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MichCon Natural Gas (Platts IFERC) Basis Option Contract Specs

Options
Contract Unit On expiration of a call option, the value will be the difference between the settlement price of the underlying MichCon Basis (Platts IFERC) Futures and the strike price multiplied by 2,500 MMBtu, or zero, whichever is greater. On expiration of a put option, the value will be the difference between the strike price and the settlement price of the underlying MichCon Basis (Platts IFERC) Futures multiplied by 2,500 MMBtu, or zero, whichever is greater.
Minimum Price Fluctuation $0.0001 per MMBtu
Price Quotation U.S. dollars and cents per mmBtu.
Trading Hours CME Globex: Sunday - Friday 6:00 p.m. - 5:15 p.m. New York time/ET (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 a.m. - 2:30 p.m. New York time/ET (8:00 a.m. - 1:30 p.m. Chicago Time/CT)
CME ClearPort: Sunday - Friday 6:00 p.m. - 5:15 p.m. New York time/ET (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)
Product Code CME Globex: A4W
CME ClearPort: 4W
Open Outcry: 4W
Clearing: 4W
Listed Contracts CME Globex: 1 consecutive month
CME Clearport and Open Outcry: Balance of current year plus 36 months
Termination Of Trading Trading ends on the the termination day of the underlying basis future.
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 619B
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing
Strike Prices Strike Price Interval Ten strike prices in increments of $0.01 per MMbtu above and below the at-the-money strike price. Strike price boundaries are adjusted according to futures price movements.
Exercise Style European
Settlement Method Financially Settled
Underlying MichCon Natural Gas (Platts IFERC) Basis Futures