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| 3.5% Fuel Oil FOB MED Crack Spread Swap |
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The price settlement is equal to the arithmetic average of the mid-point between the high and low quotations from Platts European Marketscan for 3.5% fuel oil under the heading "Cargoes FOB MED Basis Italy," minus the Brent crude oil (ICE) futures first nearby contract settlement price for each business day that both are determined during the contract month. The settlement price of the first nearby contract month will be used except for the last day of trading for the expiring Brent crude oil futures contract, when the settlement price of the second nearby Brent contract will be used.
The contract can either be traded competitively or submitted solely for clearing to the Exchange clearinghouse through the internet-based NYMEX ClearPort® electronic trading platform.
All positions are aggregated and margined according to the value at risk as calculated by the SPAN® system. Cross margining of offsetting positions across markets can result in reduced margin obligations.
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