CIRCULAR
15/066
ICE Futures Europe Soft Commodities - Amendments to
trading hours, settlement times and introduction of
Trade at Settlement facility
27 March 2015
Category:
General
Attachments:
The purpose of this Circular is to advise Members, that with effect from
the start of trading on Tuesday 05 May 2015, ICE Futures Europe (“the
Exchange”) is implementing changes to the trading hours and
settlement times, and introducing a Trade at Settlement facility for the
following contracts.




Robusta Coffee
White Sugar
London Cocoa
Euro Cocoa
None
Amendments to Trading hours
Summary of content:
ICE Futures Europe
Soft Commodities
Contract Amendments
The changes to trading hours and settlement periods are summarised
below.

Pre-open for all of the above futures contracts will commence at
01:00 local London time (01:00 BST, 20:00 EDT D-1) instead of
06:03. Options contracts do not have a pre-open period.

White Sugar futures and options will close at 18:00 local
London time (18:00 BST, 13:00 EDT) instead of 17:55. On the
last trading day (“LTD”) of the futures contract, the close
will remain at 17:55. The LTD close time for options will be
18:00. The settlement period will continue to end at 17:55.

London Cocoa and Euro Cocoa futures and options will close at
16:55 local London time (16:55 BST, 11:55 EDT) instead of
16:50. The settlement period will continue to end at 16:50.

The settlement period for Robusta Coffee futures and options
will end at 17:25 local London time (17:25 BST, 12:25 EDT)
instead of 17:30. The closing time remains at 17:30.
For more information
please contact:
Market Supervision
Europe
+44 (0)20 7382 8200
[email protected]
To sign up to receive
Exchange Notices
automatically, please
go to our Subscriptions
page at:
https://www.theice.com
/Subscription.shtml
For clarity, please see the table below for new trading hours. Times are
local London time. Pre-open applies to futures contracts only.
Product
Robusta
Coffee
White Sugar
London
Cocoa and
Euro Cocoa
ICE Futures Europe, a Recognised Investment Exchange
under the Financial Services & Markets Act 2000
Registered in England & Wales with Registered Office at
Milton Gate, 60 Chiswell Street, London, EC1Y 4SA
Company Registration No. 1528617
Preopen
01:00
Open
01:00
08:45
01:00
09:30
09:00
Settlement
period
17:23 17:25
17:53 17:55
Close
LTD Close
17:30
12:30
18:00
16:48 16:50
16:55
17:55
(18.00 for
options)
12:00
ICE Futures Europe Circular 15/066
1
Introduction of Trade at Settlement facility
The Trade at Settlement (“TAS”) facility allows participants to trade that
day’s settlement price up to the end of the settlement period for that
contract. Orders will be matched on a First In First Out (“FIFO”) basis
and the settlement price will be assigned to the trade once it has been
determined.
The facility will include the ability to trade at a premium or discount to
the settlement price, which will be limited to 5 ticks above or below
settlement price.
For clarity, the key features are shown in the table below.
Product
Outright
Contract
Months
Calendar
Spreads
Price
range
TAS LTD
White
Sugar,
London
Cocoa and
Euro Cocoa
Robusta
Coffee
Front 3
All
combinatio
ns
+/- 5 ticks
Day before
LTD of
respective
future
Front 3
All
combinatio
ns
+/- 5 ticks
Day before
first notice
day of
respective
future
Members with any queries should contact Market Supervision Europe
on +44 (0)20 7382 8200 or by email to:
[email protected]
Please ensure that the appropriate members of staff within your
organisation and customers are advised of the content of this
Circular.
Signed:
Patrick Davis
Company Secretary
ICE Futures Europe, a Recognised Investment Exchange
under the Financial Services & Markets Act 2000
Registered in England & Wales with Registered Office at
Milton Gate, 60 Chiswell Street, London, EC1Y 4SA
Company Registration No. 1528617
ICE Futures Europe Circular 15/066
2