ICE California Low Carbon Fuel Standard Credit (OPIS)

A monthly cash settled futures contract based on the OPIS daily assessment price for Physically Delivered California Low Carbon Fuel Standard (LCFS) Credits
California Low Carbon Fuel Standard Credit (OPIS) Futures	California Low Carbon Fuel Standard Credit (OPIS) Futures 	California Low Carbon Fuel Standard Credit (OPIS) Futures 	California Low Carbon Fuel Standard Credit (OPIS) Futures
Trading Screen Product Name 	LCFS Futures 	LCFS Futures 	LCFS Futures
Trading Screen Hub Name 	LCFS 	LCFS 	LCFS
Contract Symbol 	LFS 	LFS 	LFS
Settlement Method 	Cash 	Cash 	Cash
Contract Size 	100 LCFS Credits (where 1 LCFS Credit is 1 MT) 	100 LCFS Credits (where 1 LCFS Credit is 1 MT) 	100 LCFS Credits (where 1 LCFS Credit is 1 MT)
Currency 	USD 	USD 	USD
Minimum Price Fluctuation 	The price quotation convention shall be Twenty-Five cent ($0.25) per LCFS Credit; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. 	The price quotation convention shall be Twenty-Five cent ($0.25) per LCFS Credit; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. 	The price quotation convention shall be Twenty-Five cent ($0.25) per LCFS Credit; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.
Listing Cycle 	1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it determines for the current year and forward for up to ten years.
2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, November and December 	1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it determines for the current year and forward for up to ten years.
2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, November and December 	1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it determines for the current year and forward for up to ten years.
2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, November and December
Last Trading Day 	Last Business Day of the contract month 	Last Business Day of the contract month 	Last Business 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 LCFS Credit based on the average of the mean of the high and low quotations appearing in the "OPIS Ethanol & Gasoline Component Spot Market Prices" report under the heading "California Low Carbon Fuel Standard" subheading "Carb Credit” 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 LCFS Credit based on the average of the mean of the high and low quotations appearing in the "OPIS Ethanol & Gasoline Component Spot Market Prices" report under the heading "California Low Carbon Fuel Standard" subheading "Carb Credit” 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 LCFS Credit based on the average of the mean of the high and low quotations appearing in the "OPIS Ethanol & Gasoline Component Spot Market Prices" report under the heading "California Low Carbon Fuel Standard" subheading "Carb Credit” for each Business Day (as specified below) in the determination period.
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 OPIS Carb Credit 	Publication days for OPIS Carb Credit 	Publication days for OPIS Carb Credit
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 	LCFS 	LCFS
Codes 	Physical 	LFS 	LFS
Codes 	Logical 	LFS 	LFS
Codes 	GMI (FC) 	L1 	L1
Codes 	ION A.C.N. 	None 	None
California Low Carbon Fuel Standard Credit (OPIS) Options	California Low Carbon Fuel Standard Credit (OPIS) Options 	California Low Carbon Fuel Standard Credit (OPIS) Options 	California Low Carbon Fuel Standard Credit (OPIS) Options
Trading Screen Product Name 	LCFS Futures 	LCFS Futures 	LCFS Futures
Trading Screen Hub Name 	LCFS 	LCFS 	LCFS
Contract Symbol 	LFS 	LFS 	LFS
Settlement Method 	Exercise into Underlying Futures Contract 	Exercise into Underlying Futures Contract 	Exercise into Underlying Futures Contract
Contract Size 	1 California Low Carbon Fuel Standard Credit (OPIS) Future 	1 California Low Carbon Fuel Standard Credit (OPIS) Future 	1 California Low Carbon Fuel Standard Credit (OPIS) Future
Currency 	USD 	USD 	USD
Minimum Price Fluctuation 	The price quotation convention shall be Twenty-Five cent ($0.25) per LCFS Credit; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. 	The price quotation convention shall be Twenty-Five cent ($0.25) per LCFS Credit; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. 	The price quotation convention shall be Twenty-Five cent ($0.25) per LCFS Credit; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.
Listing Cycle 	1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it determines for the current year and forward for up to ten years.
2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, November and December	1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it determines for the current year and forward for up to ten years.
2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, November and December	1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it determines for the current year and forward for up to ten years.
2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, November and December
Strike Price Intervals 	A minimum of ten Strike Prices in increments of $1.00 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 $0.05 increments	A minimum of ten Strike Prices in increments of $1.00 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 $0.05 increments	A minimum of ten Strike Prices in increments of $1.00 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 $0.05 increments
Last Trading Day 	At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th calendar day is not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the delivery month. 	At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th calendar day is not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the delivery month. 	At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th calendar day is not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the delivery month.
Option Style 	European 	European 	European
Exercise 	Automatic
Clearing Members shall provide exercise and abandon instructions to the Clearing Organization in accordance with the Clearing Organization rules
Exercise Time 5:30 pm EPT on the Last Trading Day 	Automatic
Clearing Members shall provide exercise and abandon instructions to the Clearing Organization in accordance with the Clearing Organization rules
Exercise Time 5:30 pm EPT on the Last Trading Day 	Automatic
Clearing Members shall provide exercise and abandon instructions to the Clearing Organization in accordance with the Clearing Organization rules
Exercise Time 5:30 pm EPT on 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 	LCFS 	LCFS
Codes 	Physical 	LFS 	LFS
Codes 	Logical 	LFS 	LFS
Codes 	GMI (FC) 	L1 	L1
Codes 	ION A.C.N. 	None 	None
== Notes ==
==References==
==Resources==
ICE California Low Carbon Fuel Standard Credit (OPIS) Product Spec
ICE Option on California Low Carbon Fuel Standard Credit (OPIS) Product Spec
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