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Energy

Energy

Energy

Brent Crude Oil Futures

DGCX Brent Crude Oil Futures (DBRC) will allow DGCX participants to trade in the biggest Crude Oil benchmarks globally. Linking up the European referenced market to that of the Americas in WTI. The use of DBRC as a reference pricing mechanism extends far beyond the UK, Europe and other regional markets. The product design of DBRC brings one of the most heavily traded energy products to the DGCX. Alongside WTI, DBRC pricing accounts for over 50% of global supply, with price movements having an impact on prices in territories as far afield as the Middle East, China and the Americas.

 

Contract

Parameters

Contract Symbol

DBRC

Underlying

DGCX Brent Crude Oil Futures

Contract Size

1,000 barrels (42,000 gallons)

Notional Contract Value

USD 1,000 X DGCX Brent Crude Oil Futures

Trading Currency

USD

Settlement Currency

USD

Price Quote

US Dollars and Cents per barrel

Tick Size

USD 0.01 per barrel (US$ 10 per tick)

Tick Value

USD 10

Settlement Basis

Cash Only Settlement Contract

Daily Settlement Price Basis

Daily Settlement Price shall be as per DGCX Notice no. COMP-2008-014 dated April 22, 2008

Final Cash Settlement Price

Cash settled against the settlement price for Brent Crude Oil as made public by ICE on the last trading day of the DGCX front month contract

Last Day of Trading

2nd Business Day prior to the last calendar day of the second month preceding the Trading Month, if such last day is a DGCX Business Day, and a banking day in the UK. (i.e the 2nd last Business Day of June will be the expiry for August) If the 2nd last Business Day is not a DGCX or UK banking day, then the preceding DGCX Business Day which is not a banking holiday in the UK shall be the Last Day of Trading

Trading Days

Monday through to Friday

Trading Hours

DGCX Trading Hours

Trading Months

Twelve consecutive delivery months, from inception three months and two spread contracts (M1-M2 and M2-M3) will be launched.

New Contract Listing

Business Day immediately following the last Day of Trading

Max Order Size

500 contracts

EFP / EFS / Block Trades

As per DGCX By-Laws. Minimum Block size permitted is 200 contracts.

Time Limit for EFP / EFS / Block Trade Registration

Up to 5 minutes after cessation of trading on any trading day

Initial Margin based on SPAN

USD 3,500 per contract (Subject to change from time to time)

Extra Margin

In times of high volatility, an extra margin as deemed fit by the DGCX may be imposed on all open positions

Calendar Spread Margin

100% benefit is offered on calendar spread positions

Daily Price Movement limit

No Limits - Note 1*

Note 1*: There will be no limits on intra-day price movements, however to restrict data-entry errors the system will not allow entry of orders having prices higher or lower than US$ 3 as compared to the Previous Close Price. Exchange shall relax the intra-day price range for the prices of the contract approaching the US$ 3 limit