- Trading Screen Product Name
- Jet Fuel Crack Futures
- Trading Screen Hub Name
- Sing Kero (Platts)/Dubai 1st Line (Platts)
- Contract Symbol
SFF
- Hedge Instrument
The delta hedge for the Singapore Jet Kerosene Cargoes (Platts) vs
Dubai 1st Line (Platts) Average Price Option is the Singapore Jet
Kerosene Cargoes (Platts) vs Dubai 1st Line (Platts) Future (SFF)
- 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 Singapore Jet Kerosene Cargoes (Platts) vs Dubai 1st Line
(Platts) 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 Singapore Jet Kerosene Cargoes (Platts) vs Dubai 1st Line
(Platts) Average Price Option is a premium-paid-upfront option. 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 average of the settlement prices of the Singapore Jet
Kerosene Cargoes (Platts) vs Dubai 1st Line (Platts) 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
This contract will support Custom Option Strikes with a minimum of
10 Strike Prices in increments of $0.01 per bbl 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 Asia Pacific/Arab Gulf Marketscan and
Platts Crude Oil Marketwire
- MIC Code
- IFEU
- Clearing Venues
- ICEU