ICE Fuel Oil 180 CST Singapore

Fuel Oil 180 CST Singapore Futures	Fuel Oil 180 CST Singapore Futures 	Fuel Oil 180 CST Singapore Futures 	Fuel Oil 180 CST Singapore Futures
Trading Screen Product Name 	Fuel Oil Futures 	Fuel Oil Futures 	Fuel Oil Futures
Trading Screen Hub Name 	180cst Sing 	180cst Sing 	180cst Sing
Contract Symbol 	SZS 	SZS 	SZS
Contract Size 	1,000 metric tonnes 	1,000 metric tonnes 	1,000 metric tonnes
Unit of Trading 	Any multiple of 1,000 metric tonnes 	Any multiple of 1,000 metric tonnes 	Any multiple of 1,000 metric tonnes
Currency 	US Dollars and cents 	US Dollars and cents 	US Dollars and cents
Trading Price Quotation 	One cent ($0.01) per metric tonne 	One cent ($0.01) per metric tonne 	One cent ($0.01) per metric tonne
Settlement Price Quotation 	One tenth of one cent ($0.001) per metric tonne 	One tenth of one cent ($0.001) per metric tonne 	One tenth of one cent ($0.001) per metric tonne
Minimum Price Fluctuation 	One tenth of one cent ($0.001) per metric tonne 	One tenth of one cent ($0.001) per metric tonne 	One tenth of one cent ($0.001) per metric tonne
Last Trading Day 	Last Trading Day of the contract month 	Last Trading Day of the contract month 	Last Trading Day of the contract month
Floating Price 	In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. 	In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. 	In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products.
Final Settlement 	In respect of final settlement, the Floating Price will be a price in USD and cents per metric tonne based on the average of the mean of the high and low quotations appearing in the "Platts Asia-Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Singapore" and "FOB Singapore" for "HSFO 180 CST ($/mt)" for each business day (as specified below) in the determination period.	In respect of final settlement, the Floating Price will be a price in USD and cents per metric tonne based on the average of the mean of the high and low quotations appearing in the "Platts Asia-Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Singapore" and "FOB Singapore" for "HSFO 180 CST ($/mt)" for each business day (as specified below) in the determination period.	In respect of final settlement, the Floating Price will be a price in USD and cents per metric tonne based on the average of the mean of the high and low quotations appearing in the "Platts Asia-Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Singapore" and "FOB Singapore" for "HSFO 180 CST ($/mt)" for each business day (as specified below) in the determination period.
Contract Series 	Up to 72 consecutive months 	Up to 72 consecutive months 	Up to 72 consecutive months
Final Payment Date 	Two Clearing House Business Days following the Last Trading Day 	Two Clearing House Business Days following the Last Trading Day 	Two Clearing House Business Days following the Last Trading Day
Business Days 	Publication days for Platts Asia-Pacific/Arab Gulf Marketscan 	Publication days for Platts Asia-Pacific/Arab Gulf Marketscan 	Publication days for Platts Asia-Pacific/Arab Gulf Marketscan
MIC Code 	IFEU 	IFEU 	IFEU
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	7:50 PM - 6:00 PM*
19:50 - 18:00 	7:40 PM
19:40
Trading Hours 	LONDON 	12:50 AM - 11:00 PM*
00:50 - 23:00 	12:40 AM
00:40
Trading Hours 	SINGAPORE 	8:50 AM - 7:00 AM*
08:50 - 07:00 	8:40 AM
08:40
*Next Day 	*Next Day 	*Next Day 	
Codes 	Clearing Admin Name 	Ref Outright mt 	Ref Outright mt
Codes 	Physical 	SZS 	SZS
Codes 	Logical 	SZS 	SZS
Codes 	GMI (FC) 	PE 	PE
Codes 	ION A.C.N. 	NM86 	NM86
Fuel Oil 180 CST Singapore Average Price Options	Fuel Oil 180 CST Singapore Average Price Options 	Fuel Oil 180 CST Singapore Average Price Options 	Fuel Oil 180 CST Singapore Average Price Options
Trading Screen Product Name 	Fuel Oil Futures APO 	Fuel Oil Futures APO 	Fuel Oil Futures APO
Trading Screen Hub Name 	180cst Sing 	180cst Sing 	180cst Sing
Contract Symbol 	SZS 	SZS 	SZS
Hedge Instrument 	The delta hedge for the 180 CST Singapore Fuel Oil Average Price Option is the 180 CST Singapore Fuel Oil Cargoes Swap Future (SZS). 	The delta hedge for the 180 CST Singapore Fuel Oil Average Price Option is the 180 CST Singapore Fuel Oil Cargoes Swap Future (SZS). 	The delta hedge for the 180 CST Singapore Fuel Oil Average Price Option is the 180 CST Singapore Fuel Oil Cargoes Swap Future (SZS).
Contract Size 	1,000 metric tonnes 	1,000 metric tonnes 	1,000 metric tonnes
Unit of Trading 	Any multiple of 1,000 metric tonnes 	Any multiple of 1,000 metric tonnes 	Any multiple of 1,000 metric tonnes
Currency 	US Dollars and cents 	US Dollars and cents 	US Dollars and cents
Trading Price Quotation 	One cent ($0.01) per metric tonne 	One cent ($0.01) per metric tonne 	One cent ($0.01) per metric tonne
Settlement Price Quotation 	One tenth of one cent ($0.001) per metric tonne 	One tenth of one cent ($0.001) per metric tonne 	One tenth of one cent ($0.001) per metric tonne
Minimum Price Fluctuation 	One tenth of one cent ($0.001) per metric tonne 	One tenth of one cent ($0.001) per metric tonne 	One tenth of one cent ($0.001) per metric tonne
Last Trading Day 	Last Trading Day of the contract month 	Last Trading Day of the contract month 	Last Trading Day of the contract month
Option Style 	Options are Asian-style and will be automatically exercised on the expiry day if they are "in the money". The Swap 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. 	Options are Asian-style and will be automatically exercised on the expiry day if they are "in the money". The Swap 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. 	Options are Asian-style and will be automatically exercised on the expiry day if they are "in the money". The Swap 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.
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 assessment prices of the Platts180 CST Singapore Fuel Oil Swap 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. 	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 assessment prices of the Platts180 CST Singapore Fuel Oil Swap 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. 	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 assessment prices of the Platts180 CST Singapore Fuel Oil Swap 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.
Option Premium / Daily Margin 	The 180 CST Singapore Fuel Oil 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.	The 180 CST Singapore Fuel Oil 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.	The 180 CST Singapore Fuel Oil 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.
Strike Price Intervals 	A minimum of 10 strikes above and below at the money in $1.00 increments will be listed at launch. This contract will support Custom Option Strikes with strikes in increments of $0.25 within a range of $250 to $1,000. These ranges may be revised from time to time according to future price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. 	A minimum of 10 strikes above and below at the money in $1.00 increments will be listed at launch. This contract will support Custom Option Strikes with strikes in increments of $0.25 within a range of $250 to $1,000. These ranges may be revised from time to time according to future price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. 	A minimum of 10 strikes above and below at the money in $1.00 increments will be listed at launch. This contract will support Custom Option Strikes with strikes in increments of $0.25 within a range of $250 to $1,000. These ranges may be revised from time to time according to future price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract.
Contract Series 	Up to 60 consecutive months 	Up to 60 consecutive months 	Up to 60 consecutive months
Final Payment Date 	Two Clearing House Business Days following the Last Trading Day. 	Two Clearing House Business Days following the Last Trading Day. 	Two Clearing House Business Days following the Last Trading Day.
Business Days 	Publication days for Platts Asia-Pacific/Arab Gulf Marketscan 	Publication days for Platts Asia-Pacific/Arab Gulf Marketscan 	Publication days for Platts Asia-Pacific/Arab Gulf Marketscan
MIC Code 	IFEU 	IFEU 	IFEU
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	6:50 PM - 5:05 PM*
18:50 - 17:05 	6:40 PM
18:40
Trading Hours 	LONDON 	11:50 PM - 10:05 PM*
23:50 - 22:05 	11:40 PM
23:40
Trading Hours 	SINGAPORE 	7:50 AM - 6:05 AM*
07:50 - 06:05 	7:40 AM
07:40
Trading Hours 	*Next Day 	*Next Day 	*Next Day
Codes 	Clearing Admin Name 	Ref Outright mt 	Ref Outright mt
Codes 	Physical 	SZS 	SZS
Codes 	Logical 	SZS 	SZS
Codes 	GMI (FC) 	PE 	PE
Codes 	ION A.C.N. 	NM86 	NM86
== Notes ==
==References==
==Resources==
ICE Fuel Oil 180 CST Singapore Product Spec
ICE Fuel Oil 180 CST Singapore Average Price Options Product Spec
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