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Cash-Settled Ethanol Options
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Type
 
Cash-Settled Options on Ethanol Futures
Product Code Ticker: CEC for Calls, CEP for Puts
Clearing: 76
Contract Size One futures contract
Tick Size
(minimum fluctuation)		 $0.001 per gallon ($1.827 to $1.828 = $29.00 per contract)
Price Quotation U.S. cents or tenths of cents per gallon. At the beginning of trading, 10 strikes bove and 10 strikes below the at-the-money strike will be listed; in total, 21 strikes will be listed initially.
Contract Months All calendar months
Trading Venue OTC (clearing only)
Clearing Hours OTC (clearing only) Sunday - Friday: 6:36 p.m. - 3:00 p.m. CT next day
Daily Price Limits
(maximum fluctuation)		 $0.30 per gallon ($8,700 per contract) above or below the previous day's settlement price. Limits are lifted on LTD.
Final Settlement Procedure For Calls, the final settlement price is the difference between the settlement price for the underlying futures contract and the option strike price 0 zero, whichever is greater. For Puts, the final settlement price is the difference between the strike price and the underlying futures settlement price or zero, whichever is greater.
Last Clearing Date The last trading day of the underlying futures contract
Strike Price Increments $0.05 per gallon (i.e. 1.900, 1.950, 2.000, 2.050, 2.100, etc.)
Exercise These options are cash-settled on the last clearing day and cannot be exercised at any time.
Expiration Unexercised options expire at 1:15 p.m. CT on the last day of clearing.
Rulebook Chapter 16B
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CBOT.