- Trading Screen Product Name
- Fuel Oil Futures
- Trading Screen Hub Name
- 380cst Sing
- Contract Symbol
SYS
- Hedge Instrument
The delta hedge for the Fuel Oil 380 CST Singapore (Platts) Average
Price Option is the Fuel Oil Mini 380 CST Singapore Swap Future
(SYY).
- Contract Size
1,000 metric tonnes
- Unit of Trading
Any multiple of 1,000 metric tonnes
- Currency
US Dollars and cents
- Trading Price Quotation
One cent ($0.01) per metric tonne
- Settlement Price Quotation
One tenth of one cent ($0.001) per metric tonne
- Minimum Price Fluctuation
One tenth of one cent ($0.001) per metric tonne
- Last Trading Day
Last Trading Day of the contract month
- Option Style
Options are average priced and will be automatically exercised 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 Fuel Oil 380 CST Singapore (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 London 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 metric
tonne equal to the final settlement price of the Platts Fuel Oil
380 CST Singapore 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
A minimum of 10 strikes above and below at the money in $1.00
increments will be listed at launch. This contract will support
Custom Option Strikes with strikes in increments of $0.25 within a
range of $250 to $1,000. These ranges 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