SECTION TTT PART II C: DIFFERENTIALS CRUDE OIL AND REFINED PRODUCTS PART II: SPECIFIC STANDARD TERMS FOR SWAP FUTURES CONTRACTS:

Transcription

1 SECTION TTT PART II C: DIFFERENTIALS CRUDE OIL AND REFINED TTT PART II: SPECIFIC STANDARD TERMS FOR SWAP FUTURES CONTRACTS: C. DIFFERENTIALS - CRUDE OIL AND REFINED 25. Monthly CFD - Monthly Brent CFD vs Second Month Swap Future Monthly CFD - Monthly Brent CFD (Platts) vs Third Month (Platts) Future Weekly CFD Brent CFD vs First Month Swap Future Weekly CFD Brent CFD vs Second Month Swap Future Weekly CFD Brent CFD vs Third Month Swap Future... 6 ICE Futures Europe

2 TTT SECTION TTT PART II C: DIFFERENTIALS CRUDE OIL AND REFINED 25. MONTHLY CFD - MONTHLY BRENT CFD VS SECOND MONTH SWAP FUTURE Platts daily assessment price for Dated Brent and the second listed CFM 1,000 barrels Any multiple of 1,000 barrels of the contract month In respect of daily settlement, the will be determined forward and derivative markets for both physical and financial In respect of final settlement, the will be a price in benchmarks ($/bbl) for Brent for the second quoted mo nth for each Business Day that both are determined during the contract month Up to 3 6 consecutive months Two Clearing House Business Days following the 2 ICE Futures Europe 2013

3 SECTION TTT PART II C: DIFFERENTIALS CRUDE OIL AND REFINED TTT 26. MONTHLY CFD - MONTHLY BRENT CFD (PLATTS) VS THIRD MONTH (PLATTS) FUTURE A cash settled future based on the difference between the Platts daily assessment price for Dated Brent and the third listed Platts BFOE month CFL 1,000 barrels Any multiple of 1,000 barrels of the contract month In respect of daily settlement, the will be determined forward and derivative markets for both physical and financial products In respect of final settlement, the will be a price in high and low quotations appearing in Platts Crude Oil Marketwire under the heading Key benchmarks ($/bbl) for Brent (Dated) published for each contract day during the determination period minus the average of the mean of the high and low quotations appearing in Platts Crude Oil Marketwire under the heading Key Benchmarks ($/bbl) for Brent for the third quoted month for each business day that both are determined during the contract month Up to 3 6 consecutive months Two Clearing House Business Days following the Last Trading Day ICE Futures Europe

4 TTT SECTION TTT PART II C: DIFFERENTIALS CRUDE OIL AND REFINED 37. WEEKLY CFD BRENT CFD VS FIRST MONTH SWAP FUTURE Platts daily assessment price for Dated Brent and the first listed CFO 200 barrels CFD s will trade as weekly packages on the execution platform. Each weekly contract of 1,000 bbls will be divided into 5 daily contracts of 200 bbls each. No holidays are observed, and thus, holiday and publication interruptions, with regard to final settlement, will be final settled at the average of the applicable daily prints within the relevant week. Each day in the CFD will settle independently and sequentially, once the final weekly average is determined. Eight calendar days following the nominal contract day. In respect of daily settlement, the will be determined forward, and derivative markets for both physical and financial In respect of final settlement, the will be a price in benchmarks ($/bbl) for Brent for the first quoted month for each Business Day that both are determined during the contract period consecutive days Two Clearing House Business Days following the 4 ICE Futures Europe 2013

5 SECTION TTT PART II C: DIFFERENTIALS CRUDE OIL AND REFINED TTT 38. WEEKLY CFD BRENT CFD VS SECOND MONTH SWAP FUTURE Platts daily assessment price for Dated Brent and the second listed CFD 200 barrels CFD s will trade as weekly packages on the execution platform. Each weekly contract of 1,000 bbls will be divided into 5 daily contracts of 200 bbls each. No holidays are observed, and thus, holiday and publication interruptions, with regard to final settlement, will be final settled at the average of the applicable daily prints within the relevant week. Each day in the CFD will settle independently and sequentially, once the final weekly average is determined. Eight calendar days following the nominal contract day. In respect of daily settlement, the will be determined forward, and derivative markets for both physical and financial In respect of final settlement, the will be a price in benchmarks ($/bbl) for Brent for the second quoted month for each Business Day that both are determined during the contract period consecutive Daysdays Two Clearing House Business Days following the ICE Futures Europe

6 TTT SECTION TTT PART II C: DIFFERENTIALS CRUDE OIL AND REFINED 39. WEEKLY CFD BRENT CFD VS THIRD MONTH SWAP FUTURE Platts daily assessment price for Dated Brent and the third listed CFT 200 barrels CFD s will trade as weekly packages on the execution platform. Each weekly contract of 1,000 bbls will be divided into 5 daily contracts of 200 bbls each. No holidays are observed, and thus, holiday and publication interruptions, with regard to final settlement, will be final settled at the average of the applicable daily prints within the relevant week. Each day in the CFD will settle independently and sequentially, once the final weekly average is determined. Eight calendar days following the nominal contract day. In respect of daily settlement, the will be determined forward, and derivative markets for both physical and financial In respect of final settlement, the will be a price in benchmarks ($/bbl) for Brent for the third quoted month for each Business Day that both are determined during the contract period consecutive days Two Clearing House Business Days following the 6 ICE Futures Europe 2013