Urals NWE vs Dated Brent Swap31196842

Description

A cash settled swap based on the difference between the Platts daily assessment price for Urals North and Platts daily assessment price for Dated Brent (Mediterranean Dated strip).

Market Specifications

Trading Screen Product Name
Platts Urals NWE CFD
Trading Screen Hub Name
Urals North/Dated Brent CFD
Rule Number
13140
Commodity Code
CFU
Contract Size
1,000 barrels
Unit of Trading
Any multiple of 100,000 barrels
Currency
US Dollars and cents
Trading Price Quotation
One cent ($0.01) per barrel
Last Trading Day
Last Trading Day of the contract month
Final Settlement
In respect of final settlement, the Floating Price will be a price in USD and cents per barrel based on the difference between the average of the mean of the high and low quotations appearing in “Platts Crude Oil Marketwire” under the heading “Russian Urals/ESPO spot assessments” subheading “$/bbl” for “Urals (Rotterdam)” and the average of the mean of the high and low quotations appearing in “Platts Crude Oil Marketwire” under the heading “Forward Dated Brent” for “Mediterranean Dated strip” for each business day (as specified below) in the determination period.
Contract Series
Up to 36 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 Crude Oil Marketwire
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
IEPA
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Trading Hours

CityTradingPre-Open
New York7:50 PM - 6:05 PM
19:50 - 18:05
7:40 PM
19:40
London12:50 AM - 11:05 PM
00:50 - 23:05
12:40 AM
00:40
Singapore8:50 AM - 7:05 AM
08:50 - 07:05
8:40 AM
08:40

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

Codes

Clearing Admin Name
Crude Diffs
Physical
CFU
Logical
CFU
GMI(FC)
R&N A.C.N.