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Description

A cash settled swap based on the difference between the Platts daily assessment price for Urals North and Platts daily assessment price for Dated Brent (Mediterranean Dated strip).

Market Specifications

Trading Screen Product Name

Platts Urals NWE CFD

Trading Screen Hub Name

Urals North/Dated Brent CFD

Rule Number

13140

Contract Symbol

CFU

Contract Size

1,000 barrels

Unit of Trading

Any multiple of 100,000 barrels

Currency

US Dollars and cents

Trading Price Quotation

One cent ($0.01) per barrel

Last Trading Day

Last Trading Day of the contract month

Final Settlement

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 mean of the high and low quotations appearing in “Platts Crude Oil Marketwire” under the heading “Russian Urals/ESPO spot assessments” subheading “$/bbl” for “Urals (Rotterdam)” and the average of the mean of the high and low quotations appearing in “Platts Crude Oil Marketwire” under the heading “Forward Dated Brent” for “Mediterranean Dated strip” for each business day (as specified below) in the determination period.

Contract Series

Up to 36 consecutive months, or as otherwise determined by the SEF

Final Payment Date

Five (5) New York Business Days after each settlement date via wire transfer of Federal funds

Business Days

Publication days for Platts Crude Oil Marketwire

Other Terms

To be confirmed directly between the parties in their full form of contract. The terms reflected in such contracts shall be controlling.

MIC Code

ICES

Clearing Venues

Bilateral

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Trading Hours

Codes