CONTRACT RULES: US COAL CONTRACTS

Transcription

1 SECTION - CONTRACT RULES: ICE FUTURES CSX COAL FUTURES CONTRACT; ICE FUTURES POWDER RIVER BASIN COAL FUTURES CONTRACT; AND ICE FUTURES ILLINOIS BASIN COAL FUTURES CONTRACT, ( THE US COAL CONTRACTS ) 1.1 Scope 2.2 Definitions 3.3 Reference Quality 4.4 Price 5.5 Quantity 6.6 Cash Settlement Price 7.7 Cash Settlement Obligations 8 1 Amended 04 April Inserted 21 February 2011, Amended 04 April 2016, 31 July Inserted 21 February 2011, Amended 3 September 2014, 31 July Inserted 21 February 2011, Amended 04 April 2016, 31 July Inserted 21 February Inserted 21 February 2011, 7 Inserted 21 February 2011, Amended 04 April 2016, 31 July Inserted 21 February 2011, 31 July 2017 ICE Futures Europe 1

2 CONTRACT RULES: US COAL CONTRACTS.1 SCOPE 9 The Rules in this Section and in Sections I and FFF shall apply to Contracts for the ICE Futures CSX Coal Futures Contract, the ICE Futures Powder River Basin Coal Futures Contract, and the ICE Futures Illinois Basin Coal Futures Contract..2 DEFINITIONS 10 In the Contract Rules and the Administrative Procedures the following terms shall bear the meanings set opposite them below, if not inconsistent with the subject or context: Calendar Year Contract Half Year Contract means a strip of 12 consecutive contract months commencing January and ending with December; means six consecutive contract months and grouped as follows: (i) (ii) Front-Half Contract consisting of months January to June; and, Back-Half Contract consisting of the months July to December; lot Platts Coal Trader Assessments Final Monthly Average (month) Assessments for CAPP rail (CSX) OTC Assessments for Powder River Basin 8,800 OTC Assessments for Illinois Basin 11,800 OTC Quarter Contract means 1,000 tons of coal; means the daily periodical published by Platts which contains, among other things, the Platts Daily OTC Assessments Final Monthly Average (month) table; means a table published in the Platts Coal Trader; means a coal price assessment included within the Platts Daily OTC Assessments Final Monthly Average (month); means a coal price assessment included within the Platts Daily OTC Assessments Final Monthly Average (month); and means a coal price assessment included within the Platts Daily OTC Assessments Final Monthly Average (month); means three consecutive contract months and grouped as follows: January, February and March (first quarter); April, May and June (second quarter); July, August and September (third quarter); and October, November and December (fourth quarter). References to any periodical, report or assessment shall include references to such periodical, report or assessment as may be re-named and/or changed from time to time. Platts, a division of The McGraw-Hill Companies, Inc. ("Platts"), licenses the Intercontinental Exchange and its affiliates ("ICE") to use various Platts' price assessments in connection with the trading of relevant contracts ( the ICE Contracts ). ICE Contracts are not sponsored, endorsed, sold or promoted by Platts, a division of The McGraw-Hill Companies, Inc. Platts makes no representation or warranty, express or 9 Amended 04 April 2016, 31 July Amended 3 September 2014, 4 April 2016, 31 July ICE Futures Europe

3 implied, to the owners of ICE Contracts or any member of the public regarding the advisability of investing in ICE Contracts..3 REFERENCE QUALITY 11 The ICE Futures CSX Coal Futures Contract shall be referable to coal of a quality meeting the specification of coal on which the Platts Daily OTC Assessments for CAPP rail (CSX) OTC is, based or as otherwise determined by the Exchange from time to time. The ICE Futures Powder River Basin Coal Futures Contract shall be referable to coal of a quality meeting the specification of coal on which the Platts Daily OTC Assessments for Powder River Basin 8,800 OTC is, based or as otherwise determined by the Exchange from time to time. The ICE Futures Illinois Basin Coal Futures Contract shall be referable to coal of a quality meeting the specification of coal on which the Platts Daily OTC Assessments for Illinois Basin 11,800 OTC is, based or as otherwise determined by the Exchange from time to time..4 PRICE The contract price shall be in United States dollars and cents per ton with a minimum fluctuation of 1 cent per ton or as otherwise determined by the Exchange from time to time..5 QUANTITY (a) (b) A contract shall be for one or more lots. The Exchange may, in its absolute discretion, determine from time to time that a Contract shall be traded in a minimum number of lots or multiples thereof..6 CASH SETTLEMENT PRICE 12 The relevant cash settlement price shall be, subject to the Contract Rules and Procedures, as follows: For the ICE Futures CSX Coal Futures Contract: a price equal to the final monthly average for the corresponding month of the Platts Daily OTC Assessments for CAPP rail (CSX) OTC included within the Platts Daily OTC Assessments Final Monthly Average (month) in the first regular issue of Platts Coal Trader published after the last day of trading, as published by the Exchange. For the ICE Futures Powder River Basin Coal Futures Contract: a price equal to the final monthly average for the corresponding month of the Platts Daily OTC Assessments for Powder River Basin 8,800 OTC included within the Platts Daily OTC Assessments Final Monthly Average (month) in the first regular issue of Platts Coal Trader published after the last day of trading, as published by the Exchange. For the ICE Futures Illinois Basin Coal Futures Contract: a price equal to the final monthly average for the corresponding month of the Platts Daily OTC Assessments for Illinois Basin 11,800 OTC included within the Platts Daily OTC Assessments Final Monthly Average (month) in the first regular issue of Platts Coal Trader published after the last day of trading, as published by the Exchange. 11 Amended 04 April 2016, 31 July Amended 04 April 2016, 31 July 2017 ICE Futures Europe 3

4 CONTRACT RULES: US COAL CONTRACTS.7 CASH SETTLEMENT OBLIGATIONS 13 (a) (b) Contracts remaining open in the relevant contract month at cessation of trading on the last day of trading for the contract month shall be subject to the cash settlement procedure set out in this Rule. In respect of every lot comprised in the Contract, the following payments shall be made. Where the cash settlement price, (i) (ii) (iii) (iv) exceeds the contract price, payment by the Seller to the Clearing House, exceeds the contract price, payment by the Clearing House to the Buyer, is less than the contract price, payment by the Clearing House to the Seller, is less than the contract price, payment by the Buyer to the Clearing House, of an amount calculated by multiplying the difference between the cash settlement price and the contract price by (c) All payments to be made hereunder shall be made in such manner and by such time as the Clearing House may determine. They shall be made no later than the Trading Day following the date of publication of the cash settlement price. 13 Amended 04 April 2016, 31 July ICE Futures Europe

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