- Trading Screen Product Name
- Jet Fuel Crack Futures
- Trading Screen Hub Name
- Jet CIF NWE Cg/Brent 1st Line
- Contract Symbol
JNB
- Hedge Instrument
The delta hedge for the Jet CIF NWE Cargoes (Platts) vs Brent 1st
Line Average Price Option is the Jet CIF NWE Cargoes vs Brent 1st
Line Future (JNB).
- 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
- Option Style
Options are average priced and will be automatically exercised into
the Jet CIF NWE Cargoes vs Brent 1st Line Future (JNB) 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) vs Brent 1st Line 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 (11:30 EST). 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
barrel equal to the final settlement price of the Jet CIF NWE
Cargoes vs Brent 1st Line 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 $0.01 per barrel
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 and ICE
- MIC Code
- IFEU
- Clearing Venues
- ICEU