Brent Crude Oil
DGCX Brent Crude Oil Futures (DBRC) will allow DGCX participants to trade in the biggest Crude Oil benchmarks globally. Linking up the European referenced market to that of the Americas in WTI. The use of DBRC as a reference pricing mechanism extends far beyond the UK, Europe and other regional markets. The product design of DBRC brings one of the most heavily traded energy products to the DGCX. Alongside WTI, DBRC pricing accounts for over 50% of global supply, with price movements having an impact on prices in territories as far afield as the Middle East, China and the Americas.
Paired with the DGCX’s existing Hydrocarbons portfolio, the DBRC futures contract draws a greater appeal to existing contracts on other exchanges which are of a differing specification. The DBRC contract will help facilitate price discovery by new and existing market participants, offering protection and hedging opportunities to an increasingly motivated trading community.
- Trade your views, tax free on the Brent Crude Oil Futures market
- Arbitrage opportunity with global commodity exchanges as well as existing DGCX WTI Futures contracts.
- Low cost structure with 80% trading margin offset against the major DGCX WTI and Mini WTI Futures contract.
- 100% trading margin credit on calendar spreads.
- Greater access to international energy markets with clear, understandable rules, regulations and contract specifications
- Unique trading opportunity in the region to participate in global oil markets
- Unique contract size that can be compared directly or as a ratio to other global exchanges
- USD denominated, Cash settled with a tick size of USD $10
- Tax Free – No transaction Tax and Zero Capital Gains tax
- Market hours encompassing the largest global liquidity pools
- Traded on a secure regulated marketplace permitting global participation
Contract Parameters Contract Symbol DBRC Underlying DGCX Brent Crude Oil Futures Contract Size 1,000 barrels (42,000 gallons) Notional Contract Value USD 1,000 X DGCX Brent Crude Oil Futures Trading Currency USD Settlement Currency USD Price Quote US Dollars and Cents per barrel Tick Size USD 0.01 per barrel (US$ 10 per tick) Tick Value USD 10 Settlement Basis Cash Only Settlement Contract Daily Settlement Price Basis Daily Settlement Price shall be as per DGCX Notice no. COMP-2008-014 dated April 22, 2008 Final Cash Settlement Price Cash settled against the settlement price for Brent Crude Oil as made public by ICE on the last trading day of the DGCX front month contract Last Day of Trading 2nd Business Day prior to the last calendar day of the second month preceding the Trading Month, if such last day is a DGCX Business Day, and a banking day in the UK. (i.e the 2nd last Business Day of June will be the expiry for August) If the 2nd last Business Day is not a DGCX or UK banking day, then the preceding DGCX Business Day which is not a banking holiday in the UK shall be the Last Day of Trading Trading Days Monday through to Friday Trading Hours DGCX Trading Hours Trading Months Twelve consecutive delivery months, from inception three months and two spread contracts (M1-M2 and M2-M3) will be launched. New Contract Listing Business Day immediately following the last Day of Trading Max Order Size 500 contracts EFP / EFS / Block Trades As per DGCX By-Laws. Minimum Block size permitted is 200 contracts. Time Limit for EFP / EFS / Block Trade Registration Up to 5 minutes after cessation of trading on any trading day Initial Margin based on SPAN USD 3,500 per contract (Subject to change from time to time) Extra Margin In times of high volatility, an extra margin as deemed fit by the DGCX may be imposed on all open positions Calendar Spread Margin 100% benefit is offered on calendar spread positions Daily Price Movement limit No Limits - Note 1* Note 1*: There will be no limits on intra-day price movements, however to restrict data-entry errors the system will not allow entry of orders having prices higher or lower than US$ 3 as compared to the Previous Close Price. Exchange shall relax the intra-day price range for the prices of the contract approaching the US$ 3 limit
Product Contract Last trading date Expiry date Tender Start Tender End Delivery Start Delivery End DBRC DBRC-20170130 30-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 DBRC DBRC-20170227 27-Feb-2017 28-Feb-2017 28-Feb-2017 28-Feb-2017 28-Feb-2017 28-Feb-2017 DBRC DBRC-20170330 30-Mar-2017 31-Mar-2017 31-Mar-2017 31-Mar-2017 31-Mar-2017 31-Mar-2017 DBRC DBRC-20170427 27-Apr-2017 28-Apr-2017 28-Apr-2017 28-Apr-2017 28-Apr-2017 28-Apr-2017 DBRC DBRC-20170530 30-May-2017 31-May-2017 31-May-2017 31-May-2017 31-May-2017 31-May-2017 DBRC DBRC-20170629 29-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 DBRC DBRC-20170728 28-Jul-2017 28-Jul-2017 31-Jul-2017 31-Jul-2017 31-Jul-2017 31-Jul-2017 DBRC DBRC-20170830 30-Aug-2017 30-Aug-2017 31-Aug-2017 31-Aug-2017 31-Aug-2017 31-Aug-2017 DBRC DBRC-20170928 28-Sep-2017 28-Sep-2017 29-Sep-2017 29-Sep-2017 29-Sep-2017 29-Sep-2017 DBRC DBRC-20171030 30-Oct-2017 30-Oct-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 DBRC DBRC-20171129 29-Nov-2017 29-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 DBRC DBRC-20171228 28-Dec-2017 28-Dec-2017 29-Dec-2017 29-Dec-2017 29-Dec-2017 29-Dec-2017