- Trading Screen Product Name
- Gasoil Crack Futures
- Trading Screen Hub Name
- Sing Gasoil 10ppm (Platts)/Dubai 1st Line (Platts)
- Contract Symbol
BAO
- Hedge Instrument
The delta hedge for the Singapore Gasoil (Platts) vs Dubai 1st Line
(Platts) Average Price Option is the Singapore Gasoil (Platts) vs
Dubai 1st Line (Platts) Future (BAO).
- Contract Size
1,000 barrels
- Unit of Trading
Any multiple of 1,000 barrels
- Currency
US Dollars and cents
- Trading Price Quotation
One cent ($0.01) per barrel
- Settlement Price
One tenth of one cent ($0.001) 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 Gasoil (Platts) vs Dubai 1st Line (Platts) Future on
the expiry day if they are "in the money". The 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 Gasoil (Platts) vs Dubai 1st Line (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 average of
the settlement prices of the Singapore Gasoil (Platts) vs Dubai 1st
Line (Platts) Future for the contract month.
- Strike Price Intervals
A minimum of 20 Strike Prices in increments of $0.01 per bbl above
and below the at-the-money Strike Price. Strike Price boundaries
are adjusted according to futures price movements. User-defined
Strike Prices are allowed in $0.01 increments.
- 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 and
Platts Crude Oil Marketwire
- MIC Code
- IFEU
- Clearing Venues
- ICEU