- Trading Screen Product Name
- Jet Fuel Futures
- Trading Screen Hub Name
- Sing Kero
- Contract Symbol
SRS
- Hedge Instrument
The delta hedge for the Singapore Jet Kerosene (Platts) Average
Price Option is the Singapore Jet Kerosene Swap Future (SRS)
- Contract Size
1,000 US Barrels
- Unit of Trading
Any multiple of 1,000 Barrels
- Currency
US Dollars and cents
- Settlement Price
One cent ($0.01) per barrel
- Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
- Last Trading Day
Last Trading Day of the contract month
- Option Style
Options are average priced and will be automatically exercised into
the Singapore Jet Kerosene Swap Future on the expiry day if they
are "in the money". The Swap Future resulting from exercise
immediately goes to cash settlement relieving market participants
of the need to concern themselves with liquidation or exercise
issues. If an option is "out of the money" it will expire
automatically. It is not permitted to exercise the option on any
other day or in any other circumstances than the Last Trading Day.
No manual exercise is permitted.
- Option Premium / Daily Margin
The Singapore Jet Kerosene (Platts) Average Price Option is a
premium-paid-upfront option. The traded premium will therefore be
debited by the Clearing House from the Buyer and credited to the
Seller on the morning of the Business Day following the day of
trade. Members who are long premium-paid-upfront options will
receive a Net Liquidating Value (NLV) credit to the value of the
premium which is then used to offset the initial margin requirement
flowing from both these options and positions in other energy
contracts. Members who are short premium-paid-upfront options will
receive an NLV debit in addition to their initial margin
requirement. NLV is calculated daily with reference to the
settlement price of the option.
- Expiry
16:30 Singapore Time.
Automatic exercise settings are pre-set to exercise contracts which
are one minimum price fluctuation or more "in the money" with
reference to the relevant reference price. Members cannot override
automatic exercise settings or manually enter exercise instructions
for this contract.
The reference price will be a price in USD and cents per barrel
equal to the arithmetic average of the settlement prices of the
Singapore Jet Kerosene Swap Future for the contract month. When
exercised against, the Clearing House, at its discretion, selects
sellers against which to exercise on a pro-rata basis.
- Strike Price Intervals
This contract will support Custom Option Strikes with strikes in
increments of $0.01 within a range of $20 to $240. This range may
be revised from time to time according to future price movements.
The at-the-money strike price is the closest interval nearest to
the previous business day's settlement price of the underlying
contract.
- Contract Series
Up to 60 consecutive months
- Final Payment Date
Two Clearing House Business Days following the Last Trading Day
- Business Days
Publication days for Platts Asia-Pacific/Arab Gulf Marketscan
- MIC Code
- IFEU
- Clearing Venues
- ICEU