ICE Futures U.S. will allow options contract traded in the after hours sessions to trade outside the daily range, effective Monday, March 30, the exchange said Tuesday in a notice.

Floor brokers will be required to report prices traded during the session, according to the notice.

Previously, options traded after the daily settlement needed to be priced within the day session. ICE is implementing the change "to allow session prices to accurately reflect the value of the underlying futures contract which may move significantly after the option contract closes," the exchange said in the notice.

The removal of price limitations allows a new high or low to be set during the post-session, ICE said. The prices reported by brokers from the post-close session will be reported with time and sales data and disseminated to the public.

ICE conducts a post-close trading session for each futures and options contract. Details regarding each contract's daily commencement and pricing can be found at https://www.theice.com/publicdocs/futures_us/exchange_notices/AmendmentstoRule409-%20PostClose.pdf

-By Holly Henschen, Dow Jones Newswires; 201-938-2338;

holly.henschen@dowjones.com