- Trading Screen Product Name
- Fuel Oil Futures
- Trading Screen Hub Name
- Marine 0.5% FOB Rdam Bg (Platts) Mini
- Contract Symbol
MFY
- Hedge Instrument
The delta hedge for the Marine Fuel 0.5% FOB Rotterdam Barges
(Platts) Mini Average Price Option is the Marine Fuel 0.5% FOB
Rotterdam Barges (Platts) Mini Future (MFY)
- Contract Size
100 metric tonnes
- Unit of Trading
Any multiple of 100 metric tonnes
- Currency
US Dollars and cents
- Trading Price Quotation
One cent ($0.01) per metric tonnes
- Settlement Price Quotation
One tenth of one cent ($0.001) per metric tonnes
- Minimum Price Fluctuation
One tenth of one cent ($0.001) per metric tonnes
- Last Trading Day
Last Trading Day of the contract month
- Option Style
Options are average priced and will be automatically exercised into
the Marine Fuel 0.5% FOB Rotterdam Barges (Platts) Mini 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
- Option Premium / Daily Margin
The Marine Fuel 0.5% FOB Rotterdam Barges (Platts) Mini 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.
- Expiry
16:30 Singapore 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 Final Settlement Price of the Marine Fuel 0.5%
FOB Rotterdam Barges (Platts) Mini 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 10 Strike Prices in increments of $0.25 per metric
tonne 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 Date
Two Clearing House Business Days following the Last Trading Day
- Business Days
Publication days for Platts European Marketscan
- MIC Code
- IFEU
- Clearing Venues
- ICEU