Brent Crude Oil (Financial) futures are outright crude oil contracts between a buyer and seller. They are based on a light sweet North Sea crude oil that serves as an international benchmark grade.
|Brent Crude Oil Financial Futures|
|Venue||CME ClearPort, CME Globex, Open Outcry (New York)|
(All Times are New York Time/ET)
|CME Globex:||Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)|
|CME ClearPort:||Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)|
|Open Outcry:||Monday – Friday 9:00 AM to 2:30 PM (8:00 AM to 1:30 PM CT)|
|Contract Unit||1,000 barrels|
|Price Quotation||U.S. Dollars and Cents per barrel|
|Minimum Fluctuation||$0.01 per barrel|
|Floating Price||The Floating Price is equal to the ICE Brent Crude Oil Index price as published one day after the final trading day of the contract month.|
|Termination of Trading||For contract months up to and including the February 2016 contract, trading shall cease on the same termination day as the ICE Brent Crude Oil Futures Contract forthe delivery month, i.e., on the business day immediately preceding the 15th day prior to the first day of the delivery month, if such 15th day is a banking day in London. If the 15th day is a nonbanking day in London (including Saturday), trading shall cease on the business day immediately preceding the first business day prior to the 15th day. Effective with the March 2016 contract, the last trading day will be the last UK business day of the second month preceding the contract month, except for the business day preceding New Year's Day, where trading shall cease on the second UK business day preceding New Year's Day.|
|Trading at Settlement (TAS)||Trading at settlement is available for spot (except on the last trading day), 2nd, and 3rd months and subject to the existing TAS rules. Trading in all TAS products will cease daily at 2:30 PM Eastern Time. The TAS products will trade off of a "Base Price" of 0 to create a differential (plus or minus 10 ticks) versus settlement in the underlying product on a 1 to 1 basis. A trade done at the Base Price of 0 will correspond to a "traditional" TAS trade which will clear exactly at the final settlement price of the day.|
|Trade at Marker (TAM)||TAM trading is analogous to our existing Trading at Settlement (TAS) trading wherein parties will be permitted to trade at a differential that represents a not-yet-known price. TAM trading will use a marker price, whereas TAS trading uses the Exchange-determined settlement price for the applicable contract month. As with TAS trading, parties will be able to enter TAM orders at the TAM price or at a differential between one and ten ticks higher or lower than the TAM price. Trading at marker is available for spot month on the last trading day.
Brent Crude Oil Financial Futures (BZ) spot, 2nd and 3rd months and nearby/second month, second/third month and nearby/third month calendar spreads.
4:30 p.m. London time – 5:50 p.m. Eastern time Monday – Thursday
4:30 p.m. London time Friday – 5:20 p.m. Eastern time Sunday
|Listed Contracts||CME Globex:||Current + 5 years and June and December contracts for three additional years|
|CME ClearPort and Open Outcry:||Current + 5 years and June and December contracts for three additional years|
|Settlement Procedure||Daily NYMEX Brent Crude Oil Financial Futures Settlement Procedure (PDF)
Final NYMEX Brent Crude Oil Financial Futures Settlement Procedure (PDF)
|Position Limits||NYMEX Position Limits|
|Exchange Rule||These contracts are listed with, and subject to, the rules and regulations of NYMEX.|