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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 CME Globex: 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)

TAS: Sunday - Friday 6:00 p.m. - 2:30 p.m. (5:00 p.m. - 1:30 p.m. CT)
CME ClearPort: 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

TAS: Zero or +/- 10 ticks in the minimum tick increment of the outright
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 in the February contract month terminates on the 2nd last London business day of the month, 2 months prior to the contract month. Trading in all other contract months terminates on the 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 (TAS) is subject to the requirements of Rule 524.A. TAS trades off a "Base Price" of zero (equal to the daily settlement price) to create a differential versus the daily settlement price in the underlying futures contract month. The TAS clearing price equals the daily settlement price of the underlying futures contract month plus or minus the TAS transaction price.

Trading at Marker (TAM) is analogous to Trading at Settlement (TAS) wherein parties are permitted to trade at a differential to a not-yet-known price. TAM uses a marker price, whereas TAS uses the Exchange-determined daily settlement price for the underlying futures contract month. 

TAS Table
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