merchantability or fitness for a particular purpose for use with respect to the product and excludes all liability for any loss of business or profits or for any direct, indirect or consequential loss or damage arising from use of the EURIBOR.
MIC Code 	IFLL 	IFLL 	IFLL
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	2:00 AM - 1:00 PM
02:00 - 13:00 	None
Trading Hours 	LONDON 	7:00 AM - 6:00 PM
07:00 - 18:00 	None
Trading Hours 	SINGAPORE 	2:00 PM - 1:00 AM
14:00 - 01:00 	None
Codes 	Clearing Admin Name 	STIR Euribor 	STIR Euribor
Codes 	Physical 	I 	I
Codes 	Logical 	I 	I
Codes 	GMI (FC) 	None 	None
Codes 	ION A.C.N. 	None 	None
== Notes ==
== References ==
== Resources ==
Category:Sponsored Pages
Category:Sponsored Pages - ICE
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Category:Reserved Pages - ICE
Category:Futures Contracts Traded on ICE
Category:Futures Data in Template
Category:Interest Rates