ICE California Low Carbon Fuel Standard Credit (OPIS)

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A monthly cash settled futures contract based on the OPIS daily assessment price for Physically Delivered California Low Carbon Fuel Standard (LCFS) Credits

California Low Carbon Fuel Standard Credit (OPIS) Futures
Trading Screen Product Name LCFS Futures
Trading Screen Hub Name LCFS
Contract Symbol LFS
Settlement Method Cash
Contract Size 100 LCFS Credits (where 1 LCFS Credit is 1 MT)
Currency USD
Minimum Price Fluctuation The price quotation convention shall be Twenty-Five cent ($0.25) per LCFS Credit; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.
Listing Cycle 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, November and December

Last Trading Day Last Business Day of the contract month
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products.
Final Settlement In respect of final settlement, the Floating Price will be a price in USD and cents per LCFS Credit based on the average of the mean of the high and low quotations appearing in the "OPIS Ethanol & Gasoline Component Spot Market Prices" report under the heading "California Low Carbon Fuel Standard" subheading "Carb Credit” for each Business Day (as specified below) in the determination period.
Final Payment Date Two Clearing House Business Days following the Last Trading Day
Business Days Publication days for OPIS Carb Credit
MIC Code IFED
Clearing Venues ICEU
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 7:50 PM - 6:00 PM

19:50 - 18:00

7:40 PM

19:40

LONDON 12:50 AM - 11:00 PM

00:50 - 23:00

12:40 AM

00:40

SINGAPORE 8:50 AM - 7:00 AM

08:50 - 07:00

8:40 AM

08:40

*Next Day

Sunday Pre-Open 5:40 PM ET; Closed on Saturday

Codes Clearing Admin Name LCFS
Physical LFS
Logical LFS
GMI (FC) L1
ION A.C.N. None
California Low Carbon Fuel Standard Credit (OPIS) Options
Trading Screen Product Name LCFS Futures
Trading Screen Hub Name LCFS
Contract Symbol LFS
Settlement Method Exercise into Underlying Futures Contract
Contract Size 1 California Low Carbon Fuel Standard Credit (OPIS) Future
Currency USD
Minimum Price Fluctuation The price quotation convention shall be Twenty-Five cent ($0.25) per LCFS Credit; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.
Listing Cycle 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, November and December

Strike Price Intervals A minimum of ten Strike Prices in increments of $1.00 above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in $0.05 increments
Last Trading Day At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th calendar day is not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the delivery month.
Option Style European
Exercise Automatic

Clearing Members shall provide exercise and abandon instructions to the Clearing Organization in accordance with the Clearing Organization rules

Exercise Time 5:30 pm EPT on the Last Trading Day

MIC Code IFED
Clearing Venues ICEU
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 7:50 PM - 6:00 PM*

19:50 - 18:00

7:40 PM

19:40

LONDON 12:50 AM - 11:00 PM*

00:50 - 23:00

12:40 AM

00:40

SINGAPORE 8:50 AM - 7:00 AM*

08:50 - 07:00

8:40 AM

08:40

*Next Day

Sunday Pre-Open 5:40 PM ET; Closed on Saturday

Codes Clearing Admin Name LCFS
Physical LFS
Logical LFS
GMI (FC) L1
ION A.C.N. None

Notes[edit]

References[edit]

Resources[edit]

ICE California Low Carbon Fuel Standard Credit (OPIS) Product Spec

ICE Option on California Low Carbon Fuel Standard Credit (OPIS) Product Spec