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Brent Last Day Financial Futures Contract Specs

Contract Unit 1,000 barrels
Price Quotation U.S. dollars and cents per barrel
Trading Hours Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Minimum Price Fluctuation 0.01 per barrel = $10.00
Product Code CME Globex: BZ
CME ClearPort: BZ
Clearing: BZ
TAS: BZT
TAM: BZS
Listed Contracts Monthly contracts listed for the current year and the next 7 calendar years and 3 additional contract months. List monthly contracts for a new calendar year and 3 additional contract months following the termination of trading in the December contract of the current year.
Settlement Method Financially Settled
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 Trading terminates on the last London business day of the month, 2 months prior to the contract month except for the February contract month which terminates the 2nd last London business day of the month, 2 months prior to the contract month.
Trade At Marker Or Trade At Settlement Rules Trading at settlement is available for spot, 2nd, 3rd, 4th, 5th and 6th months plus the next December contract month, subject to the requirements of Rule 524.A. TAS Trading ceases daily at 2:30 PM ET. Products eligible for TAS pricing trade off of a "Base Price" of 0 to create a differential (plus or minus 40 ticks at 0.0025 equal to 10 BZ ticks at 0.01) versus the settlement price in the underlying product on a 1 to 1 basis. A trade done at the Base Price of 0 corresponds to a "traditional" TAS trade which clears exactly at the final settlement price of the day.
TAS trading in February contract month terminates 2 London business days before the month prior to the contract month.
TAS trading in non-February contract months terminates on the last London business day before the month prior to the contract month.

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.

No-Activity Periods:
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


TAS and TAM eligibility and spreads, and BTIC availability
Settlement Procedures Brent Crude Oil Last Day Financial Futures Settlement Procedures
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 698
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing