part ii: specific standard terms for swap futures ... · contract symbol wnu contract size 1,000...

SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG

© ICE Futures Europe 1

TTT PART II: SPECIFIC STANDARD TERMS FOR SWAP FUTURES CONTRACTS:

E. FREIGHT, IRON ORE AND LNG

1. TC2 FFA - Northwest Europe to USAC (Baltic) Swap Future ................................................................. 4

2. TC5 FFA - Arabian Gulf to Japan (Platts) Swap Future ........................................................................... 5

3. TC6 FFA - Skikda to Lavera (Cross Med) (Baltic) Swap Future .............................................................. 6

4. TC7 FFA – Singapore to EC Australia (Baltic) Future ............................................................................. 7

5. TC9 FFA - Baltic to UK-Continent (Baltic) Future................................................................................... 8

6. TC12 FFA - WCI to Japan (Baltic) Future ................................................................................................ 9

7. TC14 FFA - USGC to Continent (Baltic) Swap Future ........................................................................... 10

8. TC15 FFA - Med to Far East (Baltic) Future .......................................................................................... 11

9. TD3C FFA - Middle East Gulf to China (Baltic) Future ......................................................................... 12

10. TD5 FFA - West Africa to USAC (Baltic) Swap Future ......................................................................... 13

11. TD7 FFA - UK North Sea to Continent (Baltic) Swap Future ................................................................ 14

12. TD8 FFA - Kuwait to Singapore (Baltic) Future ..................................................................................... 15

13. TD9 FFA - Caribbean to US Gulf (Baltic) Future ................................................................................... 16

14. TD19 FFA – Cross Med (Ceyhan to Lavera) (Baltic) Future .................................................................. 17

15. TD22 FFA - US Gulf to China (Baltic) Future ........................................................................................ 18

17. TD25 FFA - US Gulf to Med (Baltic) Future .......................................................................................... 19

18. TD20 FFA – West Africa to UK-Continent (Baltic) Future .................................................................... 20

19. Dirty FFA - USGC to China (Platts) Future ............................................................................................ 21

20. Dirty FFA - USGC to UK Continent (Platts) Future ............................................................................... 22

21. TC2 FFA-Northwest Europe to USAC (Baltic) Average Price Option ................................................... 23

22. TC5 FFA-Arabian Gulf to Japan (Platts) Average Price Option ............................................................. 25

23. TC6 FFA-Skikda to Lavera (Cross Med) (Baltic) Average Price Option ............................................... 27

24. TC14 FFA-USGC to Continent (Baltic) Average Price Option .............................................................. 29

25. TD3C FFA - Middle East Gulf to China (Baltic) Average Price Option ................................................. 31

26. TD5 FFA-West Africa to USAC (Baltic) Average Price Option ............................................................ 33

27. TD7 FFA-UK North Sea to Continent (Baltic) Average Price Option .................................................... 35

28. Capesize Timecharter (Baltic) Freight Swap Future ............................................................................... 37

29. Panamax Timecharter (Baltic) Freight Swap Future ............................................................................... 38

30. Supramax Timecharter (Baltic) Freight Swap Future .............................................................................. 39

31. Handysize Timecharter (Baltic) Freight Swap Future ............................................................................. 40

32. Iron Ore – Iron Ore 62% Fe (Platts IODEX) Swap Future ...................................................................... 41

33. Iron Ore - Iron Ore 62% Fe (TSI), CFR Tianjin Swap Future................................................................. 42

34. Iron Ore – Iron Ore 62% Fe (TSI), 500 dmt CFR Tianjin Future............................................................ 43

35. Iron Ore Diff - Iron Ore 62% Fe (Platts IODEX) vs Iron Ore 62% Fe (TSI), CFR Tianjin Swap Future44

36. JKM LNG (Platts) Future1 ....................................................................................................................... 45

37. JKM LNG (Platts) BalMO Future ........................................................................................................... 47

38. JKM LNG (Platts) Half-Month Future .................................................................................................... 48

1 Amended 2 March 2020


2 © ICE Futures Europe

TTT 39. Gulf Coast LNG (Platts) 1st Line Financial Future ................................................................................. 49

40. LPG (BLGP) FFA – Middle East Gulf to East 44,000Mts (Baltic) Future ............................................. 50

41. LPG (BLPG) FFA - Middle East Gulf to East 44,000Mts (Baltic) Balmo Future .................................. 51

42. TC2_37 FFA Triangulation with TC14 FFA – CPP/UNL Continent to USAC (Baltic) Future .............. 52

43. TC2 FFA - Northwest Europe to USAC (Baltic) Balmo Future.............................................................. 53

44. TC5 FFA – Arabian Gulf to Japan (Platts) Balmo Future ....................................................................... 54

45. TC6 FFA - Skikda to Lavera (Cross Med) (Baltic) Balmo Future .......................................................... 55

46. TC7 FFA – Singapore to EC Australia (Baltic) Balmo Future ................................................................ 56

47. TC9 FFA - Baltic to UK-Continent (Baltic) Balmo Future ..................................................................... 57

48. TC12 FFA - WCI to Japan (Baltic) Balmo Future .................................................................................. 58

49. TC14 FFA - USGC to UK-Continent (Baltic) Balmo Future .................................................................. 59

50. TC15 FFA - Med to Far East (Baltic) Balmo Future ............................................................................... 60

51. TD3C FFA - Middle East Gulf to China (Baltic) Balmo Future ............................................................. 61

52. TD8 FFA - Kuwait to Singapore (Baltic) Balmo Future ......................................................................... 62

53. TD20 FFA – West Africa to UK-Continent (Baltic) Balmo Future ........................................................ 63

54. Dirty FFA - USGC to UK Continent (Platts) Balmo Future ................................................................... 64

55. Dirty FFA - USGC to China (Platts) Balmo Future ................................................................................ 65

56. TD17 FFA - Baltic to UK-Continent (Baltic) Future .............................................................................. 66

57. Daily - TC2 FFA - Northwest Europe to USAC (Baltic) Mini Future .................................................... 67

58. Daily - TC5 FFA - Arabian Gulf to Japan (Platts) Mini Future .............................................................. 68

59. Daily - TC6 FFA - Skikda to Lavera (Cross Med) (Baltic) Mini Future ................................................. 69

60. Daily - TC12 FFA - WCI to Japan (Baltic) Mini Future ......................................................................... 70

61. Daily - TC14 FFA - USGC to Continent (Baltic) Mini Future ................................................................ 71

62. Daily - TD3C FFA - Middle East Gulf to China (Baltic) Mini Future .................................................... 72

63. Daily - TD7 FFA - UK North Sea to Continent (Baltic) Mini Future ..................................................... 73

64. Daily - TD8 FFA - Kuwait to Singapore (Baltic) Mini Future ................................................................ 74

65. Daily - TD9 FFA - Caribbean to US Gulf (Baltic) Mini Future .............................................................. 75

66. Daily - TD19 FFA - Cross Med (Ceyhan to Lavera) (Baltic) Mini Future.............................................. 76

67. Daily - TD20 FFA - West Africa to UK-Continent (Baltic) Mini Future ................................................ 77

68. Daily - Dirty FFA - USGC to UK Continent (Platts) Mini Future .......................................................... 78

69. Daily - Dirty FFA - USGC to China (Platts) Mini Future ....................................................................... 79

DELETED WITH EFFECT 07 MARCH 2016:

TC4 FFA - Singapore to Japan (Platts) Swap Future

TC4 FFA - Singapore to Japan (Platts) Average Price Option

TC4 FFA - Singapore to Japan (Platts) Balmo Future

DELETED WITH EFFECT 24 DECEMBER 2012:

TD11 FFA - Cross Mediterranean (Baltic) Swap Future

TD9 FFA - Caribbean to USGC (Baltic) Swap Future



TTT

DELETED WITH EFFECT 22 DECEMBER 2017:

TD3 FFA - Arabian Gulf to Japan (Baltic) Future

TD3 FFA - Arabian Gulf to Japan (Baltic) Average Price Option

TD3 FFA - Arabian Gulf to Japan (Baltic) Balmo Future



TTT 1. TC2 FFA - NORTHWEST EUROPE TO USAC (BALTIC) SWAP FUTURE

Description A monthly cash settled freight swap future based on the Baltic

Exchange index for TC2 - Northwest Europe to US Atlantic Coast.

Contract Symbol WNU

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 tenth of one cent ($0.01) per metric tonne

Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne

Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne

Last Trading Day Last Trading Day of the contract month

Note: the December swap will expire on the 24th of December or the

previous business day where the 24th of December is a non-working

day.

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.

Final Settlement Price 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

assessments as made public by the Baltic Exchange for the relevant

route for each business day (as specified below) in the determination

period.

Contract Series Up to 48 consecutive months

Final Payment Dates Two Clearing House Business Days following the Last Trading Day

business days Publication days for Baltic Exchange



TTT 2. TC5 FFA - ARABIAN GULF TO JAPAN (PLATTS) SWAP FUTURE

Description A monthly cash settled freight swap future based on the Platts daily

assessment price for TC5 – Arabian Gulf to Japan.

Contract Symbol WMJ




Trading Price Quotation One cent ($0.01) per metric tonne







products.



assessments appearing in the “Platts Clean Tankerwire” under the

heading “$/MT Freight Assessments East of Suez” for the AG to

Japan 55kt route for each business day (as specified below) in the

determination period..



business days Publication days for Platts Clean Tankerwire



TTT 3. TC6 FFA - SKIKDA TO LAVERA (CROSS MED) (BALTIC) SWAP FUTURE


Exchange index for TC6 – Cross Mediterranean.

Contract Symbol WSL










day.




products.





period.






TTT 4. TC7 FFA – SINGAPORE TO EC AUSTRALIA (BALTIC) FUTURE2

Description A monthly cash settled freight future based on the Baltic Exchange

index for TC7 – Singapore to EC Australia.

Contract Symbol TC7




Trading Price Quotation One hundredth of one cent ($0.0001) per metric tonne



Last Trading Day Last Trading Day of the contract month.

Note: the December contract will expire on the 24th of December or

the previous business day where the 24th of December is a non-

working day.




products.




route for each business day (as specified below) in the

determination period.




2 Inserted 30 March 2015



TTT 5. TC9 FFA - BALTIC TO UK-CONTINENT (BALTIC) FUTURE3

Description A monthly cash settled freight future based on the Baltic Exchange index

for TC9 – Baltic to UK-Continent.

Contract Symbol TC9








Note: the December contract will expire on the 24th of December or the

previous business day where the 24th of December is a non-working day.

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.

Final Settlement Price 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 assessments as made

public by the Baltic Exchange for the relevant route for each business day

(as specified below) in the determination period.




MIC Code IFEU

Clearing Venue ICEU

3 Inserted 6 June 2016



TTT 6. TC12 FFA - WCI TO JAPAN (BALTIC) FUTURE4


index for TC12 – WCI (West Coast India) to Japan.

Contract Symbol TCN








Note: the December contract will expire on the 24th of December

or the previous business day where the 24th of December is a non-

working day.

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.



assessments as made public by the Baltic Exchange for the

relevant route for each business day (as specified below) in the



Final Payment Dates Two Clearing House Business Days following the Last Trading

Day


MIC Code IFEU

Clearing Venue ICEU

4 Inserted 22 August 2016



TTT 7. TC14 FFA - USGC TO CONTINENT (BALTIC) SWAP FUTURE


Exchange index for TC14 - USGC to Continent.

Contract Symbol WCN










day.




products.





period.






TTT 8. TC15 FFA - MED TO FAR EAST (BALTIC) FUTURE5


for TC15 – Med to Far East.

Contract Symbol TCM




















MIC Code IFEU

Clearing Venue ICEU




TTT 9. TD3C FFA - MIDDLE EAST GULF TO CHINA (BALTIC) FUTURE6


for TD3C – Middle East Gulf to China.

Contract Symbol TDL




















MIC Code IFEU

Clearing Venue ICEU




TTT 10. TD5 FFA - WEST AFRICA TO USAC (BALTIC) SWAP FUTURE


Exchange index for TD5– West Africa to USAC

Contract Symbol WAU










day.




products.





period.






TTT 11. TD7 FFA - UK NORTH SEA TO CONTINENT (BALTIC) SWAP FUTURE


Exchange index for TD7 – UK North Sea to Continent.

Contract Symbol WNC










day.




products.





period.






TTT 12. TD8 FFA - KUWAIT TO SINGAPORE (BALTIC) FUTURE7


for TD8 – Kuwait to Singapore.

Contract Symbol TDK




















MIC Code IFEU

Clearing Venue ICEU




TTT 13. TD9 FFA - CARIBBEAN TO US GULF (BALTIC) FUTURE8

Description A monthly cash settled freight future based on the Baltic Exchange index for

TD9 – Caribbean to US Gulf.

Contract Symbol WDC








Note: the December future will expire on the 24th of December or the previous

business day where the 24th of December is a non-working day.

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.


cents per metric tonne based on the average of the assessments as made public

by the Baltic Exchange for the relevant route for each business day (as specified

below) in the determination period.




MIC Code IFEU

Clearing Venue ICEU

8 Inserted 17 September 2018



TTT 14. TD19 FFA – CROSS MED (CEYHAN TO LAVERA) (BALTIC) FUTURE9


index for TD19 – Cross Med

Contract Symbol WCL










working day




products





period




9 Inserted 12 August 2013



TTT 15. TD22 FFA - US GULF TO CHINA (BALTIC) FUTURE10


TD22 – VLCC USG/China.

Contract Symbol WF2













by the Baltic Exchange for the relevant route for each business day (as

specified below) in the determination period.


Final Payment Dates Two Clearing House Business Days following the Last Day in the



MIC Code IFEU

Clearing Venue ICEU

10 Inserted 29 July 2019



TTT 17. TD25 FFA - US GULF TO MED (BALTIC) FUTURE11


TD25 – Aframax USG/MED.

Contract Symbol WF5
















Final Payment Dates Two Clearing House Business Days following the Last Day in the



MIC Code IFEU

Clearing Venue ICEU




TTT

18. TD20 FFA – WEST AFRICA TO UK-CONTINENT (BALTIC) FUTURE12


for TD20 West Africa to UK-Continent.

Contract Symbol WAC

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 hundredth of one cent ($0.0001) per metric tonne.

Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne.

Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne.







Final Settlement Price 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 assessments as made public by the

Baltic Exchange for the relevant route for each business day (as specified below)

in the determination period.

Contract Series Up to 48 consecutive months.

Final Payment Dates Two Clearing House business days following the Last Trading Day.

business days Publication days for Baltic Exchange.




TTT 19. DIRTY FFA - USGC TO CHINA (PLATTS) FUTURE13

Description A monthly cash settled freight future based on the Platts daily assessment price

for USGC to China.

Contract Symbol WDD












cents per metric tonne based on the average of the assessments appearing in the

“Platts Dirty Tankerwire” under the heading “Americas Dirty Tankers”,

subheading “VLCC” and “$/mt” for the USGC to China route for each business

day (as specified below) in the determination period.



business days Publication days for Platts Dirty Tankerwire

MIC Code IFEU

Clearing Venue ICEU




TTT 20. DIRTY FFA - USGC TO UK CONTINENT (PLATTS) FUTURE14

Description A monthly cash settled freight future based on the Platts daily assessment price

for USGC to UK Continent.

Contract Symbol WDE














subheading “Aframax” and “$/mt” for the USGC to UK Continent route for

each business day (as specified below) in the determination period.




MIC Code IFEU

Clearing Venue ICEU




TTT 21. TC2 FFA-NORTHWEST EUROPE TO USAC (BALTIC) AVERAGE PRICE OPTION15

Description The TC2 FFA Average Price Option is based on the underlying TC2 FFA

Future (WNU) and will automatically exercise into the settlement price of

the Future on the day of expiry of the options contract.

Contract Symbol WNU

Hedge Instrument The delta hedge for the TC2 FFA Average Price Option is the TC2 FFA

Future (WNU).





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




working day

Option Type Options are average priced and will be automatically exercised into the

TC2 FFA 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 TC2 FFA 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.




TTT The reference price will be a price in USD and cents per metric tonne

equal to the arithmetic average of the settlement prices of the Baltic TC2

FFA 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 strikes in

increments of $0.01 within a range of $5 to $50. This range 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.






TTT 22. TC5 FFA-ARABIAN GULF TO JAPAN (PLATTS) AVERAGE PRICE OPTION16


Future (WMJ) and will automatically exercise into the settlement price of


Contract Symbol WMJ


Future (WMJ).

















Margin
















The reference price will be a price in USD and cents per metric tonne

equal to the arithmetic average of the settlement prices of the Platts TC5





TTT at its discretion, selects sellers against which to exercise on a pro-rata

basis.











TTT 23. TC6 FFA-SKIKDA TO LAVERA (CROSS MED) (BALTIC) AVERAGE PRICE OPTION17


Future (WSL) and will automatically exercise into the settlement price of


Contract Symbol WSL


Future (WSL).










working day










Margin























basis.











TTT 24. TC14 FFA-USGC TO CONTINENT (BALTIC) AVERAGE PRICE OPTION18

Description The TC14 FFA Average Price Option is based on the underlying TC14

FFA Future (WCN) and will automatically exercise into the settlement

price of the Future on the day of expiry of the options contract.

Contract Symbol WCN


Future (WCN).










working day


TC14 FFA 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



Margin























basis.











TTT 25. TD3C FFA - MIDDLE EAST GULF TO CHINA (BALTIC) AVERAGE PRICE OPTION19

Description The TD3C FFA Average Price Option is based on the underlying TD3C

FFA Future (TDL) and will automatically exercise into the settlement

price of the Future on the day of expiry of the options contract.

Contract Symbol TDL

Hedge Instrument The delta hedge for the TD3C FFA Average Price Option is the TD3C

FFA Future (TDL)










day.


TD3C FFA 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.


Margin

The TD3C FFA 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.


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.


based on the average of the assessments as made public by the Baltic

Exchange for the relevant route for each business day (as specified


Strike Prices This contract will support Custom Option Strikes with strikes in


19 Inserted 22 January 2018



TTT revised from time to time according to future price movements. The at-






MIC Code IFEU

Clearing Venue ICEU



TTT 26. TD5 FFA-WEST AFRICA TO USAC (BALTIC) AVERAGE PRICE OPTION

Description The TD5 FFA Average Price Option is based on the underlying TD5 FFA

Future (WAU) and will automatically exercise into the settlement price of


Contract Symbol WAU

Hedge Instrument The delta hedge for the TD5 FFA Average Price Option is the TD5 FFA

Future (WAU).










working day


TD5 FFA Future on the expiry day if they are "in the money". The Future








Margin

The TD5 FFA Average Price Options are premium-paid-upfront options.
















equal to the arithmetic average of the settlement prices of the Baltic TD5



TTT FFA for the contract month. When exercised against, the Clearing House,


basis.











TTT 27. TD7 FFA-UK NORTH SEA TO CONTINENT (BALTIC) AVERAGE PRICE OPTION20

Description The TD7 FFA Average Price Option is based on the underlying TD7 FFA

Future (WNC) and will automatically exercise into the settlement price of


Contract Symbol WNC

Hedge Instrument The delta hedge for the TD7 FFA Average Price Option is the TD7 FFA

Future (WNC).










working day.


TD7 FFA Future on the expiry day if they are "in the money". The Future








Margin

The TD7 FFA Average Price Options are premium-paid-upfront options.



















equal to the arithmetic average of the settlement prices of the Baltic TD7



basis.











TTT 28. CAPESIZE TIMECHARTER (BALTIC) FREIGHT SWAP FUTURE

Description A monthly cash settled freight swap future based on the Capesize

Timecharter Index as made public by the Baltic Exchange.

Contract Symbol TCC

Contract Size 1 day of time charter

Unit of Trading Any multiple of 1 day of time charter


Trading Price Quotation $1.00 per Charter Day

Settlement Price Quotation One cent ($0.01) per Charter Day

Minimum Price Fluctuation One cent ($0.01) per Charter Day




day.



day.




products. Final Settlement In respect of final settlement, the Floating Price will be a price in

USD and cents per day based upon the average of the spot assessments

as made public by the Baltic Exchange for the Capesize Timecharter

Index for each business day (as specified below) in the







TTT 29. PANAMAX TIMECHARTER (BALTIC) FREIGHT SWAP FUTURE

Description A monthly cash settled freight swap future based on the Panamax


Contract Symbol TCP










day.




products.

Final Settlement In respect of final settlement, the Floating Price will be a price in

USD and cents per day based upon the average of the spot

assessments as made public by the Baltic Exchange for the

Panamax Timecharter Index for each business day (as specified







TTT 30. SUPRAMAX TIMECHARTER (BALTIC) FREIGHT SWAP FUTURE

Description A monthly cash settled freight swap future based on the Supramax


Contract Symbol TCS










day.




products.



as made public by the Baltic Exchange for the Supramax Timecharter

Index for each business day (as specified below) in the







TTT 31. HANDYSIZE TIMECHARTER (BALTIC) FREIGHT SWAP FUTURE

Description A monthly cash settled freight swap future based on the Handysize


Contract Symbol TCH










day.




products.



as made public by the Baltic Exchange for the Handysize

Timecharter Index for each business day (as specified below) in the







TTT 32. IRON ORE – IRON ORE 62% FE (PLATTS IODEX) SWAP FUTURE21

Description A monthly cash settled Iron Ore swap future based on the Platts

IODEX 62% Fe daily index.

Contract Symbol IOR

Contract Size 1,000 dry metric tonnes

Unit of Trading Any multiple of 1,000 dry metric tonnes


Trading Price Quotation One cent ($ 0.01) per dry metric tonne

Settlement Price Quotation One tenth of one cent ($0.001) per dry metric tonne

Minimum Price Fluctuation One tenth of one cent ($ 0.001) per dry metric tonne





products.


USD and cents per dry metric tonne based on the average of the

relevant High/Low daily quotations published by Platts within their

real-time data service “Platts Metal Alert” (PMA) under the heading

“IODEX: 62% Fe CFR North China”, subheading “IODEX 62% Fe”

for each business day during the determination period.

If a Singapore public holiday should fall on what would otherwise be

the final monthly publication day, the final day's quotation will be

published on PMA on the last business day immediately prior to the

holiday at 20.00 Singapore time (12.00 GMT).

Final Settlement Time: The final published price by Platts will be made

available from 20.00 Singapore time (12:00 GMT) on the last

business day of the calendar month. If a Singapore public holiday

should fall on what would otherwise be a business day, the

publication of the final quotation will be published on PMA on the

last business day immediately prior to the Singapore holiday at 20.00

Singapore time (12.00 GMT).



business days Singapore business days

2121 Amended 14 March 2013



TTT 33. IRON ORE - IRON ORE 62% FE (TSI), CFR TIANJIN SWAP FUTURE22

Description A monthly cash settled swap future based on The Steel Index

(TSI) daily assessment price for Iron Ore (62% Fe, CFR Tianjin)




Trading Price Quotation One cent ($0.01) per dry metric tone

Settlement Price

Quotation

One tenth of one cent ($0.001) per dry metric tone

Minimum Price

Fluctuation

One tenth of one cent ($0.001) per dry metric tonne




including spot, forward, and derivative markets for both physical




relevant quotations published in The Steel Index’s “Iron Ore

Daily Edition” under the heading “TSI Iron Ore Reference

Prices”, subheading “Iron Ore Fines, Chinese Imports (CFR

Tianjin Port)”, for the “62% Fe” quotation for each business day



Final Payment Date Two Clearing House Business Days following the Last Trading

Day

business days Publication Days for The Steel Index Iron Ore Daily Edition

22 Inserted 11 February 2013



TTT 34. IRON ORE – IRON ORE 62% FE (TSI), 500 DMT CFR TIANJIN FUTURE23

Description A monthly cash settled future based on The Steel Index (TSI) daily

assessment price for Iron Ore (62% Fe, CFR Tianjin).

Contract Symbol IOT

Contract Size 500 dry metric tonnes

Unit of Trading Any multiple of 500 dry metric tonnes


Trading Price Quotation One cent ($0.01) per dry metric tonne

Settlement Price Quotation One tenth of one cent ($0.001) per dry metric tonne

Minimum Price Fluctuation One tenth of one cent ($0.001) per dry metric tonne





products.



relevant quotations published in The Steel Index’s “Iron Ore Daily

Edition” under the heading “TSI Iron Ore Reference Prices”,

subheading “Iron Ore Fines, Chinese Imports (CFR Tianjin Port)”,

for the “62% Fe” quotation for each business day (as specified



Final Payment Dates Two Clearing House Business Days following the Last Trading

Day

business days Publication days for The Steel Index Iron Ore Daily Edition

23 Inserted 29 April 2013



TTT 35. IRON ORE DIFF - IRON ORE 62% FE (PLATTS IODEX) VS IRON ORE 62% FE (TSI), CFR

TIANJIN SWAP FUTURE24

Description A monthly cash settled swap future based on the difference

between the Platts daily assessment price for IODEX 62% Fe and

The Steel Index (TSI) daily assessment price for Iron Ore (62%

Fe, CFR Tianjin)

Contract Symbol IOS




Trading Price Quotation One cent ($0.01) per dry metric tone

Settlement Price

Quotation


Minimum Price

Fluctuation





including spot, forward, and derivative markets for both physical



USD and cents per dry metric tonne based on the difference

between the average of the mean of the high and low quotations

published by Platts within their real-time data service “Platts Metal

Alert” (PMA) under the heading “IODEX: 62% Fe CFR North

China”, subheading “IODEX 62% Fe” and the average of the

relevant quotations published in The Steel Index’s “Iron Ore

Daily Edition” under the heading “TSI Iron Ore Reference

Prices”, subheading “Iron Ore Fines, Chinese Imports (CFR

Tianjin Port)”, for the “62% Fe” quotation for each business day



Final Payment Date Two Clearing House Business Days following the Last Trading

Day

business days Singapore business days

24 Inserted 11 February 2013, Amended 14 March 2013



TTT 36. JKM LNG (PLATTS) FUTURE25

Description A monthly cash settled future based on the Platts daily assessment price for the LNG Japan/Korea Marker (JKM).

Contract Symbol JKM

Contract Size 10,000 MMBtu

Unit of Trading Any multiple of 10,000 MMBtus

Quotation US Dollars and cents per MMBtu


Trading Price Quotation One tenth of one cent ($0.001) per MMBtu

Settlement Price Quotation One tenth of one cent ($0.001) per MMBtu

Minimum Price Fluctuation One tenth of one cent ($0.001) per MMBtu

Last Trading Day Trading shall cease on the 15th calendar day of the calendar month prior to the contract month. If the 15th calendar day is not a business day then trading shall cease on the next preceding business day.




products.

Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and cents per MMBtu based on the average of the relevant quotations appearing in “Platts LNG Daily” under the heading "Platts daily LNG markers ($/MMBtu)” subheading “DES Japan/Korea Marker (JKM)" for “JKM (month)” for each business day (as specified below) in the determination period. The determination period starts on the 16th calendar day of the month which is two months before the contract month. If that day is not a business day, the determination period starts on the next following business day. The determination period ends on and includes the 15th calendar day of the month which is one month before the contract month. If that day is not a business day, the determination period ends on the next preceding business day.

Contract Series Up to 156 consecutive monthly contracts, or as otherwise determined by the Exchange. Quarterly, seasonal, calendar, and any period of consecutive monthly contracts can be registered as a strip.

Trading methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract.

25 Amended 30 May 2017, 06 January 2020, 2 March 2020



TTT Contract security ICE Clear Europe acts as the central counterparty for trades conducted

on ICE Futures Europe.


Business days Publication days for Platts LNG Daily

MIC Code IFEU

Clearing Venues ICEU



TTT 37. JKM LNG (PLATTS) BALMO FUTURE26

Description A balance of the month cash settled future based on the Platts daily

assessment price for the LNG Japan/Korea Marker (JKM).

Trading Screen Product Name LNG Balmo Futures

Trading Screen Hub Name JKM

Contract Symbol JKD

Trading Period 1 Balance of Month contract (BOM)


Units of Trading Any multiple of 10,000 MMBTUs


Trading Price One tenth of one cent ($0.001) per MMBtu

Settlement Price One tenth of one cent ($0.001) per MMBtu

Minimum Price Flux One tenth of one cent ($0.001) per MMBtu

Last Trading Day Fifteenth calendar day of the calendar month prior to the contract month.

If the fifteenth calendar day is not a business day then trading shall cease

on the next preceding business day.



derivative markets for both physical and financial products

Final Settlement In respect of final settlement of the Balance of Month contract (BOM), the

Floating Price will be a price in USD and cents per MMBtu equal to the

average of the relevant quotations appearing in “Platts LNG Daily” under

the heading "Platts daily LNG markers ($/MMBtu)” subheading “DES

Japan/Korea Marker (JKM)" for “JKM (month)” for each business day (as

specified below) starting from the first nearby Business Day after the

Transaction was concluded until the end of the determination period. The

determination period ends on and includes the 15th calendar day of the

month which is one month before the contract month. If that day is not a

business day, the determination period ends on the next preceding business

day.

Final Payment date Two Clearing House Business Days following the Last Trading Day

Business Days Publication days for Platts LNG Daily

MIC Code IFEU

Clearing Venue ICEU

26 Inserted 04 March 2019, 06 January 2020



TTT 38. JKM LNG (PLATTS) HALF-MONTH FUTURE27

Description A cash settled daily futures contract based on the Platts daily

assessment price for the Half-Month LNG Japan/Korea Marker

(JKM).

Trading Screen Product Name LNG Half Month Futures

Trading Screen Hub Name JKM

Contract Symbol JKH

Trading Period Up to 2 consecutive months (4 Half-Months), or as otherwise

determined by the Exchange. The First Half-Month contracts (H1)

start on the first calendar day of the month and end on the fifteenth

calendar day of the month. The Second Half-Month contracts (H2)

start on the sixteenth calendar day of the month and end on last

calendar day of the month


Units of Trading Any multiple of 10,000 MMBTUs


Trading Price One tenth of one cent ($0.001) per MMBtu

Settlement Price One tenth of one cent ($0.001) per MMBtu

Minimum Price Flux One tenth of one cent ($0.001) per MMBtu

Last Trading Day Trading in a First Half-Month contracts (H1) shall cease on the

fifteenth calendar day of the calendar month prior to the Half-Month

contract. If the fifteenth calendar day is not a business day then

trading shall cease on the next preceding business day.

Trading in a Second Half-Month contracts (H2) shall cease on the last

day of the calendar month prior to the Half-Month contract. If the last

day of the calendar month is not a business day then trading shall

cease on the next preceding business day.


ICE using price data from a number of sources including spot,


products

Final Settlement In respect of final settlement of the First Half-Month (H1) contract,

the Floating Price will be a price in USD and cents per MMBtu equal

to the average of the relevant quotations appearing in “Platts LNG

Daily” under respectively the heading "Platts daily LNG markers

($/MMBtu)” subheading “DES Japan/Korea Marker (JKM)" for “H1

(month)” for each business day (as specified below) between the first

and the fifteenth day of the previous calendar month.

In respect of final settlement of the Second Half-Month (H2) contract,

the Floating Price will be a price in USD and cents per MMBtu equal

to the average of the relevant quotations appearing in “Platts LNG

Daily” under respectively the heading "Platts daily LNG markers

($/MMBtu)” subheading “DES Japan/Korea Marker (JKM)" for “H2

(month)” for each business day (as specified below) between the

sixteenth and the last day of the previous calendar month.

Final Payment date Two Clearing House Business Days following the Last Trading Day


MIC Code IFEU

27 Inserted 08 April 2019



TTT Clearing Venue ICEU

39. GULF COAST LNG (PLATTS) 1ST LINE FINANCIAL FUTURE28

Contract Description A financially settled futures contract based upon the average of the Platts FOB

Gulf Coast Marker (GCM) during the period that the expiring month is the front

month.

Trading Screen Product

Name

Gulf Coast 1st Line Financial Futures

Trading Screen Hub Name Gulf Coast

Contract Symbol GPF

Contract Size 10,000 MMBTU

Unit of trading Any multiple of lots

Quotation The contract price is in United States dollar and cent per MMBTU

Minimum Price

Fluctuation

One tenth of one cent ($0.001) per MMBTU

Last trading day Trading will cease at the close of business on the last day of the month prior to

the first calendar day of the delivery month, quarter, season, or calendar. If the

last day of the month is not a Business Day, trading will cease at the close of

business of the next preceding Business Day.

Trading period Up to 156 consecutive monthly Contract Periods, or as otherwise determined by

the Exchange. Quarterly, seasonal, calendar, and any period of consecutive

monthly contracts can be registered as a strip.

Trading methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and

Block Trades are available for this contract.

Minimum trading size 1 lot = 10.000 MMBTU

Minimum block

order

5 lots = 50,000 MMBTU

Contract security ICE Clear Europe acts as the central counterparty for trades conducted on ICE

Futures Europe.

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.

Final Settlement In respect of final settlement, the Floating Price will be a price in USD and cents

per MMBtu based on the average of the relevant quotations appearing in “Platts

LNG Daily” under the heading "Platts daily LNG markers ($/MMBtu)”

subheading “FOB Gulf Coast Marker (GCM) " for “GCM (month)” (symbol

LGCSM01) for each business day during the period that the expiring month is

the front month.


MIC Code IFEU

Clearing Venue ICEU




TTT

40. LPG (BLGP) FFA – MIDDLE EAST GULF TO EAST 44,000MTS (BALTIC) FUTURE29


index (BLGP) for LPG.

Contract Symbol WAT




Trading Price Quotation One tenth of one cent ($0.001) per metric tonne.


Minimum Price

Fluctuation

One hundredth of one cent ($0.0001) per metric tonne.




working day.




products.

Final Settlement Price 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 assessments as

made public by the Baltic Exchange for the relevant route for each

business day (as specified below) in the determination period.


Final Payment Dates Two Clearing House business days following the Last Trading Day


29 Inserted 30 March 2015



TTT 41. LPG (BLPG) FFA - MIDDLE EAST GULF TO EAST 44,000MTS (BALTIC) BALMO FUTURE30

Description A balance of the month cash settled freight future based on the Baltic

Exchange index (BLPG) for LPG.

Contract Symbol WAV









previous business day where the 24th of December is a nonworking day.











MIC Code IFEU

Clearing Venue ICEU




TTT 42. TC2_37 FFA TRIANGULATION WITH TC14 FFA – CPP/UNL CONTINENT TO USAC

(BALTIC) FUTURE31


for TC2_37 FFA Triangulation with TC14 – CPP/UNL Continent to

USAC

Contract Symbol TCD




Trading Price Quotation One dollar ($1.00) per day of time charter

Settlement Price Quotation One cent ($0.01) per day of time charter

Minimum Price Fluctuation One cent ($0.01) per day of time charter








cents per day of time charter based on the average of the assessments as

made public by the Baltic Exchange for the relevant route for each business








TTT 43. TC2 FFA - NORTHWEST EUROPE TO USAC (BALTIC) BALMO FUTURE32


Exchange index for TC2 - Northwest Europe to US Atlantic Coast.

Contract Symbol WNT









previous business day where the 24th of December is a non-working day



and derivative markets for both physical and financial products




(as specified below) in the determination period




32 Inserted 10 June 2014 Amended 01 October 2018



TTT 44. TC5 FFA – ARABIAN GULF TO JAPAN (PLATTS) BALMO FUTURE33

Description A balance of the month cash settled freight future based on the Platts

index for TC5 - Arabian Gulf to Japan

Contract Symbol WNX












cents per metric tonne based on the average of the assessments appearing

in the “Platts Clean Tankerwire” under the heading “East of Suez LRs”

for the AG to Japan 55kt route for each business day (as specified below) in

the determination period.







TTT 45. TC6 FFA - SKIKDA TO LAVERA (CROSS MED) (BALTIC) BALMO FUTURE34


Exchange index for TC6 - Skikda to Lavera (Cross Mediterranean)

Contract Symbol WNZ























TTT 46. TC7 FFA – SINGAPORE TO EC AUSTRALIA (BALTIC) BALMO FUTURE35


Exchange index for TC7 – Singapore to EC Australia.

Contract Symbol TC8










day.











35 Inserted 30 March 2015 Amended 01 October 2018



TTT 47. TC9 FFA - BALTIC TO UK-CONTINENT (BALTIC) BALMO FUTURE36


Exchange index for TC9 – Baltic to UK-Continent.

Contract Symbol TCJ




















MIC Code IFEU

Clearing Venue ICEU




TTT 48. TC12 FFA - WCI TO JAPAN (BALTIC) BALMO FUTURE37


Exchange index for TC12 – WCI (West Coast India) to Japan.

Contract Symbol TCK




















MIC Code IFEU

Clearing Venue ICEU




TTT 49. TC14 FFA - USGC TO UK-CONTINENT (BALTIC) BALMO FUTURE38


Exchange index for TC14 - USGC to UK-Continent

Contract Symbol WNW























TTT 50. TC15 FFA - MED TO FAR EAST (BALTIC) BALMO FUTURE39


Exchange index for TC15 – Med to Far East.

Contract Symbol TCL




















MIC Code IFEU

Clearing Venue ICEU




TTT 51. TD3C FFA - MIDDLE EAST GULF TO CHINA (BALTIC) BALMO FUTURE40


Exchange index for TD3C – Middle East Gulf to China.

Contract Symbol TDM




















MIC Code IFEU

Clearing Venue ICEU




TTT 52. TD8 FFA - KUWAIT TO SINGAPORE (BALTIC) BALMO FUTURE41


Exchange index for TD8 – Kuwait to Singapore.

Contract Symbol TDR




















MIC Code IFEU

Clearing Venue ICEU




TTT 53. TD20 FFA – WEST AFRICA TO UK-CONTINENT (BALTIC) BALMO FUTURE42


Exchange index for TD20 - West Africa to UK-Continent.

Contract Symbol TDA




Trading Price Quotation One hundredth of one cent ($0.0001) per metric tonne.


Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne.




day.








Contract Series Up to 2 consecutive months.

Final Payment Dates Two Clearing House business days following the Last Trading Day.


42 Inserted 30 March 2015 Amended 01 October 2018



TTT 54. DIRTY FFA - USGC TO UK CONTINENT (PLATTS) BALMO FUTURE43

Description A balance of the month monthly cash settled freight future based on the Platts

daily assessment price for USGC to UK Continent.

Contract Symbol DUR


















Business days Publication days for Platts Dirty Tankerwire

MIC Code IFEU

Clearing Venue ICEU




TTT 55. DIRTY FFA - USGC TO CHINA (PLATTS) BALMO FUTURE44

Description A balance of the month cash settled freight future based on the Platts daily

assessment price for USGC to China.

Contract Symbol DUS



















MIC Code IFEU

Clearing Venue ICEU




TTT

56. TD17 FFA - BALTIC TO UK-CONTINENT (BALTIC) FUTURE45


index for TD17 – Baltic to UK-Continent.

Contract Symbol BAU










day.




products.





period.




MIC Code IFEU

Clearing Venue ICEU




TTT 57. DAILY - TC2 FFA - NORTHWEST EUROPE TO USAC (BALTIC) MINI FUTURE46

Description A daily cash settled mini freight future based on the Baltic Exchange

index for TC2 – Northwest Europe to US Atlantic Coast.

Contract Symbol DFS

Contract Size 100 metric tonnes

Unit of Trading Any multiple of 100 metric tonnes





Last Trading Day Second Business Day after the nominal contract date.

Note: in December the last contract day will be the 24th of December or

the previous business day where the 24th of December is a nonworking

day.








If there are no business days in the determination period, the Floating

Price shall be the average of the assessments for the last business day

prior to the determination period.

Contract Series Up to 130 consecutive business days



MIC Code IFEU

Clearing Venue ICEU




TTT

58. DAILY - TC5 FFA - ARABIAN GULF TO JAPAN (PLATTS) MINI FUTURE47

Description A daily cash settled mini freight future based on the Platts daily

assessment price for TC5 – Arabian Gulf to Japan.

Contract Symbol DFT












and cents per metric tonne based on the average of the assessments

appearing in the “Platts Clean Tankerwire” under the heading “East of

Suez LRs” for the Arab Gulf to Japan 55kt route for each business day (as








MIC Code IFEU

Clearing Venue ICEU




TTT 59. DAILY - TC6 FFA - SKIKDA TO LAVERA (CROSS MED) (BALTIC) MINI FUTURE48


index for TC6 – Skikda to Lavera (Cross Mediterranean).

Contract Symbol DFU










day.














MIC Code IFEU

Clearing Venue ICEU




TTT 60. DAILY - TC12 FFA - WCI TO JAPAN (BALTIC) MINI FUTURE49


index for TC12 – WCI (West Coast India) to Japan.

Contract Symbol DFX










day.














MIC Code IFEU

Clearing Venue ICEU




TTT 61. DAILY - TC14 FFA - USGC TO CONTINENT (BALTIC) MINI FUTURE50


index for TC14 – USGC to Continent.

Contract Symbol DFY










day.














MIC Code IFEU

Clearing Venue ICEU




TTT 62. DAILY - TD3C FFA - MIDDLE EAST GULF TO CHINA (BALTIC) MINI FUTURE


index for TD3C – Middle East Gulf to China.

Contract Symbol DFN










day.














MIC Code IFEU

Clearing Venue ICEU



TTT 63. DAILY - TD7 FFA - UK NORTH SEA TO CONTINENT (BALTIC) MINI FUTURE51


index for TD7 – UK North Sea to Continent.

Contract Symbol DFO










day.














MIC Code IFEU

Clearing Venue ICEU




TTT 64. DAILY - TD8 FFA - KUWAIT TO SINGAPORE (BALTIC) MINI FUTURE52


index for TD8 – Kuwait to Singapore.

Contract Symbol DFP










day.














MIC Code IFEU

Clearing Venue ICEU




TTT 65. DAILY - TD9 FFA - CARIBBEAN TO US GULF (BALTIC) MINI FUTURE53

Description A daily cash settled mini freight future based on the Baltic Exchange index

for TD9 - Caribbean to US Gulf

Contract Symbol WDB







Last Trading Day Second Business Day after the nominal contract date








If there are no business days in the determination period, the Floating Price

shall be the average of the assessments for the last business day prior to the





MIC Code IFEU

Clearing Venue ICEU




TTT 66. DAILY - TD19 FFA - CROSS MED (CEYHAN TO LAVERA) (BALTIC) MINI FUTURE54

Description A daily cash settled mini freight future based on the Baltic Exchange index

for TD19 - Cross Med

Contract Symbol WDA







Last Trading Day Second Business Day after the nominal contract date








If there are no business days in the determination period, the Floating Price

shall be the average of the assessments for the last business day prior to the





MIC Code IFEU

Clearing Venue ICEU




TTT 67. DAILY - TD20 FFA - WEST AFRICA TO UK-CONTINENT (BALTIC) MINI FUTURE55


index for TD20 – West Africa to UK-Continent.

Contract Symbol DFQ










day.














MIC Code IFEU

Clearing Venue ICEU




TTT 68. DAILY - DIRTY FFA - USGC TO UK CONTINENT (PLATTS) MINI FUTURE56

Description A daily cash settled mini freight future based on the Platts daily assessment

price for USGC to UK Continent.

Contract Symbol DFC



















MIC Code IFEU

Clearing Venue ICEU




TTT 69. DAILY - DIRTY FFA - USGC TO CHINA (PLATTS) MINI FUTURE57

Description A daily cash settled mini freight future based on the Platts daily assessment

price for USGC to China.

Contract Symbol DFD



















MIC Code IFEU

Clearing Venue ICEU


part ii: specific standard terms for swap futures ... · contract symbol wnu contract size 1,000...

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