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Iron Ore
| Description | Iron ore swap contract – settled against the daily TSI index (The Steel Index) 62% fe |
|---|---|
| Contract Code | TSI |
| Lot size | 1,000mt |
| Currency | US Dollars |
| Minimum tick | $0.01 / mt |
| Fixed price | The traded price or the previous day’s settlement price as supplied end of day by OTC brokers or any other such source as LCH.Clearnet may determine |
| Floating price | In respect of daily settlement, the floating price will be the end of day price as supplied by OTC brokers or any other such source as LCH.Clearnet may determine In respect of final settlement, the floating price will be the arithmetic average of all the daily TSI indices for that month |
| Contract series | Front 3 months, 4 quarters, 2 calendar years |
| Expiry/ Settlement | Last business day of the contract month |
| Delivery | Cash settled monthly against the arithmetic average of all the indices in the contract month |
| Final payment | The first business day following the expiry day |
| Margining | Initial margin will be calculated using Span 4 Daily variation margin will be applied |
| Description | Cash settled Premium Paid Option on the TSI Iron Ore contract |
|---|---|
| Contract Code | TSO |
| Lot size | 1,000mt |
| Currency | US Dollars |
| Minimum tick | $0.01 / mt |
| Option Type | Options are European style and will be automatically exercised on the expiry day if they are in-the-money. 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. No manual exercise is permitted. |
| Option Premium | The Premium is paid at the time of purchase |
| Last trading day | Last business day of the contract month |
| Expiry | 18:00 hours UK time on the last trading day. Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or greater in-the-money when compared to the relevant reference price. Members are not permitted to override automatic exercise settings or manually enter exercise instructions for this contract. The reference price will be a price in US dollars and cents per metric tonne equal to the final settlement price for the underlying Iron Ore swap contract. |
| Contract series | Out to a maximum of 35 months |
| Strike Price | Any whole $ value |
| Business Days | UK business days |
