SECTION TTT PART II A: OUTRIGHTS – CRUDE OIL AND REFINED PRODUCTS
31.
GASOIL OUTRIGHT – SINGAPORE GASOIL 10 PPM (PLATTS)SWAP FUTURE*
Description
A monthly cash settled swap future based on the Platts daily
assessment price for Singapore Gasoil 10 ppm throughout 2017.
From 2 January 2018 it will become a monthly cash settled future
based on the Platts daily assessment price for Singapore Gasoil.
NB: Platts assessment of Singapore “Gasoil” up to the end of 2017
reflects a 500 ppm (0.05%) sulfur content Gasoil grade. From 2
January 2018, “Gasoil” will reflect 10 ppm sulfur Gasoil grade.
Contract Symbol
GST
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 Quotation
One tenth of one cent ($0.001) per barrel
Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
Last Trading Day
Last Trading Day of the contract month
Floating Price
In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price
Up to and including the December 2017 contract month Iin respect
of final settlement, the Floating Price will be a price in USD and
cents per barrel based on the average of the “Mid”mean of the high
and low quotations appearing in “Platts Asia-Pacific/Arab Gulf
Marketscan” under the heading “Asia Products” subheading
“Singapore” and “FOB Singapore ($/barrel)” for “Gasoil 10 ppm”
for each business day (as specified below) in the determination
period.
From 2 January 2018 the Floating Price will change to reference
“Platts Asia-Pacific/Arab Gulf Marketscan” under the heading “Asia
Products” subheading “Singapore” and “FOB Singapore ($/barrel)”
for “Gasoil” for each business day (as specified below) in the
determination period.
Contract Series
Up to 60 consecutive months
Final Payment Dates
Two Clearing House Business Days following the Last Trading Day
business days
Publication days for Platts Asia-Pacific/Arab Gulf Marketscan
* NB: The contract name ‘Singapore Gasoil 10 ppm (Platts) Future’ will be changed to ‘Singapore Gasoil
(Platts) Future’ from 2 January 2018.
32.
GASOIL OUTRIGHT – SINGAPORE GASOIL 10 PPM (PLATTS) BALMO FUTURE*20
Description
A balance of the month cash settled future based on the Platts daily
assessment price for Singapore Gasoil 10 ppm throughout 2017. From 2
January 2018 it will become a balance of the month cash settled future
based on the Platts daily assessment price for Singapore Gasoil.
NB: Platts assessment of Singapore “Gasoil” up to the end of 2017
reflects a 500 ppm (0.05%) sulfur content Gasoil grade. From 2 January
2018, “Gasoil” will reflect 10 ppm sulfur Gasoil grade.
Contract Symbol
S1A-S24
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 Quotation
One tenth of one cent ($0.001) per barrel
Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
Last Trading Day
Last Trading Day of the contract month
Floating Price
In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price
Up to and including the December 2017 contract month Iin respect of
final settlement, the Floating Price will be a price in USD and cents per
barrel based on the average of the “Mid” quotations appearing in “Platts
Asia-Pacific/Arab Gulf Marketscan” under the heading “Asia Products”
subheading “Singapore” and “FOB Singapore ($/barrel)” for “Gasoil 10
ppm” for each business day (as specified below) in the determination
period.
From 2 January 2018 the Floating Price will change to reference “Platts
Asia-Pacific/Arab Gulf Marketscan” under the heading “Asia Products”
subheading “Singapore” and “FOB Singapore ($/barrel)” for “Gasoil”
for each business day (as specified below) in the determination period.
Contract Series
Up to 2 consecutive months
Final Payment Dates
Two Clearing House Business Days following the Last Trading Day
business days
Publication days for Platts Asia-Pacific/Arab Gulf Marketscan
* NB: The contract name ‘Singapore Gasoil 10 ppm (Platts) Balmo Future’ will be changed to ‘Singapore
Gasoil (Platts) Balmo Future’ from 2 January 2018.
20
Inserted 12 May 2014
33.
GASOIL OUTRIGHT – SINGAPORE GASOIL SWAP(PLATTS) FUTURE*21
Description
A monthly cash settled swap future based on the Platts daily
assessment price for Singapore Gasoil throughout 2017. From 2
January 2018 it will become a monthly cash settled future based on
the Platts daily assessment price for Singapore Gasoil 0.05% sulfur
(500 ppm).
NB: Platts assessment of Singapore “Gasoil” up to the end of 2017
reflects a 500 ppm (0.05%) sulfur content Gasoil grade. From 2
January 2018, “Gasoil” will reflect 10 ppm sulfur Gasoil grade.
Contract Symbol
SWS
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 Quotation
One tenth of one cent ($0.001) per barrel
Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
Last Trading Day
Last Trading Day of the contract month
Floating Price
In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price
Up to and including the December 20172 contract month in respect
of final settlement, the Floating Price will be a price in USD and
cents per barrel based on the average of the “Mid”mean of the high
and low quotations appearing in the "Platts Asia-Pacific/Arab Gulf
Marketscan" under the heading "Asia Products" subheading
"Singapore" and "FOB Singapore ($/barrel)" for "Gasoil 0.05%
sulfur" for each business day (as specified below) in the
determination period.
From January 20183 the Floating Price reference will change to
reference "Platts Asia-Pacific/Arab Gulf Marketscan" under the
heading "Asia Products" subheading "Singapore" and "FOB
Singapore" for "Gasoil 0.05% sulfur" for each business day (as
specified below) in the determination period.
Contract Series
Up to 60 consecutive months
Final Payment Dates
Two Clearing House Business Days following the Last Trading
Day
business days
Publication days for Platts Asia-Pacific/Arab Gulf Marketscan
* NB: The contract name ‘Singapore Gasoil (Platts) Future’ will be changed to ‘Singapore Gasoil 0.05% (Platts)
Future’ from 2 January 2018.
21
Amended 2 January 2013
34.
GASOIL OUTRIGHT – SINGAPORE GASOIL (PLATTS) MINI FUTURE*22
Description
A monthly cash settled mini future based on the Platts daily
assessment price for Singapore Gasoil throughout 2017. From 2
January 2018 it will become a monthly cash settled mini future
based on the Platts daily assessment price for Singapore Gasoil
0.05% sulfur (500 ppm).
NB: Platts assessment of Singapore “Gasoil” up to the end of 2017
reflects a 500 ppm (0.05%) sulfur content Gasoil grade. From 2
January 2018, “Gasoil” will reflect 10 ppm sulfur Gasoil grade.
Contract Symbol
SWM
Contract Size
100 barrels
Unit of Trading
Any multiple of 100 barrels
Currency
US Dollars and cents
Trading Price Quotation
One cent ($0.01) per barrel
Settlement Price Quotation
One tenth of one cent ($0.001) per barrel
Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
Last Trading Day
Last Trading Day of the contract month
Floating Price
In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price
Up to and including the December 2017 contract month Iin respect
of final settlement, the Floating Price will be a price in USD and
cents per barrel based on the average of the “Mid”mean of the high
and low quotations appearing in "Platts Asia-Pacific/Arab Gulf
Marketscan" under the heading "Asia Products" subheading
"Singapore" and "FOB Singapore ($/barrel)" for "Gasoil" for each
business day (as specified below) in the determination period.
From January 2018 the Floating Price reference will change to
reference "Platts Asia-Pacific/Arab Gulf Marketscan" under the
heading "Asia Products" subheading "Singapore" and "FOB
Singapore" for "Gasoil 0.05% sulfur" for each business day (as
specified below) in the determination period.
Contract Series
Up to 60 consecutive months
Final Payment Dates
Two Clearing House Business Days following the Last Trading Day
business days
Publication days for Platts Asia-Pacific/Arab Gulf Marketscan
* NB: The contract name ‘Singapore Gasoil (Platts) Mini Future’ will be changed to ‘Singapore Gasoil 0.05%
(Platts) Mini Future’ from 2 January 2018.
22
Inserted 12 August 2013
35.
GASOIL OUTRIGHT – SINGAPORE GASOIL (PLATTS) BALMO SWAP FUTURE*23
Description
A balance of the month cash settled swap future based on the Platts
daily assessment price for Singapore Gasoil throughout 2017. From
2 January 2018 it will become a balance of the month cash settled
future based on the Platts daily assessment price for Singapore
Gasoil 0.05% sulfur (500 ppm).
NB: Platts assessment of Singapore “Gasoil” up to the end of 2017
reflects a 500 ppm (0.05%) sulfur content Gasoil grade. From 2
January 2018, “Gasoil” will reflect 10 ppm sulfur Gasoil grade.
Contract Symbol
VXC-VXZ; VYA-VYG
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 Quotation
One tenth of one cent ($0.001) per barrel
Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
Last Trading Day
Last Trading Day of the contract month
Floating Price
In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price
Up to and including the December 20172 contract month in respect
of final settlement, the Floating Price will be a price in USD and
cents per barrel based on the average of the “Mid”mean of the high
and low quotations appearing in the "Platts Asia-Pacific/Arab Gulf
Marketscan" under the heading "Asia Products" subheading
"Singapore" and "FOB Singapore ($/barrel)" for "Gasoil 0.05%
sulfur" for each business day (as specified below) in the
determination period.
From January 20183 the Floating Price reference will change to
reference "Platts Asia-Pacific/Arab Gulf Marketscan" under the
heading "Asia Products" subheading "Singapore" and "FOB
Singapore" for "Gasoil 0.05% sulfur" for each business day (as
specified below) in the determination period.
Contract Series
Up to 2 consecutive months
Final Payment Dates
Two Clearing House Business Days following the Last Trading Day
business days
Publication days for Platts Asia-Pacific/Arab Gulf Marketscan
* NB: The contract name ‘Singapore Gasoil (Platts) Balmo Future’ will be changed to ‘Singapore Gasoil 0.05%
(Platts) Balmo Future’ from 2 January 2018.
23
Amended 2 January 2013
SECTION TTT PART II B: CRACKS – CRUDE OIL AND REFINED PRODUCTS
36.
GASOIL CRACK - SINGAPORE GASOIL (PLATTS) VS DUBAI 1ST LINE (PLATTS)
FUTURE*17
Description
A monthly cash settled future based on the difference between the
Platts daily assessment price for Singapore Gasoil and the Platts
daily assessment price for prompt month Dubai Crude throughout
2017. From 2 January 2018 it will become a monthly cash settled
future based on the Platts daily assessment price for Singapore
Gasoil 0.05% sulfur (500 ppm) and the Platts daily assessment price
for prompt month Dubai Crude.
NB: Platts assessment of Singapore “Gasoil” up to the end of 2017
reflects a 500 ppm (0.05%) sulfur content Gasoil grade. From 2
January 2018, “Gasoil” will reflect 10 ppm sulfur Gasoil grade.
Contract Symbol
SFG
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 Quotation
One tenth of one cent ($0.001) per barrel
Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
Last Trading Day
Last Trading Day of the contract month
Floating Price
In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price
Up to and including the December 2017 contract month Iin respect
of final settlement, the Floating Price will be a price in USD and
cents per barrel based on the difference between the average of the
“Mid” quotations appearing in the “Platts Asia-Pacific/Arab Gulf
Marketscan” under the heading “Singapore” subheading “FOB
Singapore ($/barrel)” for “Gasoil” and the average of the “Mid”
quotations appearing in the “Platts “Crude Oil Marketwire” under
the heading “Key Benchmarks ($/barrel)” for “Dubai” prompt
month for each business day (as specified below) in the
determination period.
From January 2018 in respect of final settlement, the Floating Price
will be a price in USD and cents per barrel based on the difference
between the average of the “Mid” quotations appearing in “Platts
Asia-Pacific/Arab Gulf Marketscan” under the heading “Singapore”
subheading “FOB Singapore ($/barrel)” for “Gasoil 0.05% sulfur”
and the average of the “Mid” quotations appearing in “Platts Crude
Oil Marketwire” under the heading “Key Benchmarks ($/barrel)”
for “Dubai” prompt month for each business day (as specified
below) in the determination period.
Contract Series
17
Inserted 6 June 2016
Up to 60 consecutive months
Final Payment Dates
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 Venue
ICEU
* NB: The contract name ‘Singapore Gasoil (Platts) vs Dubai 1st Line (Platts) Future’ will be changed to
‘Singapore Gasoil 0.05% (Platts) vs Dubai 1st Line (Platts) Future’ from 2 January 2018.
SECTION TTT PART II C: DIFFERENTIALS – CRUDE OIL AND REFINED PRODUCTS
76.
GASOIL DIFF – SINGAPORE 10PPM GASOIL 10 PPM (PLATTS) VS SINGAPORE GASOIL
(PLATTS)SWAP FUTURE*62
Description
A monthly cash settled swap future based on the difference between
the Platts daily assessment price for Singapore 10ppm Gasoil 10 ppm
and the Platts daily assessment price for Singapore Gasoil throughout
2017. From 2 January 2018 it will become a monthly cash settled
future based on the difference between the Platts daily assessment
price for Singapore Gasoil and the Platts daily assessment price for
Singapore Gasoil 0.05% sulfur (500 ppm).
NB: Platts assessment of Singapore “Gasoil” up to the end of 2017
reflects a 500 ppm (0.05%) sulfur content Gasoil grade. From 2
January 2018, “Gasoil” will reflect 10 ppm sulfur Gasoil grade.
Contract Symbol
GSW
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 Quotation
One tenth of one cent ($0.001) per barrel
Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
Last Trading Day
Last Trading Day of the contract month
Floating Price
In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price
Up to and including the December 20172 contract month in respect
of final settlement, the Floating Price will be a price in USD and cents
per barrel based on the difference between the average of the
“Mid”mean of the high and low quotations appearing in “Platts AsiaPacific/Arab Gulf Marketscan” under the heading “Asia Products”
subheading “Singapore” and “FOB Singapore ($/barrel)” for “Gasoil
10 ppm” and the average of the “Mid”mean of the high and low
quotations appearing in the “Platts Asia-Pacific/Arab Gulf
Marketscan” under the heading “Asia Products” subheading
“Singapore” and “FOB Singapore ($/barrel)” for “Gasoil 0.05%” for
each business day (as specified below) in the determination period.
From January 2018 in respect of final settlement, the Floating Price
will be a price in USD and cents per barrel based on the difference
between the average of the “Mid” quotations appearing in “Platts
Asia-Pacific/Arab Gulf Marketscan” under the heading “Asia
Products” subheading “Singapore” and “FOB Singapore ($/barrel)”
for “Gasoil” and the average of the “Mid” quotations appearing in
“Platts Asia-Pacific/Arab Gulf Marketscan” under the heading “Asia
Products” subheading “Singapore” and “FOB Singapore ($/barrel)”
for “Gasoil 0.05% sulfur” for each business day (as specified below)
in the determination period.
62
Amended 2 January 2013
From January 2013 the Singapore Gasoil 0.05% leg Floating Price
reference will change to reference "Platts Asian-Pacific/Arab Gulf
MarketScan" under the heading "Asia Products" subheading
"Singapore" and "FOB Singapore" for the "Gasoil" quotation for each
business day (as specified below) in the determination period.
Contract Series
Up to 60 consecutive months
Final Payment Dates
Two Clearing House Business Days following the Last Trading Day
business days
Publication days for Platts Asia-Pacific/Arab Gulf Marketscan
* NB: The contract name ‘Singapore Gasoil 10 ppm (Platts) vs Singapore Gasoil (Platts) Future’ will be
changed to ‘Singapore Gasoil (Platts) vs Singapore Gasoil 0.05% (Platts) Future’ from 2 January 2018.
77.
GASOIL ARB – SINGAPORE GASOIL (PLATTS) VS LOW SULPHUR GASOIL 1ST LINE
SWAP FUTURE (IN BBLS)*63
Description
A monthly cash settled swap future based on the difference between
the Platts daily assessment price for Singapore Gasoil and the ICE
daily settlement price for Low Sulphur Gasoil 1st Line Swap Future
throughout 2017. From 2 January 2018 it will become a monthly
cash settled future based on the difference between the Platts daily
assessment price for Singapore Gasoil 0.05% sulfur (500 ppm) and
the ICE settlement price for Low Sulphur Gasoil 1st Line Future.
NB: Platts assessment of Singapore “Gasoil” up to the end of 2017
reflects a 500 ppm (0.05%) sulfur content Gasoil grade. From 2
January 2018, “Gasoil” will reflect 10 ppm sulfur Gasoil grade.
Contract Symbol
SWW
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 Quotation
One tenth of one cent ($0.001) per barrel
Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
Last Trading Day
Last Trading Day of the contract month
Floating Price
In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price
Up to and including the December 20172 contract month in respect
of final settlement, the Floating Price will be a price in USD and
cents per barrel equal to the difference between the average of the
“Mid”mean of the high and low quotations appearing in the “Platts
Asia-Pacific/Arab Gulf Marketscan” under the heading “Asia
Products” subheading “Singapore” and “FOB Singapore ($/barrel)”
for “Gasoil 0.05%” and the average of the daily settlement prices as
made public by ICE for the front month Low Sulphur Gasoil 1st
Line Swap Future contract for each business day (as specified
below) in the determination period.
From January 2018 in respect of final settlement, the Floating Price
will be a price in USD and cents per barrel equal to the difference
between the average of the “Mid” quotations appearing in “Platts
Asia-Pacific/Arab Gulf Marketscan” under the heading “Asia
Products” subheading “Singapore” and “FOB Singapore ($/barrel)”
for “Gasoil 0.05% sulfur” and the average of the settlement prices as
made public by ICE for the front month Low Sulphur Gasoil Future
for each business day (as specified below) in the determination
period.
From January 2013 the Singapore Gasoil leg Floating Price
reference will change to reference "Platts Asian-Pacific/Arab Gulf
MarketScan" under the heading "Asia Products" subheading
"Singapore" and "FOB Singapore" for the "Gasoil" quotation for
63
Amended 2 January 2013
each business day (as specified below) in the determination period.
Non-Common Pricing applies.
conversion factor: 1 metric tonne = 7.45 barrels.
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 48 consecutive months
Final Payment Dates
Two Clearing House Business Days following the Last Trading Day
business days
Publication days for Platts Asia-Pacific/Arab Gulf Marketscan and
ICE
* NB: The contract name ‘Singapore Gasoil (Platts) vs Low Sulphur Gasoil 1st Line Future (in Bbls)’ will be
changed to ‘Singapore Gasoil 0.05% (Platts) vs Low Sulphur Gasoil 1st Line Future (in Bbls)’ from 2 January
2018.
78.
GASOIL DIFF - SINGAPORE GASOIL (PLATTS) VS LOW SULPHUR GASOIL 1ST LINE
BALMO FUTURE (IN BBLS)*64
Description
A balance of the month cash settled future based on the difference
between the Platts daily assessment price for Singapore Gasoil and
the ICE settlement price for Low Sulphur Gasoil 1st Line Future
throughout 2017. From 2 January 2018 it will become a balance of
the month cash settled future based on the difference between the
Platts daily assessment price for Singapore Gasoil 0.05% sulfur (500
ppm) and the ICE settlement price for Low Sulphur Gasoil 1st Line
Future.
NB: Platts assessment of Singapore “Gasoil” up to the end of 2017
reflects a 500 ppm (0.05%) sulfur content Gasoil grade. From 2
January 2018, “Gasoil” will reflect 10 ppm sulfur Gasoil grade.
Contract Symbol
120-12U
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 Quotation
One tenth of one cent ($0.001) per barrel
Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
Last Trading Day
Last Trading Day of the contract month
Floating Price
In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price
Up to and including the December 2017 contract month Iin respect
of final settlement, the Floating Price will be a price in USD and
cents per barrel equal to the difference between the average of the
“Mid” quotations appearing in the “Platts Asia-Pacific/Arab Gulf
Marketscan” under the heading “Asia Products” subheading
“Singapore” and “FOB Singapore ($/barrel)” for “Gasoil” and the
average of the settlement prices as made public by ICE for the front
month Low Sulphur Gasoil Future contract for each business day (as
specified below) in the determination period.
From January 2018 in respect of final settlement, the Floating Price
will be a price in USD and cents per barrel equal to the difference
between the average of the “Mid” quotations appearing in “Platts
Asia-Pacific/Arab Gulf Marketscan” under the heading “Asia
Products” subheading “Singapore” and “FOB Singapore ($/barrel)”
for “Gasoil 0.05% sulfur” and the average of the settlement prices as
made public by ICE for the front month Low Sulphur Gasoil Future
for each business day (as specified below) in the determination
period.
Non-Common Pricing applies.
conversion factor: 1 metric tonne = 7.45 barrels.
64
Inserted 04 April 2016
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 2 consecutive months
Final Payment Dates
Two Clearing House Business Days following the Last Trading Day
business days
Publication days for Platts Asia-Pacific/Arab Gulf Marketscan and
ICE
MIC Code
IFEU
Clearing Venue
ICEU
* NB: The contract name ‘Singapore Gasoil (Platts) vs Low Sulphur Gasoil 1st Line Balmo Future (in Bbls)’
will be changed to ‘Singapore Gasoil 0.05% (Platts) vs Low Sulphur Gasoil 1st Line Balmo Future (in Bbls)’
from 2 January 2018.
82.
JET FUEL DIFF – SINGAPORE JET KEROSENE CARGOES (PLATTS) VS SINGAPORE
GASOIL (PLATTS)SWAP FUTURE*65
Description
A monthly cash settled swap future based on the difference between
the Platts daily assessment price for Singapore Jet Kerosene and
Platts daily assessment price for Singapore Gasoil throughout 2017.
From 2 January 2018 it will become a monthly cash settled future
based on the difference between the Platts daily assessment price for
Singapore Jet Kerosene and the Platts daily assessment price for
Singapore Gasoil 0.05% sulfur (500 ppm)
NB: Platts assessment of Singapore “Gasoil” up to the end of 2017
reflects a 500 ppm (0.05%) sulfur content Gasoil grade. From 2
January 2018, “Gasoil” will reflect 10 ppm sulfur Gasoil grade.
Contract Symbol
SVW
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 Quotation
One tenth of one cent ($0.001) per barrel
Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
Last Trading Day
Last Trading Day of the contract month
Floating Price
In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price
Up to and including the December 20172 contract month iIn respect
of final settlement, the Floating Price will be a price in USD and
cents per barrel based on difference between the average of the
“Mid”mean of the high and low quotations appearing in “Platts
Asia-Pacific/Arab Gulf Marketscan” under the heading “Asia
Products” subheading “Singapore” and “FOB Singapore ($/barrel)”
for “Kerosene” and the average of the “Mid”mean of the high and
low quotations appearing in the “Platts Asia-Pacific/Arab Gulf
Marketscan” under the heading “Asia Products” subheading
“Singapore” and “FOB Singapore ($/barrel)” for “Gasoil 0.05%” for
each business day (as specified below) in the determination period.
From January 2018 in respect of final settlement, the Floating Price
will be a price in USD and cents per barrel based on difference
between the average of the “Mid” quotations appearing in “Platts
Asia-Pacific/Arab Gulf Marketscan” under the heading “Asia
Products” subheading “Singapore” and “FOB Singapore ($/barrel)”
for “Kerosene” and the average of the “Mid” quotations appearing in
“Platts Asia-Pacific/Arab Gulf Marketscan” under the heading “Asia
Products” subheading “Singapore” and “FOB Singapore ($/barrel)”
for “Gasoil 0.05% sulfur” for each business day (as specified below)
in the determination period.
From January 2013 the Singapore Gasoil 0.05% leg Floating Price
reference will change to reference "Platts Asian-Pacific/Arab Gulf
65
Amended 2 January 2013
MarketScan" under the heading "Asia Products" subheading
"Singapore" and "FOB Singapore" for the "Gasoil" quotation for
each business day (as specified below) in the determination period.
Contract Series
Up to 60 consecutive months
Final Payment Dates
Two Clearing House Business Days following the Last Trading Day
business days
Publication days for Platts Asia-Pacific/Arab Gulf Marketscan
* NB: The contract name ‘Singapore Jet Kerosene Cargoes (Platts) vs Singapore Gasoil (Platts) Future’ will be
changed to ‘Singapore Jet Kerosene Cargoes (Platts) vs Singapore Gasoil 0.05% (Platts) Future’ from 2 January
2018.
83.
JET FUEL DIFF - SINGAPORE JET KEROSENE CARGOES (PLATTS) VS SINGAPORE
GASOIL (PLATTS) BALMO FUTURE*66
Description
A balance of the month cash settled future based on the difference
between the Platts daily assessment price for Singapore Jet
Kerosene and Platts daily assessment price for Singapore Gasoil
throughout 2017. From 2 January 2018 it will become a balance of
the month cash settled future based on the difference between the
Platts daily assessment price for Singapore Jet Kerosene and the
Platts daily assessment price for Singapore Gasoil 0.05% sulfur
(500 ppm)
NB: Platts assessment of Singapore “Gasoil” up to the end of 2017
reflects a 500 ppm (0.05%) sulfur content Gasoil grade. From 2
January 2018, “Gasoil” will reflect 10 ppm sulfur Gasoil grade.
Contract Symbol
GPV-GQZ
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 Quotation
One tenth of one cent ($0.001) per barrel
Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
Last Trading Day
Last Trading Day of the contract month
Floating Price
In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price
Up to and including the December 2017 Iin respect of final
settlement, the Floating Price will be a price in USD and cents per
barrel based on the difference between the average of the
“Mid”mean of the high and low quotations appearing in the “Platts
Asia-Pacific/Arab Gulf Marketscan” under the heading “Asia
Products” subheading “Singapore” and “FOB Singapore
($/barrel)” for “Kerosene” and the average of the “Mid”mean of
the high and low quotations appearing in the “Platts AsiaPacific/Arab Gulf Marketscan” under the heading “Asia Products”
subheading “Singapore” and “FOB Singapore ($/barrel)” for
“Gasoil” for each business day (as specified below) in the
determination period.
From January 2018 in respect of final settlement, the Floating Price
will be a price in USD and cents per barrel based on difference
between the average of the “Mid” quotations appearing in “Platts
Asia-Pacific/Arab Gulf Marketscan” under the heading “Asia
Products” subheading “Singapore” and “FOB Singapore
($/barrel)” for “Kerosene” and the average of the “Mid” quotations
appearing in “Platts Asia-Pacific/Arab Gulf Marketscan” under the
heading “Asia Products” subheading “Singapore” and “FOB
Singapore ($/barrel)” for “Gasoil 0.05% sulfur” for each business
day (as specified below) in the determination period.
66
Inserted 29 April 2013
Contract Series
Up to 2 consecutive calendar months
Final Payment Dates
Two Clearing House Business Days following the Last Trading
Day
business days
Publication days for Platts Asia-Pacific/Arab Gulf Marketscan
* NB: The contract name ‘Singapore Jet Kerosene Cargoes (Platts) vs Singapore Gasoil (Platts) Balmo Future’
will be changed to ‘Singapore Jet Kerosene Cargoes (Platts) vs Singapore Gasoil 0.05% (Platts) Balmo Future’
from 2 January 2018.
SECTION TTT PART II F: OPTIONS
28.
GASOIL OUTRIGHT - SINGAPORE GASOIL (PLATTS) AVERAGE PRICE OPTION*18
Description
The Singapore Gasoil (Platts) Average Price Option is based on the
underlying Singapore Gasoil (Platts) Swap Future (SWS) and will
automatically exercise into the settlement price of the Swap Future
on the day of expiry of the options contract throughout 2017. From 2
January 2018 the Average Price Option (which will be renamed as
‘Singapore Gasoil 0.05% (Platts) Average Price Option’) is based on
the underlying Singapore Gasoil 0.05% (Platts) Future (SWS) and
will automatically exercise into the settlement price of the Future on
the day of expiry of the options contract.
NB: Platts assessment of Singapore “Gasoil” up to the end of 2017
reflects a 500 ppm (0.05%) sulfur content Gasoil grade. From 2
January 2018, “Gasoil” will reflect 10 ppm sulfur Gasoil grade.
18
Contract Symbol
SWS
Hedge Instrument
The delta hedge for the Singapore Gasoil (Platts) Average Price
Option is the Singapore Gasoil (Platts)Swap Future (SWS).
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 Quotation
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 Type
Options are average priced and will be automatically exercised into
the Singapore Gasoil (Platts) 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 Gasoil (Platts) Average Price Option is a premiumpaid-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.
Inserted 24 June 2013
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 thefinal settlement prices of the
Singapore Gasoil (Platts) 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 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.
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 Dates
Two Clearing House Business Days following the Last Trading Day
business days
Publication days for Platts Asia-Pacific/Arab Gulf Marketscan
* NB: The contract name ‘Singapore Gasoil (Platts) Average Price Option’ will be changed to ‘Singapore
Gasoil 0.05% (Platts) Average Price Option’ from 2 January 2018.
29.
GASOIL CRACK – SINGAPORE GASOIL (PLATTS) VS DUBAI 1ST LINE (PLATTS)
AVERAGE PRICE OPTION*19
Description
The Singapore Gasoil (Platts) vs Dubai 1st Line (Platts) Average
Price Option is based on the underlying Singapore Gasoil (Platts) vs
Dubai 1st Line (Platts) Future (SFG) and will automatically exercise
into the Singapore Gasoil (Platts) vs Dubai 1st Line (Platts) Future
(SFG) on the day of expiry of the options contract throughout 2017.
From 2 January 2018 the Average Price Option (which will be
renamed as ‘Singapore Gasoil 0.05% (Platts) vs Dubai 1st Line
(Platts) Average Price Option’) is based on the underlying
Singapore Gasoil 0.05% (Platts) vs Dubai 1st Line (Platts) Future
(SFG) and will automatically exercise into the settlement price of
the Future on the day of expiry of the options contract.
NB: Platts assessment of Singapore “Gasoil” up to the end of 2017
reflects a 500 ppm (0.05%) sulfur content Gasoil grade. From 2
January 2018, “Gasoil” will reflect 10 ppm sulfur Gasoil grade..
19
Contract Symbol
SFG
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 (SFG).
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 Quotation
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 Type
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.
Inserted 6 June 2016
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 premiumpaid-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 (11:30 EST).
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. 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 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.
This contract will support Custom Option Strikes with a minimum
of 10 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 Dates
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 Venue
ICEU
* NB: The contract name ‘Singapore Gasoil (Platts) vs Dubai 1st Line (Platts) Average Price Option’ will be
changed to ‘Singapore Gasoil 0.05% (Platts) vs Dubai 1st Line (Platts) Average Price Option’ from 2 January
2018.