part ii: specific standard terms for swap futures ... attach 1.pdf · low quotations appearing in...

SECTION TTT PART II A: OUTRIGHTS – CRUDE OIL AND REFINED PRODUCTS

© ICE Futures Europe 2019 1

TTT PART II: SPECIFIC STANDARD TERMS FOR SWAP FUTURES CONTRACTS:

A. OUTRIGHTS - CRUDE OIL AND REFINED PRODUCTS

6. Crude Outright – Brent 1st Line Balmo Future .......................................................................................... 2

10. Crude Outright – Dated Brent (Platts) Balmo Future ................................................................................ 3

14. Crude Outright – Dubai 1st Line (Platts) Balmo Future ............................................................................. 4

16. Crude Outright – Dubai 1st Line (Platts) Balmo Mini Future .................................................................... 5

38. Gasoil Outright – Singapore Gasoil 0.05% (Platts) Balmo Future ............................................................ 6

54. Jet Fuel Outright – Singapore Jet Kerosene (Platts) Balmo Future ........................................................... 7

69. Biodiesel Outright – Soybean Oil Penultimate Day 1st Line Balmo Future ............................................. 8

72. Diesel Outright – Diesel 10ppm FOB ARA Barges (Platts) Balmo Future ............................................... 9

80. Diesel Outright – ULSD 10ppm CIF NWE Cargoes (Platts) Balmo Future ........................................... 10

83. Fuel Oil Outright – Fuel Oil 1% CIF Med Cargoes (Platts) Balmo Future ............................................. 11

92. Fuel Oil Outright – Fuel Oil 1% FOB NWE Cargoes (Platts) Balmo Future .......................................... 12

95. Fuel Oil Outright – Fuel Oil 1% FOB Rotterdam Barges (Platts) Balmo Future .................................... 13

98. Fuel Oil Outright – Fuel Oil 180 CST Singapore (Platts) Balmo Future................................................. 14

103. Fuel Oil Outright – Fuel Oil 3.5% FOB Med Cargoes (Platts) Balmo Future ......................................... 15

105. Fuel Oil Outright – Fuel Oil 3.5% FOB Med Cargoes (Platts) Balmo Mini Future ................................ 16

107. Fuel Oil Outright – Fuel Oil 3.5% FOB Rotterdam Barges (Platts) Balmo Future ................................. 17

111. Fuel Oil Outright – Fuel Oil 380 CST Singapore (Platts) Balmo Future................................................. 18

125. Gasoil Outright – Gasoil 0.1% CIF NWE Cargoes (platts) Balmo Future .............................................. 19

130. Gasoil Outright – Gasoil 0.1% FOB ARA Barges (Platts) Balmo Future ............................................... 20

135. Gasoil Outright – Low Sulphur Gasoil 1st Line Balmo Future ................................................................ 21

139. Gasoline Outright – Argus Eurobob Oxy FOB Rotterdam Barges Balmo Future ................................... 22

140. Gasoline Outright – Argus Eurobob Oxy FOB Rotterdam Barges Balmo Mini Future .......................... 23

159. Naphtha Outright – Naphtha C+F Japan (Platts) Balmo Future .............................................................. 24


2 © ICE Futures Europe 2019

TTT 6. CRUDE OUTRIGHT – BRENT 1

ST LINE BALMO SWAP FUTURE

Description A balance of the month cash settled swap future based on the ICE

daily settlement price for Brent Crude Futures.

Contract Symbol CMA-CMZ; CNA-CNEBSQ

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 In respect of final settlement, the Floating Price will be a price in

USD and cents per barrel based on the average of the settlement

prices as made public by ICE for the front month ICE Brent Crude

Futures contract for the month of production.

Roll Adjust Provision In order to use the correct Floating Price quotations, the nearby

month quotation for ICE Brent 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 Date Two Clearing House Business Days following the Last Trading Day

business days Publication days for ICE



TTT 10. CRUDE OUTRIGHT – DATED BRENT (PLATTS) BALMO FUTURE

1

Description A balance of the month cash settled future based on the Platts daily

assessment price for Dated Brent

Contract Symbol 0Q0-0QUDBQ





Settlement Price

Quotation

One tenth of one cent ($0.001) per barrel

Minimum Price

Fluctuation




ICE using price data from a number of sources including spot, forward,

and derivative markets for both physical and financial products.

Final Settlement Price 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” quotations appearing in

“Platts Crude Oil Marketwire” under the heading “Key benchmarks

($/barrel)” for “Brent (Dated)” for each business day (as specified below)

in the determination period.

Contract Series Up to 2 consecutive calendar months

Final Payment Date Two Clearing House Business Days following the Last Trading Day.

business days Publication days for Platts Crude Oil Marketwire

1 Inserted 22 September 2014



TTT 14. CRUDE OUTRIGHT – DUBAI 1

ST LINE (PLATTS) BALMO SWAP FUTURE

Description A balance of the month cash settled swap future based on the Platts

daily assessment price for Dubai Crude.

Contract Symbol AMA-AMZ; ANA-ANEDBJ









ICE using price data from a number of sources including spot, forward


Final Settlement Price 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 “Platts Crude Oil Marketwire”

under the heading “Key benchmarks ($/bbarrel)” for “Dubai” prompt

month for each business day (as specified below) in the determination

period.


Final Payment Dates Two Clearing House Business Days following the Last Trading Day




TTT 16. CRUDE OUTRIGHT – DUBAI 1

ST LINE (PLATTS) BALMO MINI FUTURE

2

Description A balance of the month cash settled mini future based on the Platts daily

assessment price for Dubai Crude.

Contract Symbol DPX-DRBDBK

Contract Size 100 barrels

Unit of Trading Any multiple of 100 barrels




Minimum Price

Fluctuation



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


cents per barrel based on the average of the “Mid”mean of the high and

low quotations appearing in “Platts Crude Oil Marketwire” under the

heading “Key benchmarks ($/bbarrel)” for “Dubai” prompt month for each

business day (as specified below) in the determination period.




2 Inserted 18 November 2013



TTT 38. GASOIL OUTRIGHT – SINGAPORE GASOIL 0.05% (PLATTS) BALMO FUTURE

25


assessment price for Singapore Gasoil 0.05% sulfur.

Contract Symbol VXC-VXZ; VYA-VYGSWT








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.


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 0.05% sulfur" for each




business days Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

25

Amended 2 January 2013, 5 April 2017, 2 January 2018



TTT 54. JET FUEL OUTRIGHT – SINGAPORE JET KEROSENE (PLATTS) BALMO SWAP

FUTURE


daily assessment price for Singapore Jet Kerosene.

Contract Symbol BQA-BQZ; BRA-BRESBJ











products.


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

“Kerosene” for each business day (as specified below) in the

determination period.


Final Payment Date Two Clearing House Business Days following the Last Trading

Day.




TTT 69. BIODIESEL OUTRIGHT – SOYBEAN OIL PENULTIMATE DAY 1ST LINE BALMO

FUTURE3

Description A balance of the month cash settled future based on the daily settlement

price for US Soybean Oil Futures (in metric tonnes), excluding the last

business day of each contract month.

Contract Symbol S25-S2ZSOW

Contract Size 100 metric tonnes (220,462 pounds)

Unit of Trading Any multiple of 100 metric tonnes


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 Trading shall cease at the close of trading on the penultimate business day of

the contract month.



derivative markets for both physical and financial products.


cents per metric tonne based on the average of the settlement prices as made

public by CBOT for the Soybean Oil Futures contract month subsequent to

the IFEU Soybean Oil Penultimate Day 1st Line Balmo Future contract

month being final settled (see schedule table below), excluding the last

business day of each contract month.

Conversion factor: 1 metric tonne = 2,204.62 pounds (lb).

IFEU Soybean Oil Penultimate Day

1st Line Balmo Future contract

month being Final Settled

CBOT Soybean Oil Futures

contract month used for Final

Settlement purposes

January March

February March

March May

April May

May July

June July

July August

August September

September October

October December

November December

December January



business days Publication days for CBOT, excluding the last business day of each contract

month.

3 Inserted 12 May 2014, Amended 25 July 2018



TTT 72. DIESEL OUTRIGHT – DIESEL 10PPM FOB ARA BARGES (PLATTS) BALMO FUTURE

4


assessment price for Diesel 10ppm FOB ARA Barges.

Contract Symbol CDA-CDZ; CEA-CEEDOS

Contract Size 1,000 metric tonnes

Unit of Trading Any multiple of 1,000 metric tonnes










and cents per metric tonne based on the average of the “Mid”

quotations appearing in the “Platts European Marketscan” under the

heading “Northwest Europe barges” subheading “FOB Rotterdam” for

“Diesel 10 ppm*” for each business day (as specified below) in the




business days Publication days for Platts European Marketscan

4 Amended 16 February 2015



TTT 80. DIESEL OUTRIGHT – ULSD 10PPM CIF NWE CARGOES (PLATTS) BALMO SWAP

FUTURE


daily assessment price for ULSD 10ppm CIF NWE Cargoes.

Contract Symbol FYA-FYZ; FZA-FZEULO












and cents per metric tonne based on the average of the “Mid”mean of

the high and low quotations appearing in the “Platts European

Marketscan” under the heading “Northwest Europe cargoes”

subheading “CIF NWE/Basis ARA” for “ULSD 10 ppm” for each







TTT 83. FUEL OIL OUTRIGHT – FUEL OIL 1% CIF MED CARGOES (PLATTS) BALMO SWAP

FUTURE


daily assessment price for 1% CIF MED Cargoes Fuel Oil.

Contract Symbol CJA-CJZ; CKA-CKECIG











products.


USD and cents per metric tonne based on the average of the

“Mid”mean between the high and low quotations appearing in the

“Platts European Marketscan” under the heading “Mediterranean

Ccargoes” subheading “CIF Med (Genova/Lavera)” for “Fuel Oil

1.0%” for each business day (as specified below) in the







TTT 92. FUEL OIL OUTRIGHT – FUEL OIL 1% FOB NWE CARGOES (PLATTS) BALMO SWAP

FUTURE


daily assessment price for 1% FOB NWE Cargoes Fuel Oil.

Contract Symbol AAA-AAZ; ABA-ABECAS












USD and cents per metric tonne based on the average of the “Mid”mean

of the high and low quotations appearing in the "Platts European

Marketscan" under the heading "Northwest Europe cargoes"

subheading "FOB NWE" for "Fuel oOil 1.0%" for each business day

(as specified below) in the determination period.






TTT 95. FUEL OIL OUTRIGHT – FUEL OIL 1% FOB ROTTERDAM BARGES (PLATTS) BALMO

SWAP FUTURE

Description A balance of the month cash settled swap future based on the

Platts daily assessment price for 1% FOB Rotterdam Barges Fuel

Oil.

Contract Symbol AWA-AWZ; AXA-AXEFOC











products.

Final Settlement Price In respect of final settlement, the floating price will be a price in


“Mid”mean of the high and low quotations appearing in the “Platts

European Marketscan” under the heading “Northwest Europe

Bbarges” subheading “FOB Rotterdam” for “Fuel Oil 1.0%” for

each business day (as specified below) in the determination period.






TTT 98. FUEL OIL OUTRIGHT – FUEL OIL 180 CST SINGAPORE (PLATTS) BALMO SWAP

FUTURE


Platts daily assessment price for 180 CST Singapore Fuel Oil.

Contract Symbol BLA-BLZ; BMA-BMESZT













“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 "HSFO 180 CST ($/mt)" for each business day (as specified

below) in the determination period.






TTT 103. FUEL OIL OUTRIGHT – FUEL OIL 3.5% FOB MED CARGOES (PLATTS) BALMO SWAP

FUTURE


daily assessment price for 3.5% FOB Med Cargoes Fuel Oil.

Contract Symbol AUA-AUZ; AVA-AVEFON











products.



“Mid”mean of the high and low quotations appearing in the “Platts

European Marketscan” under the heading “Mediterranean cargoes”

subheading “FOB MED (Italy)” for “Fuel Ooil 3.5%” for each







TTT 105. FUEL OIL OUTRIGHT – FUEL OIL 3.5% FOB MED CARGOES (PLATTS) BALMO MINI

FUTURE5

Description A balance of the month cash settled mini future based on the Platts daily

assessment price for 3.5% FOB Med Cargoes Fuel Oil.

Contract Symbol 175-17Z14V

Contract Size 100 metric tonnes









derivative markets for both physical and financial products.


cents per metric tonne based on the average of the “Mid” quotations

appearing in the “Platts European Marketscan” under the heading

“European Products ($/mt)” and “Mediterranean cargoes” subheading

“FOB Med (Italy)” for “Fuel oil 3.5%” for each business day (as specified





MIC Code IFEU

Clearing Venue ICEU

5 Inserted 6 June 2016



TTT 107. FUEL OIL OUTRIGHT – FUEL OIL 3.5% FOB ROTTERDAM BARGES (PLATTS) BALMO

SWAP FUTURE


daily assessment price for 3.5% FOB Rotterdam Barges Fuel Oil.

Contract Symbol BXA-BXZ; BYA-BYEBAS










the high and low quotations appearing in the “Platts European

Marketscan” under the heading “Northwest Europe barges”

subheading “FOB Rotterdam” for “Fuel Ooil 3.5%” for each business

day (as specified below) in the determination period.






TTT 111. FUEL OIL OUTRIGHT – FUEL OIL 380 CST SINGAPORE (PLATTS) BALMO SWAP

FUTURE


Platts daily assessment price for 380 CST Singapore Fuel Oil.

Contract Symbol BJA-BJZ; BKA-BKESYT











products.



“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 "HSFO 180 380 CST ($/mt)" for each business day (as specified







TTT 125. GASOIL OUTRIGHT – GASOIL 0.1% CIF NWE CARGOES (PLATTS) BALMO SWAP

FUTURE


daily assessment price for Gasoil 0.1% CIF NWE Cargoes.

Contract Symbol GFA-GFZ; GGA-GGEGCX











products.



“Mid”mean of the high and low quotations appearing in “Platts

European Marketscan” under the heading “Northwest Europe

cargoes” subheading “CIF NWE/Basis ARA” for “Gasoil 0.1%” for

each business day (as specified below) in the determination period.






TTT 130. GASOIL OUTRIGHT – GASOIL 0.1% FOB ARA BARGES (PLATTS) BALMO FUTURE

6


assessment price for Gasoil 0.1% FOB ARA Barges.

Contract Symbol EJA-EJZ; EKA-EKEGOG











products.


USD and cents per metric tonne based on the average of the “Mid”

quotations appearing in the “Platts European Marketscan” under the

heading “Northwest Europe barges” subheading “FOB Rotterdam”

for “Gasoil 0.1%*” for each business day (as specified below) in the





6 Amended 16 February 2015



TTT 135. GASOIL OUTRIGHT – LOW SULPHUR GASOIL 1

ST LINE BALMO SWAP FUTURE

Description A balance of the month cash settled swap future based on the ICE

daily settlement price for Low Sulphur Gasoil 1st Line Swap Futures.

Contract Symbol VEA-VEZ; VFA-VFEULV










forward, and derivative markets for both physical and financial

products.



settlement prices as made public by ICE for the 1st LineICE Low

Sulphur Gasoil Futures contract for each business day (as specified


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.


Final Payment Dates Two Clearing House Business Days following the Last Trading

Day

business days Publication days for ICE



TTT 139. GASOLINE OUTRIGHT – ARGUS EURO-BBOB OXY FOB ROTTERDAM BARGES

BALMO SWAP FUTURE

Description A balance of the month cash settled swap future based on the daily

Argus daily assessment price for Euro-bob Oxy FOB Rotterdam

Barges.

Contract Symbol AYA-AYZ; AZA-AZEAEP











products.


USD and cents per metric tonne based on the average of the mean

of the high and low quotations appearing in the “Argus European

Products Report” under the heading “Northwest Europe light

products” subheading “barge” for “Euro-Bbob Ooxy” for each




business days Publication days for Argus European Products



TTT 140. GASOLINE OUTRIGHT – ARGUS EUROBOB OXY FOB ROTTERDAM BARGES BALMO

MINI FUTURE7

Description A balance of the month cash settled mini future based on the daily

Argus daily assessment price for Eurobob Oxy FOB Rotterdam

Barges.

Contract Symbol A90-A9UAEN




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





products


USD and cents per metric tonne based on the average of the mean

of the high and low quotations appearing in the “Argus European

Products Report” under the heading “Northwest Europe light

products” subheading “barge” for “Eurobob oxy” for each business

day (as specified below) in the determination period.



business days Publication days for Argus European Products

7 Inserted 12 May 2014



TTT 159. NAPHTHA OUTRIGHT – NAPHTHA C+F JAPAN (PLATTS) BALMO SWAP FUTURE


daily assessment price for Naphtha C+F Japan Cargoes.

Contract Symbol FEA-FEZ; FFA-FFENJD













the high and low quotations appearing in the “Asia-Pacific/Arab Gulf

Marketscan” under the heading “Japan physical oil assessments”

subheading “C+F Japan ($/mt)” for “Naphtha ($/mt)” for each





part ii: specific standard terms for swap futures ... attach 1.pdf · low quotations appearing in...

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