Electronic trading hours are as follows
(London equivalent time in brackets): Open 3.30 am (8.30 am), Settlement window
1.28-1.30 pm (6.28-6.30 pm), Close 2.00 pm (7.00 pm). However, the ICE platform
also offers a pre-open facility where traders can enter bids and offers on
outright positions. Pre-open orders will not be available for execution until
the electronic market session opens. They are shown in the electronic order book
and are executed on a first-in-first-out (FIFO) basis when the electronic market
opens. Pre-open sessions operate from 20.00 p.m. to 01.30 a.m. New York time on
working days, and on Sunday evenings prior to a Monday trading session. Readers
are advised to check on www.theice.com for any changes.
Quotations for all bids and offers are in
United States cents and decimal fractions of a cent. No transactions, except
against actuals (AA) transactions, are permitted at a price which is not a
multiple of five one hundredths of one cent per pound, or five points per pound.
(See later in this chapter for an explanation of AA transactions.)
Price fluctuation limits. There are no
general limits for daily price fluctuations on the 'C' contract. The Board of
Managers, however, may prescribe, modify, or suspend maximum permissible price
fluctuations, without prior notice. In times of maximum volatility it is common
to have limits imposed; historically, these limits have been between 4 and 8
cents per pound maximum daily fluctuation. Based on the New York 'C' contract
size of 37,500 lb, a 4-cent variation is equivalent to US$ 1,500 per contract.
Jobbers and floor brokers calculate this by taking US$ 3.75 for every point of
movement, so each 1 cent move equals 100 points times 3.75, or US$ 375.
The daily settlement price for all open
positions is based on the trades occurring between 12.28 and 12.30 p.m. New York