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
Expiry Month Expiry Code Last Trading Day Dec'18 DBRC-20181030 30 Oct 2018 Jan'19 DBRC-20181129 29 Nov 2018 Feb'19 DBRC-20181228 28 Dec 2018 Mar'19 DBRC-20190130 30 Jan 2019 Apr'19 DBRC-20190227 27 Feb 2019 May'19 DBRC-20190328 28 Mar 2019 Jun'19 DBRC-20190429 29 Apr 2019 Jul'19 DBRC-20190530 30 May 2019 Aug'19 DBRC-20190627 27 Jun 2019 Sep'19 DBRC-20190730 30 Jul 2019 Oct'19 DBRC-20190829 29 Aug 2019 Nov'19 DBRC-20190927 27 Sep 2019 Dec'19 DBRC-20191030 30 Oct 2019 Jan'20 DBRC-20191128 28 Nov 2019 Feb'20 DBRC-20191227 27 Dec 2019 Mar'20 DBRC-20200130 30 Jan 2020 Apr'20 DBRC-20200227 27 Feb 2020 May'20 DBRC-20200330 30 Mar 2020