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ICE OTC

Jet FOB Rotterdam Barges vs Low Sulphur Gasoil 1st Line Swap

Description

A monthly cash settled swap based on the difference of the Platts daily assessment price for Jet FOB Rotterdam Barges and the ICE daily settlement price for Low Sulphur Gasoil 1st Line Future

Market Specifications

Trading Screen Product Name
Platts Jet Fuel Diff
Trading Screen Hub Name
Jet FOB Rdam Bg/LS GO 1st Line
Rule Number
13127
Contract Symbol
ULK
Contract Size
1,000 metric tonnes
Unit of Trading
Any multiple of 5,000 metric tonnes
Currency
US Dollars and cents
Trading Price Quotation
Twenty Five ($0.25) cents per metric tonne
Last Trading Day
Last Trading Day of the contract month
Final Settlement
In respect of final settlement, the Floating Price will be a price in USD and cents per metric tonne based on the difference between the average of the mean of the high and low quotations appearing in the "Platts European Marketscan" under the heading "Northwest Europe barges" subheading "FOB Rotterdam" for "Jet"and the average of the settlement prices as made public by ICE for the Low Sulphur Gasoil 1st Line Swap for each business day (as specified below) in the determination period
Roll Adjust Provision
In order to use the correct Floating Price quotations, the nearby month quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be used except for the expiration date of the commodity's underlying delivery month's futures contract. On such date, the applicable pricing quotation will be rolled to the following month's futures contract
Contract Series
Up to 60 consecutive months, or as otherwise determined by the SEF
Final Payment Date
Five (5) New York Business Days after each settlement date via wire transfer of Federal funds
Business Days
Publication days for Platts European Marketscan
Other Terms
To be confirmed directly between the parties in their full form of contract. The terms reflected in such contracts shall be controlling.
MIC Code
ICES
Clearing Venues
Bilateral

Trading Hours

CityTradingPre-Open
New York8:50 PM - 7:00 PM
20:50 - 19:00
8:40 PM
20:40
London12:50 AM - 11:00 PM
00:50 - 23:00
12:40 AM
00:40
Singapore8:50 AM - 7:00 AM
08:50 - 07:00
8:40 AM
08:40

Sunday Pre-Open 5:40 PM ET; Closed on Saturday

Codes

Clearing Admin Name
Ref Diffs mt
Physical
ULK
Logical
ULK
GMI (FC)
WE
ION A.C.N.
Symbol Code
ULK