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Products
Steel
| Description | Cash settled steel swaps – settled against The Steel Index: Hot Rolled Coil – Northern Europe, domestic (SCN) Hot Rolled Coil – Southern Europe, domestic (SCS) |
|---|---|
| Lot Size | 20 mt |
| Currency | Euros |
| Pricing | € per metric tonne |
| Minimum tick | €0.0001 to account for final settlement |
| Fixed price | The traded price or the previous day’s settlement price as supplied end of day by FIS, or any other such source as LCH may determine |
| Floating price | In respect of daily settlement, the floating price will be the end of day price as supplied by FIS, or any other such source as LCH may determine In respect of final settlement, the floating price will be the mean of the daily prices for the contract route as published by The Steel Index during the contract month |
| Contract series | Front 1 or 2 months (remaining from front quarter), 5 whole quarters, 2 whole calendar years |
| Expiry / Last Trading Day | Last UK 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 |
| Business Days | UK business days |
| Description | Cash settled steel swap – settled against The Steel Index: Turkish Import Scrap (SST) |
|---|---|
| Lot Size | 20 mt |
| Currency | US dollars |
| Pricing | US $ per metric tonne |
| Minimum tick | $0.0001 to account for final settlement |
| Fixed price | The traded price or the previous day’s settlement price as supplied end of day by FIS, or any other such source as LCH may determine |
| Floating price | In respect of daily settlement, the floating price will be the end of day price as supplied by FIS, or any other such source as LCH may determine In respect of final settlement, the floating price will be the mean of the daily prices for the contract route as published by The Steel Index during the contract month |
| Contract series | Front 1 or 2 months (remaining from front quarter), 5 whole quarters, 2 whole calendar years |
| Expiry / Last Trading Day | Last UK 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 |
| Business Days | UK business days |
| Description | Cash settled steel swap – settled against the Cleartrade China Steel Index (provided by Umetal): China Domestic Hot Rolled Ribbed Bar (SBC) |
|---|---|
| Lot Size | 20 mt |
| Currency | US Dollars |
| Pricing | US $ per metric tonne |
| Minimum tick | US $0.0001 to account for final settlement |
| Fixed price | The traded price or the previous day’s settlement price as supplied end of day by FIS, or any other such source as LCH may determine |
| Floating price | In respect of daily settlement, the floating price will be the end of day price as supplied by FIS, or any other such source as LCH may determine In respect of final settlement, the floating price will be the arithmetic average of all the daily Cleartrade China Steel Index (provided by Umetal) indices for that month* |
| Contract series | Front 1 or 2 months (remaining from front quarter), 5 whole quarters, 2 whole calendar years |
| Expiry / Last Trading Day | Last Chinese business day of the month Where the last Chinese business day is a UK holiday, last trading day will be the previous UK business day |
| Delivery | Cash settled monthly against the arithmetic average of all the indices in the contract month |
| Final payment | The first UK business day following the expiry day |
| Business Days | Chinese business days for the purpose of Index publication
UK business days for the purpose of trade registration, confirmation and final payment |
| Description | Cash settled steel swap – settled against the Cleartrade China Steel Index (provided by Umetal): China Hot Rolled Coil (SCC) |
|---|---|
| Lot Size | 20 mt |
| Currency | US Dollars |
| Pricing | US $ per metric tonne |
| Minimum tick | US $0.0001 to account for final settlement |
| Fixed price | The traded price or the previous day’s settlement price as supplied end of day by FIS, or any other such source as LCH may determine |
| Floating price | In respect of daily settlement, the floating price will be the end of day price as supplied by FIS, or any other such source as LCH may determine In respect of final settlement, the floating price will be the arithmetic average of all the daily Cleartrade China Steel Index (provided by Umetal) indices for that month* |
| Contract series | Front 1 or 2 months (remaining from front quarter), 5 whole quarters, 2 whole calendar years |
| Expiry / Last Trading Day | Last Chinese business day of the contract month Where the last Chinese business day is a UK holiday, last trading day will be the previous UK business day |
| Delivery | Cash settled monthly against the arithmetic average of all the indices in the contract month |
| Final payment | The first UK business day following the expiry day |
| Business Days | Chinese business days for the purpose of Index publication
UK business days for the purpose of trade registration, confirmation and final payment |
*subject to the following currency exchange:
The Cleartrade China Steel Index is published in CNY and Cleartrade will use the daily Bloomberg USD CNY fixing rate, as published at 4pm China Standard Time, to convert the prices to USD. Where an index price is published at a weekend, the next published Bloomberg fixing rate at 4pm China Standard Time will be used to convert it.
