ICE Brent Crude Futures Contract Specifications
| Underlying asset | Brent Crude | |
| Contract size | 1,000 barrels | |
| Unit of Trading | Any multiple of 1,000 barrels | |
| Currency | US Dollars and cents | |
| Trading Price | One cent ($0.01) per barrel | |
| Settlement Price | One cent ($0.01) per barrel | |
| Minimum Price Fluctuation | One cent ($0.01) per barrel | |
| Expiration Date |
Trading shall cease at the end of the designated settlement period on the last Business Day of the second month preceding the relevant contract month (e.g. the March contract month will expire on the last Business Day of January). If the day on which trading is due to cease would be either: (i) the Business Day preceding Christmas Day, or (ii) the Business Day preceding New Year’s Day, then trading shall cease on the next preceding Business Day |
|
| Daily Settlement | The weighted average price of trades during a two minute settlement period from 19:28:00, London time. | |
| Daily Margin | All open contracts are marked-to-market daily. | |
| Position Limit | The Brent crude future is a cash-settled contract. The Exchange's daily position management regime requires that all positions in any contract month must be reported to the exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take any steps necessary to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate | |
| Expiry Limits |
The Exchange may impose limits on positions in this contract at its discretion in accordance with Exchange Rule P3. Current expiry limit: 7,000 contracts in the last five business days, up to and including the expiry day in the spot month, inclusive of futures-equivalent position in Brent Options. Exemptions from expiry limits may be granted at the Exchange’s discretion to participants who provide and document a commercial rationale for their requirement |
|
| Contract Series | Up to 96 consecutive months | |
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