| Product Codes |
Ticker: LAB
Clearing: 74 |
| Contract Size |
14,500 gallons (half of one futures contract) |
| Tick Size (minimum fluctuation) |
$0.0001 per gallon ($1.45 per contract) |
| Price Quotation |
U.S. cents or tenths of cents per gallon. These contracts are priced based upon the differential between OPIS cash Ethanol prices and Ethanol futures. |
| Contract Monts |
For each listed Ethanol futures contract, a basis swap will be available for clearing, with an expiration date at the end of the calendar month prior to the corresponding futures contract. I.e., if a March 2009 Ethanol futures contract is listed, then a February 2009 basis swap would also be available. |
| Trading Venue |
OTC (clearing only) |
| Clearing Hours |
Sunday - Friday: 6:36 p.m. - 4:00 p.m. CT next day |
| Settlement Procedure |
Calculated as the daily OPIS cash price for LA minus the settlement price of the futures contract that follows the basis swap contract month. During the last month that the basis swap contract is listed, daily settlement will be a running cumulative average of the daily OPIS cash prices for LA minus the settlement price for the futures contract that follows the basis swap contract month. |
| Final Settlement |
Cash-settled to the average of the daily OPIS cash price for LA minus the Ethanol futures contract that follows the basis swap contract month for each business day in the basis swap contract month. Final settlement will be in $0.0001 increments. Final settlement will take place in the morning of the business day following the last business day of the swap contract month. I.e., the final settlement for a November 2009 Ethanol basis swap would be the average of the daily settlement prices for the LA basis swap during the month of November 2009. |
| Last Clearing Date |
The last business day of the contract month |
| Rulebook Chapter |
16G |
| Exchange Rule |
These contracts are listed with, and subject to, the rules and regulations of CBOT. |
