ICE Canola
The ICE Canola contract is traded through ICE Futures Canada, the subsidiary of the Intercontinental Exchange formerly known as the Winnipeg Commodity Exchange (WCE). The canola futures and options are traded electronically.
ICE's futures and options on futures contracts for ICE Western Barley, ICE Canola and ICE Feed Wheat transitioned from the WCE trading platform to the ICE Trading Platform on December 10, 2007.[1]
Background[edit]
Canola is a genetic variation of rapeseed, developed by Canadian plant breeders for its nutritional qualities, particularly the low level of saturated fat. Canola is used to make cooking oil and biodiesel, a renewable fuel[2].
Canola is grown primarily in regions of Western Canada, with some acreage being planted in Ontario, the Pacific Northwest and north central US. Canola is also grown in other regions including Europe and Australia.
Data Quotes[edit]
ICE offers data quotes on a subscription basis.[3]
References[edit]
- ↑ Intercontinental Exchange Announces Successful Transition of WCE Products to ICE Trading Platform. WSJ.com.
- ↑ Canola Uses. Northern Canola Growers Association.
- ↑ The most valuable commodity is information. ICE.
| Canola Oil Futures | |||
|---|---|---|---|
| Trading Screen Product Name | Canola Futures | ||
| Trading Screen Hub Name | ICUS | ||
| Contract Symbol | RS | ||
| Currency | Canadian dollars. | ||
| Delivery Months | January, March, May, July, November. | ||
| Deliverable Specifications | Contract deliverable grades shall be based on primary elevator grade standards as established by the Canadian Grain Commission (CGC).
Non-commercially clean Canadian canola with maximum dockage of 8%; all other specifications to meet No. 1 Canada canola at par; or Deliverable at $5.00/net tonne premium: commercially clean No. 1 Canada canola; or Deliverable at $8.00/net tonne discount: commercially clean No. 2 Canada canola; or Deliverable at $13.00/net tonne discount: non-commercially clean Canadian canola, with maximum dockage of 8%; all other specifications to meet No. 2 Canada canola. Varieties derived from GMOs are deliverable. | ||
| Delivery Locations | Par: Par area in Saskatchewan.
Central West: Non-par locations in Saskatchewan at $2.00/tonne premium. Eastern: Non-par locations in Manitoba at $2.00/tonne discount. Western: Non-par locations in Alberta (excluding the Peace River District of Alberta) at $6.00/tonne premium. Peace River: Non-par locations in Alberta and British Columbia known as the Peace River District at $2.00/tonne premium. | ||
| Contract Size | 1 contract = 20 tonnes. | ||
| Trade Match Algorithm | First-in-First-out (FIFO). | ||
| First Notice Day | One Trading Day prior to the first delivery day. | ||
| Delivery Date | First Trading Day of the delivery month. | ||
| Last Trading Day | Trading Day preceding the fifteenth calendar day of the delivery month. | ||
| Last Notice Day | First Trading Day after the last Trading Day of the delivery contract. | ||
| Minimum Price Fluctuation | $0.10/tonne ($2.00/contract). | ||
| Daily Price Limit | $30.00/tonne above or below previous settlement. See ICE Futures U.S. Rule 12.02 for details on Expanded Daily Price Limits | ||
| Speculative Position Limit | 3,000 contracts (In spot month only - see ICE Futures U.S. Rules for details) | ||
| Markers | TAS (Trade at Settlement)[1] | ||
| MIC Code | IFUS | ||
| Clearing Venues | ICUS | ||
| Trading Hours | CITY | TRADING | PRE-OPEN |
| NEW YORK | 8:00 PM - 2:20 PM*
20:00 - 14:20 |
7:30 PM
19:30 | |
| LONDON | 1:00 AM - 7:20 PM*
01:00 - 19:20 |
12:30 AM
00:30 | |
| SINGAPORE | 9:00 AM - 3:20 AM*
09:00 - 03:20" |
8:30 AM
08:30 | |
| *Next Day
In addition to the Pre-Open start time shown above, there will be a Post-Close Pre-Open order entry session from 2:50 pm to 6:00 pm NY time on the prior Exchange business day." | |||
| Codes | Clearing Admin Name | Canola US | |
| Physical | RS | ||
| Logical | RS | ||
| GMI (FC) | RS | ||
| ION A.C.N. | None | ||
| Canola Oil Options | |||
|---|---|---|---|
| Trading Screen Product Name | Canola Futures | ||
| Trading Screen Hub Name | ICUS | ||
| Contract Symbol | RS | ||
| Currency | Canadian dollars. | ||
| Underlying Contract | One Canola futures contract. | ||
| Contract Size | 1 contract = 20 tonnes. | ||
| Contract Series | Regular Months: January, March, May, July, November.
Serial Months: February, April, June, August, September, October, December. For a serial option, the underlying futures contract is the next regular futures contract month. | ||
| Trade Match Algorithm | First-in-First-out (FIFO). | ||
| Last Trading Day | Options Months except January: The last Friday which precedes by at least two Trading Days the last Trading Day immediately preceding the Options Month. January Options Months: The third Friday of December. | ||
| Expiration Date | Same as Last Trading Day. | ||
| Minimum Price Fluctuation | $0.10/tonne ($2.00/contract). | ||
| Strike Price Increments | $5.00/tonne. | ||
| Option Style | American. | ||
| Exercise | All options that are in-the-money. | ||
| MIC Code | IFUS | ||
| Clearing Venues | ICUS | ||
| Trading Hours | CITY | TRADING | PRE-OPEN |
| NEW YORK | 8:00 PM - 2:20 PM*
20:00 - 14:20 |
7:30 PM
19:30 | |
| LONDON | 1:00 AM - 7:20 PM*
01:00 - 19:20 |
12:30 AM
00:30 | |
| SINGAPORE | 9:00 AM - 3:20 AM*
09:00 - 03:20 |
8:30 AM
08:30 | |
| *Next Day
In addition to the Pre-Open start time shown above, there will be a Post-Close Pre-Open order entry session from 2:50 pm to 6:00 pm NY time on the prior Exchange business day. | |||
| Codes | Clearing Admin Name | Options - Canola | |
| Physical | RS | ||
| Logical | RS | ||
| GMI (FC) | RS | ||
| ION A.C.N. | None | ||
| Canola 1-month Calendar Spread Options | |||
|---|---|---|---|
| Trading Screen Product Name | Canola 1-Month CSO | ||
| Trading Screen Hub Name | ICUS | ||
| Contract Symbol | RS1 (1 Month Series)
Determining the two futures months in a CSO pair requires knowing the Month Symbol of the first month in the pair. All canola CSOs are consecutive (1-month) calendar spread options. For example, if the Month Symbol for a CSO contract is K14 (or May 2014), the second month in the pair is N14 (or July 2014) – one contract month forward from the K14" | ||
| Underlying Contract | A spread position between the two futures contract months. | ||
| Contract Size | Twenty (20) metric tonnes | ||
| Price Quotation | Canadian dollars and cents per metric tonne. | ||
| Contract Series | January, March, May, July and November.
1 Month Series: each of the first six listed futures months, paired with consecutive listed months. | ||
| Minimum Price Fluctuation | 10 cents per tonne | ||
| Option Style | American | ||
| Exercise | All options that are in the money | ||
| Daily Price Limit | None | ||
| Strike Price Intervals | Minimum Strike Price Increment will be $1.00. | ||
| First Trading Day | As required to fulfill the listing cycle noted above | ||
| Last Trading Day | Each CSO expires on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all CSO contracts for which the March 2014 future is the front month of the pair will expire on the last trading day of the March 2014 regular option. | ||
| Call Option | Buyer of a CSO Call Option has the right to establish a spread position of long the first futures month in the spread pair and short the second futures month in the spread pair, at a price difference equal to the Strike Price of the CSO contract | ||
| Put Option | Buyer of a CSO Put Option has the right to establish a spread position of short the first futures month in the spread pair and long the second futures month in the spread pair, at a price difference equal to the Strike Price of the CSO contract. | ||
| Strike Price | The Strike Price of a CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same). | ||
| MIC Code | IFUS | ||
| Clearing Venues | ICUS | ||
| Trading Hours | CITY | TRADING | PRE-OPEN |
| NEW YORK | 8:00 PM - 2:20 PM*
20:00 - 14:20 |
7:30 PM
19:30 | |
| LONDON | 1:00 AM - 7:20 PM*
01:00 - 19:20 |
12:30 AM
00:30 | |
| SINGAPORE | 9:00 AM - 3:20 AM*
09:00 - 03:20 |
8:30 AM
08:30 | |
| *Next Day | |||
| Codes | Clearing Admin Name | Canola US | |
| Physical | RS1 | ||
| Logical | RS1 | ||
| GMI (FC) | R1 | ||
| ION A.C.N. | None | ||