ICE Fuel Oil 180 CST Singapore

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Fuel Oil 180 CST Singapore Futures
Trading Screen Product Name Fuel Oil Futures
Trading Screen Hub Name 180cst Sing
Contract Symbol SZS
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One cent ($0.01) per metric tonne
Settlement Price Quotation One tenth of one cent ($0.001) per metric tonne
Minimum Price Fluctuation One tenth of one cent ($0.001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products.
Final Settlement In respect of final settlement, the Floating Price will be a price in USD and cents per metric tonne based on the average of the mean of the high and low quotations appearing in the "Platts Asia-Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Singapore" and "FOB Singapore" for "HSFO 180 CST ($/mt)" for each business day (as specified below) in the determination period.
Contract Series Up to 72 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
MIC Code IFEU
Clearing Venues ICEU
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 7:50 PM - 6:00 PM*

19:50 - 18:00

7:40 PM

19:40

LONDON 12:50 AM - 11:00 PM*

00:50 - 23:00

12:40 AM

00:40

SINGAPORE 8:50 AM - 7:00 AM*

08:50 - 07:00

8:40 AM

08:40

*Next Day
Codes Clearing Admin Name Ref Outright mt
Physical SZS
Logical SZS
GMI (FC) PE
ION A.C.N. NM86
Fuel Oil 180 CST Singapore Average Price Options
Trading Screen Product Name Fuel Oil Futures APO
Trading Screen Hub Name 180cst Sing
Contract Symbol SZS
Hedge Instrument The delta hedge for the 180 CST Singapore Fuel Oil Average Price Option is the 180 CST Singapore Fuel Oil Cargoes Swap Future (SZS).
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One cent ($0.01) per metric tonne
Settlement Price Quotation One tenth of one cent ($0.001) per metric tonne
Minimum Price Fluctuation One tenth of one cent ($0.001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Option Style Options are Asian-style and will be automatically exercised 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.
Expiry 16:30 London 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 metric tonne based on the average of the assessment prices of the Platts180 CST Singapore Fuel Oil 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.

Option Premium / Daily Margin The 180 CST Singapore Fuel Oil Average Price Options are premium-paid-upfront options. 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.
Strike Price Intervals A minimum of 10 strikes above and below at the money in $1.00 increments will be listed at launch. This contract will support Custom Option Strikes with strikes in increments of $0.25 within a range of $250 to $1,000. These ranges 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 Date Two Clearing House Business Days following the Last Trading Day.
Business Days Publication days for Platts Asia-Pacific/Arab Gulf Marketscan
MIC Code IFEU
Clearing Venues ICEU
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 6:50 PM - 5:05 PM*

18:50 - 17:05

6:40 PM

18:40

LONDON 11:50 PM - 10:05 PM*

23:50 - 22:05

11:40 PM

23:40

SINGAPORE 7:50 AM - 6:05 AM*

07:50 - 06:05

7:40 AM

07:40

*Next Day
Codes Clearing Admin Name Ref Outright mt
Physical SZS
Logical SZS
GMI (FC) PE
ION A.C.N. NM86

Notes[edit]

References[edit]

Resources[edit]

ICE Fuel Oil 180 CST Singapore Product Spec

ICE Fuel Oil 180 CST Singapore Average Price Options Product Spec