Forwards Contract

Item	Description
Products	Next ( focal ) auction forward Dated ( defined expiry ) forward
Payout Formula	Long: reference price - strike Short: - ( reference price - strike )
Underlying	WETH/USDC
Settlement Style	Ithaca settlement
Exercise Style	European, auto-exercised
Settlement Currency	WETH
Strike Currency	USDC
Collateral Currency	WETH for short; USDC for long
Collateral Amount	1 WETH for short, strike USDC for long
Collateral Management	Fully collateralized, pre-funded
Multiplier	1
Strike Price	Fixed standardised published levels
Reference Price	ITHACA Reference Fixing
Expiry Dates	1st focal auction on relevant expiry Friday