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Description

A monthly cash settled swap based on the difference between the Platts daily assessment price for 1% FOB Med Cargo Fuel Oil and the Platts daily assessment price for 1% FOB NWE Cargo Fuel Oil.

Market Specifications

Trading Screen Product Name

Platts FO (balmo)

Trading Screen Hub Name

1% FOB Med Cg (Platts)/1% FOB NWE Cg (Platts)

Rule Number

13178

Contract Symbol

FOJ

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

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 metric tonne based on the difference between the average of the “Mid” quotations appearing in the "Platts European Marketscan" under the heading "Mediterranean cargoes" subheading "FOB Med (Italy)" for "Fuel Oil 1.0%" and the average of the “Mid” quotations appearing in the "Platts European Marketscan" under the heading "Northwest Europe cargoes" subheading "FOB NWE" for "Fuel oil 1.0%" for each business day (as specified below) in the determination period.

Contract Series

Up to 2 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 European Marketscan

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