- Trading Screen Product Name
- WTI Crude Weekly
- Trading Screen Hub Name
- WTI
- Hedge Instrument
The delta hedge for the WTI Crude Weekly American-style Option is
the ICE WTI Crude Future (T).
- Contract Symbol
WAW
- Contract Size
1,000 barrels
- Unit of Trading
Any multiple of 1,000 barrels
- Currency
US Dollars and cents
- Trading Price Quotation
One cent ($0.01) per barrel
- Settlement Price Quotation
One cent ($0.01) per barrel
- Minimum Price Fluctuation
One cent ($0.01) per barrel
- Last Trading Day
Trading shall cease at the end of the designated settlement period
of the ICE Futures West Texas Intermediate Light Sweet Crude Oil
Futures Contract on each day an ICE Futures West Texas Intermediate
Light Sweet Crude Oil Weekly Options contract is made available.
- Option Style
The option is an American-style option which can be exercised on
any business day prior to and until expiration day.
- Option Premium / Daily Margin
Due to equity-style margining, the premium on ICE WTI Options is
paid/received on the day following the day of trade. Equity-Style
Options have no daily Variation Margin payment. The premium on the
Equity-style Options 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.
- Expiry
ICE WTI Crude Weekly American-style Options will be exercised into
corresponding ICE WTI Crude Futures contracts. On expiry day,
automatic exercise settings are pre-set to exercise call and put
option contracts that are one minimum price fluctuation or more
in-the-money and call option contracts which are at-the-money with
reference to the corresponding daily settlement price at the
designated settlement time as determined by the Exchange.
At-the-money put options will be abandoned.
- Strike Price
This contract will support Custom Option Strikes of $0.01/bbl above
and below the at-the-money Strike Price. Strike price boundaries
are adjusted according to futures 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
Four consecutive weeks.
If the scheduled cessation of trading day for an ICE Futures West
Texas Intermediate Light Sweet Crude Oil Weekly Options contract
coincides with the scheduled cessation of trading of the monthly
ICE Futures West Texas Intermediate Light Sweet Crude Oil Options
Contract then the Weekly Option will be exercisable into the second
month ICE West Texas Intermediate Light Sweet Crude Oil Futures
contract
If the cessation of trading day is not a US business day then the
relevant ICE Futures West Texas Intermediate Light Sweet Crude Oil
Weekly Options contract will not be made available for trading.
- Final Payment Date
Two Clearing House Business Days following the Last Trading Day
- Business Days
ICE Business Days
- MIC Code
- IFEU
- Clearing Venues
- ICEU