22 MARCH 2017
CIRCULAR 17/031
AMENDMENTS TO SINGAPORE GASOIL (PLATTS) AND SINGAPORE GASOIL 10
PPM (PLATTS) RELATED DERIVATIVE CONTRACTS - ANNOUNCEMENT
FOLLOWING CONSULTATION
CATEGORY
Trading
ATTACHMENTS
Related Singapore Gasoil (Platts) and Singapore Gasoil 10 ppm (Platts) derivative contract specifications
Members and their customers are advised that, further to Circular 17/018 dated Monday 27 February 2017, the
Exchange has now considered feedback from the Consultation and will be implementing the proposal outlined
therein.
Subject to the satisfactory conclusion of applicable regulatory processes, the Exchange will amend the Singapore
Gasoil (Platts) and Singapore Gasoil 10 ppm (Platts) related derivative contracts’ (the “Affected Contracts”)
specifications so that the contracts will continue to reflect the same sulfur specification after Tuesday 02 January
2018 as they do currently throughout 2017.
Changes to the Contract Specifications
On Wednesday 05 April 2017, the Affected Contracts’ specifications in the Exchange Rulebook will be amended as
detailed in Attachment 1. These interim amendments will clarify the underlying Platts assessment used for Final
Settlement Purposes for the balance of 2017 and 2018 onwards. In January 2018 they will be amended once again
(to be announced in a Circular near the end of 2017) to reflect the effective changes by Platts and to remove
redundant wording regarding the contracts’ behaviour in 2017. In light of the labeling change by Platts, the contracts
will be retitled throughout this process and this has been noted by a footnote in all Affected Contracts’ specifications
(Attachment 1). The following table details the name changes:
Contract
Code
GST
S1A-S24
SWS
SWM
VXC-VYG
Current Contract Name
Singapore Gasoil 10ppm
Swap Future
Singapore Gasoil 10ppm
(Platts) Balmo Future
Singapore Gasoil Swap
Future
Singapore Gasoil (Platts) Mini
Future
Singapore Gasoil Balmo
Swap Future
Contract Name from 05
April 2017
Singapore Gasoil 10 ppm
(Platts) Future
Singapore Gasoil 10 ppm
(Platts) Balmo Future
Singapore Gasoil (Platts)
Future
Singapore Gasoil (Platts) Mini
Future
Singapore Gasoil (Platts)
Balmo Future
Contract Name from 02
January 2018
Singapore Gasoil (Platts)
Future
Singapore Gasoil (Platts)
Balmo Future
Singapore Gasoil 0.05%
(Platts) Future
Singapore Gasoil 0.05%
(Platts) Mini Future
Singapore Gasoil 0.05%
(Platts) Balmo Future
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SFG
Singapore Gasoil (Platts) vs
Dubai 1st Line (Platts) Future
Singapore Gasoil (Platts) vs
Dubai 1st Line (Platts) Future
GSW
Singapore 10ppm Gasoil vs
Singapore Gasoil Swap
Future
Singapore Gasoil vs Low
st
Sulphur Gasoil 1 Line Swap
Future (in Bbls)
Singapore Gasoil 10 ppm
(Platts) vs Singapore Gasoil
(Platts) Future
Singapore Gasoil (Platts) vs
st
Low Sulphur Gasoil 1 Line
Future (in Bbls)
120-12U
Singapore Gasoil (Platts) vs
st
Low Sulphur Gasoil 1 Line
Balmo Future (in Bbls)
Singapore Gasoil (Platts) vs
st
Low Sulphur Gasoil 1 Line
Balmo Future (in Bbls)
SVW
Singapore Jet Kero vs
Singapore Gasoil Swap
Future
GPV-GQZ
Singapore Jet Kero (Platts)
vs Singapore Gasoil (Platts)
Balmo Future
SWS
Singapore Gasoil (Platts)
Average Price Option
Gasoil Crack - Singapore
Gasoil (Platts) vs Dubai 1st
Line (Platts) Average Price
Option
Singapore Jet Kerosene
Cargoes (Platts) vs
Singapore Gasoil (Platts)
Future
Singapore Jet Kerosene
Cargoes (Platts) vs
Singapore Gasoil (Platts)
Balmo Future
Singapore Gasoil (Platts)
Average Price Option
Gasoil Crack - Singapore
Gasoil (Platts) vs Dubai 1st
Line (Platts) Average Price
Option
SWW
SFG
Singapore Gasoil 0.05%
(Platts) vs Dubai 1st Line
(Platts) Future
Singapore Gasoil (Platts) vs
Singapore Gasoil 0.05%
(Platts) Future
Singapore Gasoil 0.05%
(Platts) vs Low Sulphur
Gasoil 1st Line Future (in
Bbls)
Singapore Gasoil 0.05%
(Platts) vs Low Sulphur
Gasoil 1st Line Balmo Future
(in Bbls)
Singapore Jet Kerosene
Cargoes (Platts) vs
Singapore Gasoil 0.05%
(Platts) Future
Singapore Jet Kerosene
Cargoes (Platts) vs
Singapore Gasoil 0.05%
(Platts) Balmo Future
Singapore Gasoil 0.05%
(Platts) Average Price Option
Singapore Gasoil 0.05%
(Platts) vs Dubai 1st Line
(Platts) Average Price Option
Admission of additional contracts
As noted in Circular 17/018 dated Monday 27 February 2017, the Exchange will admit to trading, subject to the
completion of relevant regulatory processes, additional contracts that will final settle against the Platts Singapore
‘Gasoil 10 ppm’ (Singapore ‘Gasoil’ from Tuesday 02 January 2018) assessment. In the first instance, the contracts
detailed in the table below will be admitted for trading at a date to be announced in a subsequent Circular.
Contract Name on launch
Contract Name from 02 January 2018
Singapore Gasoil 10 ppm (Platts) vs Dubai 1st Line
(Platts) Future
Singapore Gasoil (Platts) vs Dubai 1st Line (Platts)
Future
Singapore Gasoil 10 ppm (Platts) vs Low Sulphur
Gasoil 1st Line Future (in Bbls)
Singapore Gasoil (Platts) vs Low Sulphur Gasoil 1st
Line Future (in Bbls)
Singapore Jet Kerosene Cargoes (Platts) vs
Singapore Gasoil 10 ppm (Platts) Future
Singapore Jet Kerosene Cargoes (Platts) vs
Singapore Gasoil (Platts) Future
Singapore Jet Kerosene Cargoes (Platts) vs
Singapore Gasoil 10 ppm (Platts) Balmo Future
Singapore Jet Kerosene Cargoes (Platts) vs
Singapore Gasoil (Platts) Balmo Future
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ICE Futures Europe, a Recognised Investment Exchange under the Financial Services & Markets Act 2000
Registered in England & Wales with Registered Office at Milton Gate, 60 Chiswell Street, London, EC1Y 4SA Company Registration No. 1528617
Further additional contracts will be admitted to trading, subject to completion of relevant regulatory processes, by
January 2018 to ensure a full complement of contracts referencing both Platts Singapore ‘Gasoil 0.05% sulfur’ and
Platts Singapore ‘Gasoil 10 ppm’ (Singapore ‘Gasoil’ from Tuesday 02 January 2018).
I therefore give formal notice, on behalf of the Board, in accordance with the Code of Practice that it
proposes the change to the Exchange Regulation set out in the attached. The Code of Practice provides
that any written request for the Board to consider whether the Code of Practice has been adhered to must
be received by the Secretary within fourteen days of the date of this Circular. In the absence of any such
request the proposed change will come into effect on Wednesday 05 April 2017.
Please ensure that the appropriate members of staff within your organisation and customers are advised of the
content of this Circular.
Signed:
Dee Blake
Head of Regulation
FOR MORE INFORMATION, PLEASE CONTACT:
Julius Foo (Asia)
+65 6594 0162
[email protected]
Elena Khatsava (Europe)
+44 (0)20 7012 8774
[email protected]
Jean-Luc Amos (Europe)
+44 (0)20 7065 7744
[email protected]
Jeff Barbuto (US)
+1 646 733 5014
[email protected]
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ICE Futures Europe, a Recognised Investment Exchange under the Financial Services & Markets Act 2000
Registered in England & Wales with Registered Office at Milton Gate, 60 Chiswell Street, London, EC1Y 4SA Company Registration No. 1528617