Clearing Unit

One CBOT Ethanol Forward Month Swap (of a specified contract month) of 14,500 gallons

Minimum Price Fluctuation

One tenth of one cent ($ 0.001) per gallon ($ 14.50 per contract)

Strike Price Intervals

5 cents/gallon. At the commencement of trading, 10 strikes above and 10 strikes below the at-the-money strike will be listed. In total, 21 strikes will be listed initially.

Clearing Hours

6:36 pm to 4:00 pm, Central Time, Sunday – Friday.

Clearing Months

24 consecutive calendar months.

Termination of Clearing

The last day that the underlying Ethanol Forward Month Swap is available for clearing

Expiration time on Last Clearing Day

1:15 pm, Central Time

Exercise

These options are cash settled on the Last Clearing Day and cannot be exercised at any time.

Final Settlement

For calls, the final settlement price is the difference between the settlement price for the underlying Forward Month Swap contract and the option strike price or zero, whichever is greater. For puts, the final settlement price is the difference between the strike price and the underlying Forward Month Swap contract settlement price or zero, whichever is greater.

Clearing Symbol

COS for Calls and POS for Puts

Margin Information

Find information on margin requirements for the Cash settled Ethanol Options.