- Trading Screen Product Name
- Jet Fuel Futures
- Trading Screen Hub Name
- Jet CIF NWE Cg Mini
- Contract Symbol
JCM
- Hedge Instrument
The delta hedge for the Jet CIF NWE Cargoes (Platts) Mini Average
Price Option is the Jet CIF NWE Cargoes (Platts) Mini Future (JCM).
- 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 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 average priced and will be automatically exercised into
the Jet CIF NWE Cargoes (Platts) Mini Future (JCM) 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 Jet CIF NWE Cargoes (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 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 settlement prices of the Jet CIF
NWE Cargoes (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 Increments
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